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Mining firm is hijacked
- Thread starter The_Pumpkin_King
- Start date
TonyHawk
Expert Member
Read somewhere that you can buy papers to be affiliated to legit companies... for as little as a few hundred rand
If that happens.. how much easier can this be?
If that happens.. how much easier can this be?
DreamKing
Honorary Master
it happened all around the world.
if you don't want your company handover to the other people .... 2 solutions
1) never list your company in any stock market
2) use higher price to buy your own back.
PS: I prefer "rob" rather than "steal"
ToAsTeD
Expert Member
Jola
Honorary Master
Completely wrong !!!
The directors are not necessarily large shareholders. And the shareholders are the owners.
In a hostile takeover the aggressor makes an attractive offer to the owners (shareholders), and they sell their shares to him. Now where in this do the owners lose their company against their will ???
The director may get kicked out, but even though he may have a few shares, HE IS NOT THE OWNER !!!
A hostile takeover is a perfectly normal corporate activity, and it happens because the owners (shareholders) agree to it.
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LancelotSA
Banned
I'm with you on this! Dreamking comes in here quotes a bit from wiki, highlights a few words in the original article and then puts himself forward as some sort of expert on this matter
DreamKing
Honorary Master
I'm with you on this! Dreamking comes in here quotes a bit from wiki, highlights a few words in the original article and then puts himself forward as some sort of expert on this matter
so what is your comment?
I really have fun with you two.
The_Pumpkin_King
Jedi Master
Majali controversy extends to Anglo
THE controversy surrounding alleged company hijacking by businessman, Sandi Majali, has extended to Anglo American, the R377bn mining giant.
This was after Anglo American discovered its respresentatives had been removed from its 74%-owned Siyanda Chrome, an entity that now also falls under the control of Majali.
Majali’s attorney, Philip Webster of Webster Legal, confirmed that Majali controlled Siyanda Chrome and a third entity, Masa Chrome, the custodians of which have also been surprised to find themselves usurped by Majali and his business partners.
Webster, however, was less forthright when asked by Miningmx how Majali ended up controlling Kalahari Resources. This is presently the more serious of the alleged instances of company hijacking by Majali because Kalahari Resources owns 40% of Kgalagadi Manganese, an operating firm that will develop and operate a manganese mine and sintering plant.
Manganese is considered a strategic mineral, sometimes referred to a steel feeder metal, as manganese is used in the fabrication of steel. In addition, about 80% of the world’s manganese resources are found exclusively in South Africa. For its scarcity value, this places the metal in the company of other strategically positioned metals such as platinum, palladium and rhodium.
Said Webster in an emailed response to questions: “Perhaps you should start at the beginning and request of the former directors how and when they were appointed. This may indicate why they are no longer directors”.
Webster referred Miningmx to the Companies and Intellectual Property Registration Office (Cipro), which falls under South Africa’s trade and industry department, for such information. Webster Legal confirmed that it was representing Majali’s Siyanda Mining Corporation.
“My brief in this matter is to represent Siyanda Mining Corp only in the matter of the sale of its shares in Kalahari Resources,” said Webster. That is the 8.33% of Kalahari Resources listed in the shareholders register seen by Miningmx. However, Webster put the figure at 10%.
Webster conceded he did not know who appointed his client, Majali, and the other seven “directors” to the board of Kalahari Resources.
“That matter would have been handled by his South African legal representatives,” said Webster. He said his involvement in the matter stemmed from the global perspective because Kgalagadi Manganese (Kalahari Resources’s 40% subsidiary) has ArcelorMittal as shareholder.
After a long silence, Cipro only confirmed on Friday that it knew the Kalahari Resources records were amended on its online system by a Haralambos Sferopoulos. He is also listed as one of the eight new directors.
“After being verified by our approved commissioners of oath, a person can have access and amend information on our records online,” said Cipro spokesperson Elsabe Conradie. That access gives a person rights not only to one company, but the whole Cipro system. The licence gets renewed annually.
Conradie also conceded that for anybody to change company information online they did not need to have any shareholder approvals to effect changes. “It’s a big problem that and we are working on fixing it,” said Conradie.
http://www.miningmx.com/news/ferrous_metals/Majali-controversy-extends-to-Anglo.htm
THE controversy surrounding alleged company hijacking by businessman, Sandi Majali, has extended to Anglo American, the R377bn mining giant.
This was after Anglo American discovered its respresentatives had been removed from its 74%-owned Siyanda Chrome, an entity that now also falls under the control of Majali.
Majali’s attorney, Philip Webster of Webster Legal, confirmed that Majali controlled Siyanda Chrome and a third entity, Masa Chrome, the custodians of which have also been surprised to find themselves usurped by Majali and his business partners.
Webster, however, was less forthright when asked by Miningmx how Majali ended up controlling Kalahari Resources. This is presently the more serious of the alleged instances of company hijacking by Majali because Kalahari Resources owns 40% of Kgalagadi Manganese, an operating firm that will develop and operate a manganese mine and sintering plant.
Manganese is considered a strategic mineral, sometimes referred to a steel feeder metal, as manganese is used in the fabrication of steel. In addition, about 80% of the world’s manganese resources are found exclusively in South Africa. For its scarcity value, this places the metal in the company of other strategically positioned metals such as platinum, palladium and rhodium.
Said Webster in an emailed response to questions: “Perhaps you should start at the beginning and request of the former directors how and when they were appointed. This may indicate why they are no longer directors”.
Webster referred Miningmx to the Companies and Intellectual Property Registration Office (Cipro), which falls under South Africa’s trade and industry department, for such information. Webster Legal confirmed that it was representing Majali’s Siyanda Mining Corporation.
“My brief in this matter is to represent Siyanda Mining Corp only in the matter of the sale of its shares in Kalahari Resources,” said Webster. That is the 8.33% of Kalahari Resources listed in the shareholders register seen by Miningmx. However, Webster put the figure at 10%.
Webster conceded he did not know who appointed his client, Majali, and the other seven “directors” to the board of Kalahari Resources.
“That matter would have been handled by his South African legal representatives,” said Webster. He said his involvement in the matter stemmed from the global perspective because Kgalagadi Manganese (Kalahari Resources’s 40% subsidiary) has ArcelorMittal as shareholder.
After a long silence, Cipro only confirmed on Friday that it knew the Kalahari Resources records were amended on its online system by a Haralambos Sferopoulos. He is also listed as one of the eight new directors.
“After being verified by our approved commissioners of oath, a person can have access and amend information on our records online,” said Cipro spokesperson Elsabe Conradie. That access gives a person rights not only to one company, but the whole Cipro system. The licence gets renewed annually.
Conradie also conceded that for anybody to change company information online they did not need to have any shareholder approvals to effect changes. “It’s a big problem that and we are working on fixing it,” said Conradie.
http://www.miningmx.com/news/ferrous_metals/Majali-controversy-extends-to-Anglo.htm
Archer
Honorary Master
Lets see. You (founder of the company) list it on the stock exchange. Years pass and you have 30% shares in your own company. Then some other dude buys 51% of the shares. You no longer have control over your own company. Where in all this does the founder of the company have any say in the matter???
Vrotappel
Bulls fan
Kalahari Resources: The story behind the ‘hijacking'
Some crazy nutjobs that have access to CIPRO.
These people should already have been arrested.
Some crazy nutjobs that have access to CIPRO.
These people should already have been arrested.
Jola
Honorary Master
Simple, the founder has sold his company, he is no longer the owner.
And the founder can only manage the company for as long as the owners (shareholders) are happy for him to do that.
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The_Pumpkin_King
Jedi Master
DreamKing
Honorary Master
sound very scary and risky to do business in South Africa..... 
The_Assimilator
Executive Member
Majali and his crooked friends had better watch out; messing with Anglo American is not the cleverest thing to do.
Depends on what percentage was floated on the market. A 60% free-float for example would mean that only 60% of the shares in that company are publicly traded. The other shares would have to be sold through private placements and this allows certain groups of individuals control over a company, regardless if the majority of the free-float shares were bought up. It then becomes an issue addressed at board level and depends on voting rights. You might find that the private shares (possibly preferential shares) entitle the holders to more voting rights than the board members elected by the public shareholders. Look at how a company called Thomson operates for a good example of this. It made their merger with Reuters rather interesting and was cause for investigation by the SEC...
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Archer
Honorary Master
I was merely trying to make the point that a hostile takeover is akin to having your company stolen. Sure its the legal route, and there are ways to reduce the likelihood of it happening but the end result is the same. This was in response to someone saying its impossible to steal a company in a first world country.
A hostile takeover is not theft at all though. It's just, as the name implies, hostile. There are ways to protect your company from such takeovers though through the likes of "poison pills" and certain clauses in bond issues can mean a takeover company can be lumped with the immediate repayment of substantial debt obligations for example which deter the takeover company from doing so. A hostile takeover is just one where the board of the target company refuse to accept the offer or suggest to their shareholders to accept the offer, however there a plethora of reasons why this isn't necessarily going to protect them. Shareholder revolt for example is a big one, which is why companies track beneficial shareholders in a weekly share register analysis, or in times like this, daily. This is also why a bond issue and even pref share issues are structured by teams of lawyers. It's not theft, however that is a reasonable assumption to make...
The_Pumpkin_King
Jedi Master
Absa caught up in 'hijack' tangle
AS the High Court looks set to hear arguments on Monday on the urgent application by Kalahari Resources for the removal of Sandi Majali and seven other people as directors, banking group Absa has become the latest blue-chip company finding itself caught up in the alleged hijacking.
This comes after Anglo American discovered its representatives had been removed from its 74%-owned Siyanda Chrome, an entity that now also falls under Majali's control.
Miningmx has established that Absa may be the rightful owner of Majali's 85% stake in Siyanda Mining Corp, after he ceded the shares to the bank.
"No, he (Majali) does not own any shares in Siyanda Mining Corp - those shares are now owned by Absa," Siyanda Resources director Xolile Mazabane replied to Miningmx's enquiry.
Siyanda Resources owns 10% of Siyanda Mining Corp, whose only asset is the 8.33% stake in Kalahari Resources. The latter in turn owns 40% of Kgalagadi Manganese jointly with ArcelorMittal (50%) and the Industrial development Corporation (IDC), which owns 10%.
It emerged last week that Kalahari Resources chairperson Daphne Mashile-Nkosi and her only fellow director were removed from the Companies and Intellectual Properties Registration Office (Cipro) records and replaced with Majali and seven people, who are not known to Kalahari Resources.
Majali's legal representatives have confirmed that Majali and the seven are indeed now directors of Kalahari Resources. "My client (Majali) has been trying to sell his shares for over two years," said Philip Webster of Webster Legal. He admitted not knowing who appointed Majali and the seven to Kalahari Resources' board.
'Repeated illegal attempts'
However, Majali's partners at Siyanda Mining Corp say he no longer owns any shares in the company. "It is a matter of public record in a High Court application that Majali ceded his 85% shareholding in Siyanda Mining Corporation to Absa and Absa is now the rightful owner of those shares," said Mazabane.
Absa has asked for some time to respond to a query on whether it owns the shares and if so, what it intends to do with the stake.
Mazabane said Majali has repeatedly and fraudulently attempted to "illegally remove directors and illegally offer and solicit offers for the sale of Siyanda Mining Corp's shares in Kalahari Resources without proper approval of other shareholders, and (to make) illegal attempts to liquidate the company".
He apparently has gone as far as "removing" Siyanda Mining Corp's own directors and replacing them with himself and his lawyer Webster.
"This is yet another of many and sustained attempts by Majali to fraudulently remove legally appointed directors and appoint individuals that have never been submitted to nor approved by the current board of directors of Siyanda Mining Corp," said Mazabane.
http://www.miningmx.com/news/ferrous_metals/Absa-caught-up-in-hijack-tangle.htm
AS the High Court looks set to hear arguments on Monday on the urgent application by Kalahari Resources for the removal of Sandi Majali and seven other people as directors, banking group Absa has become the latest blue-chip company finding itself caught up in the alleged hijacking.
This comes after Anglo American discovered its representatives had been removed from its 74%-owned Siyanda Chrome, an entity that now also falls under Majali's control.
Miningmx has established that Absa may be the rightful owner of Majali's 85% stake in Siyanda Mining Corp, after he ceded the shares to the bank.
"No, he (Majali) does not own any shares in Siyanda Mining Corp - those shares are now owned by Absa," Siyanda Resources director Xolile Mazabane replied to Miningmx's enquiry.
Siyanda Resources owns 10% of Siyanda Mining Corp, whose only asset is the 8.33% stake in Kalahari Resources. The latter in turn owns 40% of Kgalagadi Manganese jointly with ArcelorMittal (50%) and the Industrial development Corporation (IDC), which owns 10%.
It emerged last week that Kalahari Resources chairperson Daphne Mashile-Nkosi and her only fellow director were removed from the Companies and Intellectual Properties Registration Office (Cipro) records and replaced with Majali and seven people, who are not known to Kalahari Resources.
Majali's legal representatives have confirmed that Majali and the seven are indeed now directors of Kalahari Resources. "My client (Majali) has been trying to sell his shares for over two years," said Philip Webster of Webster Legal. He admitted not knowing who appointed Majali and the seven to Kalahari Resources' board.
'Repeated illegal attempts'
However, Majali's partners at Siyanda Mining Corp say he no longer owns any shares in the company. "It is a matter of public record in a High Court application that Majali ceded his 85% shareholding in Siyanda Mining Corporation to Absa and Absa is now the rightful owner of those shares," said Mazabane.
Absa has asked for some time to respond to a query on whether it owns the shares and if so, what it intends to do with the stake.
Mazabane said Majali has repeatedly and fraudulently attempted to "illegally remove directors and illegally offer and solicit offers for the sale of Siyanda Mining Corp's shares in Kalahari Resources without proper approval of other shareholders, and (to make) illegal attempts to liquidate the company".
He apparently has gone as far as "removing" Siyanda Mining Corp's own directors and replacing them with himself and his lawyer Webster.
"This is yet another of many and sustained attempts by Majali to fraudulently remove legally appointed directors and appoint individuals that have never been submitted to nor approved by the current board of directors of Siyanda Mining Corp," said Mazabane.
http://www.miningmx.com/news/ferrous_metals/Absa-caught-up-in-hijack-tangle.htm