Case of Kebbles and alleged stolen shares returns
The High Court will finally hear arguments in the ongoing litigation surrounding shares worth billions of rands that were allegedly misappropriated from Randgold & Exploration (R&E) around 2004 when Brett Kebble was CEO of various gold mining companies and his father, Roger, chairman of the same companies.
The court date has been set for early next year, says a Moneyweb report. The collapse of the Kebble mining empire and unusual death of Brett Kebble in 2005 spawned several books, metres of newspaper articles, even a movie, and culminated in the suicide of Roger Kebble in 2015.
Now the circumstances surrounding the movement of shares between the related companies in the Randgold group will come under scrutiny once again.
In short, notes Moneyweb, R&E alleges that shares it owned in the listed Randgold Resources (RRL) and The Afrikander Lease (Aflease) were effectively stolen and sold to prop up Johannesburg Consolidated Investments (JCI) and Western Areas, both of which were close to bankruptcy.
At the centre of the claims is the disappearance of 94m Aflease shares and 21.8m RRL shares. At the time of the alleged theft, the shares were worth R1.65bn.
They are worth probably 20 to 30 times that today, says the report.
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