Sagarmatha sues state for R50bn
Sagarmatha Technologies is suing President Cyril Ramaphosa and various organs of state and regulatory bodies for R50bn ($3bn).
The Mercury notes Sagarmatha is the second company in the Sekunjalo Group to claim for damages from various organs of state and regulatory bodies for allegedly deliberately withholding permission to list on a foreign exchange.
In a statement yesterday, Sekunjalo said Sagarmatha has complied with terms of section 3(1) and (2) of the Institution of Legal Proceedings Against Certain Organs of State Act by giving the various respondents six months’ notice.
These include the President of the RSA, Dr Leila Fourie, group chief executive officer of JSE Limited, Justice Minister Ronald Lamola, the National Treasury, Finance Minister Enoch Godongwana, the State Attorney and the SARB ‘for obstructing the listing of Sagarmatha on its chosen foreign stock exchanges after the company had raised the requisite funds from international investors’.
The statement said Sagarmatha’s valuation – performed by two separate international professional organisations – saw it attract investment interest, in 2018, of about R50bn.
‘The listing was prevented from being realised, as too was the local listing on the JSE, despite the JSE giving written approval of the listing, by a deliberate and malicious campaign to discredit Sagarmatha and Dr Iqbal Survé.’
Article disclaimer: While we have made every effort to ensure the accuracy of this article, it is not intended to provide final legal advice as facts and situations will differ from case to case, and therefore specific legal advice should be sought with a lawyer.
