A fight over a herd of buffalo and millions of rands is taking place in an East London court between a Limpopo businessman and the Government of Fujairah, in the United Arab Emirates.
Al Maya International Limited (BVI) owns 55% in Valley of the Kings Thaba Motswere (Pty) Ltd – a business that breeds and sells game for commercial gain.
There was also a link to the Gupta family in South Africa.
Valley of the Kings also has a safari and hunting lodge on a farm in Thabazimbi, in Limpopo.
Thaba Motswere Game Farm’s head office is in the jurisdiction of the East London court.
Prince Sheik Mohamed bin Hamad Al Sharqi, the crown prince of the government of Fujairah, is the controlling shareholder of Al Maya, which is registered in the British Virgin Islands.
Businessman Philipus Mostert, who owns the remaining share in Valley of the Kings, is accused by Al Maya of not keeping the business operational.
Al Maya asked Judge John Smith, sitting in the East London High Court, to put Valley of the Kings under supervision and that business rescue proceedings take place.
Smith heard that in the negotiations for the deal, Al Maya was represented by Sanjay Gupta, while the farm was represented by Mostert.
Gupta resigned and Al Maya was to be represented by Mustafa Thanikkal.
Evidence presented in court was that Al Maya invested R100-million in the Valley of the Kings in 2012 and Mostert was responsible for the management of the company.
Al Maya said part of Mostert’s responsibilities included preparing monthly management accounts, paying the company’s day-to-day expenses and keeping the books up to date. Al Maya claimed that last year, Valley of the Kings ran into financial difficulties and could not pay staff.
Mostert then borrowed R7.5-million from the government of Fujairah, and the September loan of last year by the Arab government was secured by a bond over all buffalos owned by Valley of the Kings.
The loan was meant to be repaid on April 30 this year but was not paid.
Instead, Thanikkal told Mostert Al Maya intended to sell its shares.
Because of the cashflow problems, Valley of the Kings intended to enter into a venture where it would accommodate and feed game owned by third parties.
Advocate AJ Murphy, representing the Valley of the Kings, told the court the company was properly managed, was solvent and would trade out of its present financial difficulties. The court heard that the shareholders were expected to financially contribute over a period of 10 years.
Murphy submitted that Al Maya did not make the contributions because “royalty do not concern themselves with budgets”.
Valley of the Kings conceded they owed money, but they intended to sell a number of buffalo to pay the debt. The only obstacle was waiting for blood tests certifying the buffalo to be in good health.
In an affidavit, Mostert said the government of Fujairah was holding security of “an entire herd of buffalo, the value of which is more than R30-million for a debt of R7.5-million”.
Smith agreed with Al Maya that Valley of the Kings be placed under supervision and appointed senior business rescue practitioners on an interim basis.
“ is ordered to notify each affected person of this order within five business days,” Smith ordered.
A notice to appeal Smith’s order has been filed and a date for the hearing is yet to be arranged. — siyab@dispatch.co.za
UAE govt in EL court battle over game farm
Al Maya International Limited (BVI) owns 55% in Valley of the Kings Thaba Motswere (Pty) Ltd – a business that breeds and sells game for commercial gain.
There was also a link to the Gupta family in South Africa.
Valley of the Kings also has a safari and hunting lodge on a farm in Thabazimbi, in Limpopo.
Thaba Motswere Game Farm’s head office is in the jurisdiction of the East London court.
Prince Sheik Mohamed bin Hamad Al Sharqi, the crown prince of the government of Fujairah, is the controlling shareholder of Al Maya, which is registered in the British Virgin Islands.
Businessman Philipus Mostert, who owns the remaining share in Valley of the Kings, is accused by Al Maya of not keeping the business operational.
Al Maya asked Judge John Smith, sitting in the East London High Court, to put Valley of the Kings under supervision and that business rescue proceedings take place.
Smith heard that in the negotiations for the deal, Al Maya was represented by Sanjay Gupta, while the farm was represented by Mostert.
Gupta resigned and Al Maya was to be represented by Mustafa Thanikkal.
Evidence presented in court was that Al Maya invested R100-million in the Valley of the Kings in 2012 and Mostert was responsible for the management of the company.
Al Maya said part of Mostert’s responsibilities included preparing monthly management accounts, paying the company’s day-to-day expenses and keeping the books up to date. Al Maya claimed that last year, Valley of the Kings ran into financial difficulties and could not pay staff.
Mostert then borrowed R7.5-million from the government of Fujairah, and the September loan of last year by the Arab government was secured by a bond over all buffalos owned by Valley of the Kings.
The loan was meant to be repaid on April 30 this year but was not paid.
Instead, Thanikkal told Mostert Al Maya intended to sell its shares.
Because of the cashflow problems, Valley of the Kings intended to enter into a venture where it would accommodate and feed game owned by third parties.
Advocate AJ Murphy, representing the Valley of the Kings, told the court the company was properly managed, was solvent and would trade out of its present financial difficulties. The court heard that the shareholders were expected to financially contribute over a period of 10 years.
Murphy submitted that Al Maya did not make the contributions because “royalty do not concern themselves with budgets”.
Valley of the Kings conceded they owed money, but they intended to sell a number of buffalo to pay the debt. The only obstacle was waiting for blood tests certifying the buffalo to be in good health.
In an affidavit, Mostert said the government of Fujairah was holding security of “an entire herd of buffalo, the value of which is more than R30-million for a debt of R7.5-million”.
Smith agreed with Al Maya that Valley of the Kings be placed under supervision and appointed senior business rescue practitioners on an interim basis.
“ is ordered to notify each affected person of this order within five business days,” Smith ordered.
A notice to appeal Smith’s order has been filed and a date for the hearing is yet to be arranged. — siyab@dispatch.co.za
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