{"id":60204,"date":"2024-11-26T18:18:47","date_gmt":"2024-11-26T18:18:47","guid":{"rendered":"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing"},"modified":"2024-11-26T18:30:20","modified_gmt":"2024-11-26T18:30:20","slug":"shakantu-faced-e124-million-debt-after-gamedzes-passing","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing","title":{"rendered":"Shakantu Faced E124 Million Debt after Gamedze\u2019S Passing"},"content":{"rendered":"

Africa-Press – Eswatini. <\/strong><\/span>SAVVY businessman Michelo Shakantu made a significant gesture by taking on a massive E124 million debt from Stage I Connections (Pty) Ltd, a shareholder in Eswatini Mobile Ltd.<\/b><\/p>\n

This action preserved the estate of the late Victor \u2018Maradona\u2019 Gamedze from depletion in 2019. The executor of the estate, attorney Derrick Jele, detailed in court documents that on March 8, 2019, he received a claim from Waring Attorneys representing Eswatini Bank, demanding E124,979,442.89 from the estate. If this claim were honoured, it would have entirely exhausted the estate\u2019s available funds.<\/p>\n

\u201cWe needed to find strategies to avoid paying the Eswatini Bank claim using the estate funds. One of the companies in which the estate had an interest was Stage I Connections (Pty) Ltd, a shareholder in Eswatini Mobile Ltd,\u201d Jele clarified in the court documents.<\/p>\n

Jele mentioned that Princess Lungile, Gamedze\u2019s widow, suggested approaching Shakantu to take over the estate\u2019s debt.<\/p>\n

\u201cInitially, Mr. Shakantu hesitated due to the enormity of the debt, but he ultimately consented after I urged him to assist the estate in honour of your late friend, Mr. Victor Gamedze,\u201d Jele noted.<\/p>\n

Shakantu\u2019s decision safeguarded Gamedze\u2019s estate. After discussions with Mrs. Gamedze\u2019s lawyer, Mlungisi Khumalo, in her presence, the shares were transferred to Shakantu with the condition that he would assume the entire debt with Eswatini Bank.<\/p>\n

\u201cI also consulted with the beneficiaries through their attorney, Mr. Sabelo Masuku, and they all agreed to the share transfer,\u201d Jele confirmed.<\/p>\n

Chairman of Eswatini Mobile Michelo Shakantu<\/p>\n

Jele explained that Shakantu opted to have the shares transferred not to himself personally, but to Cherry Bite, with the agreement formalized on May 28, 2019, which Mrs. Gamedze\u2019s lawyer was aware of.<\/p>\n

\u201cFollowing the agreement, you (Shakantu) took on the estate debt at Eswatini Bank, and I disclosed the share transfer of Stage A Connection in the Liquidation and Distribution Account, with no objections,\u201d Jele wrote in a letter included in the court documents as part of the answering affidavit.<\/p>\n

This revelation emerged after Princess Lungile approached the High Court regarding the sale and transfer of shares once held by her husband at Eswatini Mobile, following Gamedze\u2019s death on January 14, 2018.<\/p>\n

In her documents, the Princess claimed that her late husband\u2019s shares were transferred to Shakantu without her knowledge or consent. She took legal action upon discovering that Shakantu was allegedly selling the shares to the Public Service Pensions Fund (PSPF).<\/p>\n

In his answering affidavit, Shakantu stated that Princess Lungile had indeed consented to the sale of her husband Victor Gamedze\u2019s shares at Eswatini Mobile, as noted by the estate\u2019s executor, Derrick Jele.<\/p>\n

Shakantu pointed out that the Princess was not yet clear about the legal action she wanted to pursue. He argued that she simultaneously claims consent for the sale and transfer of shares from Cherry Bite (Pty) Ltd to PSPF, while also stating in her affidavit that she would suffer irreparable harm if the sale proceeded.<\/p>\n

Shakantu expressed regret that the court is dealing with Princess Lungile\u2019s application, which he deems lacks the necessary legal foundation for the orders she seeks.<\/p>\n

He emphasized that all beneficiaries of Gamedze\u2019s estate, including Princess Lungile, consented to the share transfer.<\/p>\n

He added that a letter from executor Derrick Jele dated August 26, 2024, confirmed that not only did Princess Lungile agree, but all beneficiaries did as well.<\/p>\n

\u201cThe applicant cannot deny the beneficiaries\u2019 consent to the sale and transfer of shares while simultaneously relying on a letter that clearly states she (and the other beneficiaries) consented. Furthermore, she fails to address the clear allegation of consent,\u201d Shakantu argued in the court documents.<\/p>\n

The matter is currently awaiting a decision from Judge Zonke Magagula.<\/p>\n

For More News And Analysis About Eswatini<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Eswatini. SAVVY businessman Michelo Shakantu made a significant gesture by taking on a massive E124 million debt from Stage I Connections (Pty) Ltd, a shareholder in Eswatini Mobile Ltd. This action preserved the estate of the late Victor \u2018Maradona\u2019 Gamedze from depletion in 2019. The executor of the estate, attorney Derrick Jele, detailed […]<\/p>\n","protected":false},"author":84,"featured_media":60202,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,12],"tags":[249],"class_list":["post-60204","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-policy","tag-eswatini"],"yoast_head":"\nShakantu Faced E124 Million Debt after Gamedze\u2019S Passing - Eswatini<\/title>\n<meta name=\"description\" content=\"SAVVY businessman Michelo Shakantu made a significant gesture by taking on a massive E124 million debt from Stage I C ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Shakantu Faced E124 Million Debt after Gamedze\u2019S Passing\" \/>\n<meta property=\"og:description\" content=\"SAVVY businessman Michelo Shakantu made a significant gesture by taking on a massive E124 million debt from Stage I C ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing\" \/>\n<meta property=\"og:site_name\" content=\"Eswatini\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-11-26T18:18:47+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-11-26T18:30:20+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2024\/11\/sm_1732633147.065144.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Shakantu Faced E124 Million Debt after Gamedze\u2019S Passing\",\"datePublished\":\"2024-11-26T18:18:47+00:00\",\"dateModified\":\"2024-11-26T18:30:20+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing\"},\"wordCount\":636,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/eswatini\/sites\/33\/2024\/11\/sm_1732633147.065144.jpg\",\"keywords\":[\"Eswatini\"],\"articleSection\":[\"all news\",\"policy\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing\",\"url\":\"https:\/\/www.africa-press.net\/eswatini\/all-news\/shakantu-faced-e124-million-debt-after-gamedzes-passing\",\"name\":\"Shakantu Faced E124 Million Debt after Gamedze\u2019S Passing - 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