The Bolatja Hlogo Consortium (BHC) said it would file a Section 163 Companies Act application in the High Court against the Public Investment Corporation (PIC), which iBHC) claims owes it dividends and the proceeds of a sale of shares in SA Home Loans.
The Bolatja Hlogo Consortium (BHC) on Monday said it filed a legal suit against the Public Investment Corporation (PIC), which it claims unfairly used a one-share advantage to force SA Home Loans (SAHL) not to declare an approximate R1.2 billion dividend, in April.
BHC director Joe Makhari said in a telephone interview they had filed a Section 163 High Court application in South Africa on Monday, which is a legal remedy under the Companies Act, often referred to as the “shareholder oppression remedy,” that allows a shareholder or director to approach the court if the company’s conduct is oppressive, unfairly prejudicial, or unfairly disregards their interests.
He said the company also issued summons to the PIC, which is the asset manager of the Government Employees Pension Fund (GEPF), to pay an amount allegedly due to BHC on the sale of BHC's 25% stake in SAHL, to the PIC, in March 2024.
The PIC was approached for comment by the Business Report on Monday, but it did not answer emailed questions by the close of business.
