DUBAI DEALERSHIP DIRECTORS ‘FIGHT’ OVER MONEY

MBABANE - A car dealership business between two Pakistan nationals has gone sour.

This has resulted in one of the directors filing an application for the liquidation of the company, Pak Pak Investments (PTY) Limited. The company is situated in Matsapha and it deals with the sale of import cars, known as Dubais. Iftikhar Ahmed informed the court that the directors of the company no longer had a cordial working relationship. He submitted that one of the directors, Qadric Imran Chaudary, left the country for Pakistan without his knowledge, and without authorisation accessed the company’s bank account and withdrew a sum of E395 000 for his sole benefit. Ahmed said the matter was reported at the Matsapha Police Station. “Around December 2016, Chaudary withdrew a total sum of E120 000 by making point of sale (POS) transactions. It was clear that there was a collusion between him and the supermarket. He probably swiped and was given hard cash,” submitted Ahmed.

He averred that he had not authourised the purchase of those goods from the supermarket nor did the company receive them. As if that was not enough, Chaudary also allegedly drove away with a motor vehicle, with registration TSD 975CM. According to Ahmed the motor vehicle formed part of the stock. Again, this matter, according to Ahmed, was reported to the police. “Chaudary makes those sporadic appearances to cause disturbances and locks gates at the company’s yard. His reason for doing so are that he wants to protect the stock in trade,” alleged the applicant. He alleged that as a result of Chaudary’s conduct, it had been difficult to continue to be in business with him since he (Ahmed) has lost trust in him. Ahmed said the liquidation of the company would enable Chaudary to establish the basis of his stake in the company.

Claimed

“On September 15, 2018, the respondent returned to the country and I was surprised to see him at the company’s premises, where he claimed to be the overseer and requested to have a look at some of the company’s documents raising fear that he was there to cause loss to the company again,” he said. He told the court that from the aforegoing, the company was unable to conduct business in an orderly manner and it was on that basis that it moved an application for liquidation. He alleged that his partner in the business, Qadric Imran Chaudary, was grabbing assets of the company. Ahmed submitted that the conduct of Chaudary would jeopardise the interest of creditors, employees and members of the company.

Creditors

He contended that some of the company’s creditors might commence legal proceedings in view of the existing state of affairs, fearing that the respondent’s (Chaudary) conduct might prejudice their security in the form of the goods and services supplied on credit. Ahmed stated that the company was registered in 2007 with an authorised share capital. He highlighted that the main objective of the company was to engage in the sale of motor vehicles and importing same from Japan, Singapore and other countries.
He submitted that the shareholders of the company were Chaudary and him.  Ahmed pointed out that the shareholding was equal at 50 per cent apiece.

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