‘PSPF BOUGHT E28M ‘PSPF BOUGHT E28M FOR E73M’

MBABANE - The Public Service Pension Fund (PSPF) is reported to have purchased Tonkwane Estate for E73 million from Dups Holdings which had bought it for E28 million.

This transaction is alleged to have happened two months after Dups had bought the farm from the executor of the estate for the E28 million price.
This translates to a profit of E45 million which was allegedly made by Dups Holdings from the sale.

This was allegedly discovered by businessman Walter Bennett, who is one of beneficiaries in the estate.  The major shareholder of the estate, the late Solveing Crabtree, bequeathed one per cent of her assets, either immovable, or movable to the businessman.

Bennett has since filed an urgent  application where he among other things seeks an order restraining and interdicting PSPF  from developing or subdividing the properties held under Deed transfer 940/2016 and 941/2016 pending finalisation of the main matter.

Respondents in the matter are the PSPF, the Land Management Board (LMB), Dups holdings (PTY) Limited, T1 property (PTY) Limited, T2 property (PTY) Limited, the Swaziland Competition Commission, Alan Alexander McGregor (executor), the Master of the High Court , the Registrar of Deeds and the attorney general.

In his application, Bennett contended that courtesy and the law dictated that he should have been notified about the new transaction if both part parties were bona fide.
He argued that the transfer to PSPF was irregular, particularly the whopping purchase prize.

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