TLX ENGINEERING SHARES MATTER SETTLED - GIGI MILES

MBABANE - Lawyer Gigi Miles has alleged that Thulani Mpapane agreed to sell and transfer his shares at TLX Engineering (Pty) Ltd.

As a result, Miles said Mpapane could not seek to reopen the matter of the provisional liquidation of the company because it was allegedly settled out of court at his instance. In any case, Miles told the court that the matter was allegedly settled even before she could pursue the application for letters of administration from the Master of the High Court. In her answering papers, Miles informed the court that Mpapane allegedly received full benefits under the settlement agreement, the terms of which were complied with by the company and Benjamin le Roux, who is also a shareholder at TLX Engineering. Le Roux allegedly bought Mpapane’s shares in the company.  The veracity of these allegations is yet to be tested in court. Miles submitted that TLX Engineering had debts of about E1 million, including outstanding tax owed to Eswatini Revenue Authority (SRA), which were in excess of its assets.

Proposed

She said in a meeting held on May 18, 2018 with Le Roux, the managing director of the company, Accounting Consultant Ian Stocks, Le Roux informed them that Mpapane had allegedly proposed that the matter be settled by him (Le Roux) purchasing his (Mpapane) shares for E90 000. Le Roux informed them that Mpapane wanted to dispose of his shares since he had realised that he would not gain any monetary benefit from the liquidation of the company given the amount of its unpaid debts. Miles stated that Mpapane allegedly confirmed to her the proposition to settle the matter out of court and Le Roux also confirmed his offer.

Mpapane is alleged to have further narrated that the he had moved the liquidation application to get something out of the value of the company. Apart from being paid E90 000 for his shares, Mpapane is alleged to have demanded possession of certain company tools -an angler grinder, welding and drill machines and a concrete drill among others. He is alleged to have undertaken to facilitate the transfer of all his shares in TLX Engineering to a person nominated by Le Roux upon receipt of the payment and that he should be indemnified from the debts of the company.

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