Fani Titi. / P h o t o /
G a l l o I m a g e s
Sunday International can nowadays raise the veil on what caused the nasty public spat between Investec’s joint CEO Fani Titi and his erstwhile trade partner-turned nemises Peter-Paul Ngwenya.
Titi and a associate at a boutique legislation company, Tugendhaft Wapnick Banchetti (TWB), were accused through Ngwenya of colluding to swindle him out of thousands and thousands of rand in dividends.
Ngwenya, a former Umkhonto weSizwe operative who spent 5 years on Robben Island, mentioned in court docket papers he was once duped through Titi and TWB associate Zoe Banchetti.
He mentioned Banchetti was once offered to him through Titi because the lawyer who was once representing each Columbia (Ngwenya’s corporate) and Alphabet (Titi’s corporate) in a R48.8-million deal to shop for Gagasi FM and Middle FM greater than 10 years in the past.
Ngwenya mentioned Investec funded the deal to the track of R32.6-million (the mortgage was once meant to be serviced out of dividends and secured through the belongings being received), whilst he and Titi had been meant to lift the stability of R16.2-million.
Alternatively, he mentioned he and Columbia didn’t have the specified capital. Ngwenya mentioned Titi then presented to lend Columbia the R8.1-million had to conclude the care for a “verbal mortgage settlement”.
Ngwenya then alleges that what he had agreed on with Titi was once now not what Banchetti drafted and “made him signal” with out studying completely as “the primary applicant’s [Titi’s] driving force was once ready”.
“When it later gave the impression that Banchetti have been rewarded through the applicant [Titi] through giving her [Banchetti] stocks in Tsiya [Titi’s investment vehicle], my earlier issues as to the moral nature of her recommendation and behavior had been heightened and I seemed anew at my quite a lot of interactions together with her,” mentioned Ngwenya in his affidavit.
“Because it later became out, most of the agreements and paperwork introduced to me through Banchetti for signature contained refined monetary and felony constructions and implications of which I used to be unaware, the essence and import of which each Banchetti and the primary applicant constantly did not alert me [to].”
Sunday International has independently established that Banchetti served at the Tsiya board from 2008 to 2009. Ngwenya was once convicted of crimen injuria final yr for the usage of the k-word in connection with Titi for allegedly owing him thousands and thousands in dividends.
Tsiya recently holds just about R4 million in dividends because of Columbia in an interest-bearing acccount till Titi’s declare that he holds stocks in Columbia is settled in court docket.
Banchetti mentioned: “I must let you know that this isn’t the one discussion board or instance that Mr Ngwenya – whom I’ve by no means represented – has trotted out allegations relating to me for my part, which might be scurrilous and vexatious and are devoid of any benefit in any way,” Banchetti wrote in an e-mailed reaction.
“They [Ngwenya’s allegations] also are in step with se defamatory. In truth, Mr Ngwenya’s criticism towards me was once, to his wisdom, disregarded.
This, after all, is apart from Mr Ngwenya’s felony conviction, in recognize of Mr Titi, who our company does constitute in court cases instituted towards Mr Ngwenya.”
By way of Kabelo Khumalo
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