Johannesburg - Businessman Ralston Smith is seeking leave to appeal a ruling in which Justice Ronel Tolmay found that a memorandum of understanding that paved the way for his removal as the majority shareholder of One Vision Investment was valid.
The case pitted Smith against Singh, with the former accusing the latter of failing to meet suspensive conditions of a negotiated MOU that would have him take control of 100% shares of the estate, Lahleni Lakes. In the court papers Sm,ith alleges that Singh and his general manager, Peet Erasmus, orchestrated the takeover.
Initially, Judge Christelle Basson, sitting in North Gauteng, ruled that the Companies Intellectual Property Commission must probe complaints by business owners who alleged their companies or shares had been “hijacked”.