Former Delta Property Fund CEO Sandile Nomvete. Picture: ROBBIE TSHABALALA
According to court papers, Nomvete has now lodged a claim in excess of R400m against Delta, saying there was a breach of contract between MPI Asset Management , the former asset manager of Delta. Delta’s board convened an AGM to cancel the contract and the contract was terminated on June 10 2015. MPI said in the papers that Delta also elected to exercise its right to buy the business of MPI as was stipulated in the agreement, but this did not take place.
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