[miningmx.com] – INVESTEC is facing a R1.3bn claim in open court from shareholders in Randgold & Exploration who want the South African bank to pay them for their shares in the mining firm.
This follows a ruling of the North Gauteng High Court on September 17, described by the shareholders as “landmark”, permitting them the right in law to have Investec pay them R288.56 per share and the ruling Randgold share price at the time of purchase.
Shareholders in Randgold & Exploration claim Investec took control of the mining firm shortly following the resignation of the late Brett Kebble and prevented them from pursuing claims against JCI and Western Areas, companies with whom Kebble had committed fraud, as well claims against Investec itself.
