Access Finance Board Chair Disputes High Court's Authority In US$3.9 Million Property Dispute
Access Finance board chairman, Isau Bwerinofa, argues that the High Court does not have the authority to handle a US$320,000 property case brought by former director Senziwani Sikhosana.
Singathini Raymond Chigogwana, Bwerinofa and Sikhosana were business partners running multiple companies, including Access Forex (Pvt) Ltd, Access Finance (Pvt) Ltd, Tara Capital (Pvt) Ltd, Thirty-Six Mountbatten (Pvt) Ltd, and Access Forex SA (Pty) Ltd. However, a dispute arose in 2022 regarding shareholding, leading to a court case. As a result of the ongoing battle over equity and properties, the business is now on the verge of collapsing.
The battle over equity and properties has caused turmoil in their businesses, with both shareholders leaving in separate deals. Chigogwana owned 54% shareholding, Sikhosana 20% and their chairman Isau Bwerinofa 26%. Both Sikhosana and Chigogwana have exited the business in separate deals.
Sikhosana seeks the transfer of three townhouse properties valued at US$320,000 as part of a settlement, either in real estate or cash, and requests the payment of associated taxes and costs. He also claims that Chigogwana, the former CEO, has breached the agreement and demands a resolution.
Bwerinofa, representing himself and other entities, challenges the court’s jurisdiction, citing a clause in the Share Purchase Agreement that mandates arbitration for disputes. He argues that the agreement has not been fully implemented and questions Sikhosana’s claim without arbitration. NewsDay reported citing court papers:
…. it must be noted that the First Applicant (Sikhosana), First Respondent (Chigogwana), Second Respondent (Bwerinofa), and other respondents are not counterparties to the sale agreements it is claimed are the subject of the sale agreements of the housing units. It is clear therefore that the dispute between the parties is the implementation of the SPA and all agreements that must be read together with the SPA.
Bwerinofa argued that Sikhosana had no authority to take legal action against the named firms. He stated that the resolution proceedings of Ferden Investments, Rock Drill Mining, and Seanmart Investments, which Sikhosana relied upon, did not authorize court proceedings against the respondents.
Bwerinofa further claimed that while Sikhosana was in South Africa and they were incarcerated, Sikhosana withdrew over US$60,000 without disclosing it. When questioned about the reason for the withdrawal, Sikhosana allegedly stated that he wanted to use the money to secure his freedom in Zimbabwe. Chigogwana, the former CEO, supported and agreed with the opposing affidavit presented by Bwerinofa.
