A Chinese mining company just got booted from a local investment deal by the High Court. Ming Chang Sino Africa Investment, along with Fuel Africa and an individual named Wang Ke, have been ordered off the share register for Gwampa Mining. The court agreed with Gwampa that the shares given to these parties were totally illegal. The judge on the case, Bongani Ndhlovu, ruled the whole allotment was invalid.
Here is the backstory. Gwampa Mining made a deal back in 2017 with Eagle Italian Shoes, Ming Chang, and Fuel Africa. The plan was to jointly mine claims owned by another company called DGL Investment Number 5. The deal had specific conditions, like taking on a four point three million dollar debt and signing a formal shareholders agreement, before any shares could be handed out. The court found that none of that actually happened properly. The shares were issued by DGL, not even Gwampa, without the right agreements or capital being put up. They even gave shares to Wang Ke, who was not part of the original deal. Gwampa's argument was simple: since the conditions were never met, the deal was void.
Ming Chang tried to claim they paid the big debt and even gave an extra loan, but they could not show the paperwork to prove it. The judge said they failed to provide evidence, so their claims did not hold up. There was also no proof of any royalty payments ever being made. The final order cancels the disputed shares, tells the company registrar to wipe those names from the records, and sticks the losing parties with the legal bill.
Here is the backstory. Gwampa Mining made a deal back in 2017 with Eagle Italian Shoes, Ming Chang, and Fuel Africa. The plan was to jointly mine claims owned by another company called DGL Investment Number 5. The deal had specific conditions, like taking on a four point three million dollar debt and signing a formal shareholders agreement, before any shares could be handed out. The court found that none of that actually happened properly. The shares were issued by DGL, not even Gwampa, without the right agreements or capital being put up. They even gave shares to Wang Ke, who was not part of the original deal. Gwampa's argument was simple: since the conditions were never met, the deal was void.
Ming Chang tried to claim they paid the big debt and even gave an extra loan, but they could not show the paperwork to prove it. The judge said they failed to provide evidence, so their claims did not hold up. There was also no proof of any royalty payments ever being made. The final order cancels the disputed shares, tells the company registrar to wipe those names from the records, and sticks the losing parties with the legal bill.
