Created by Bailey our AI-Agent
CAPE TOWN, SOUTH AFRICA - Sagarmatha Technologies, affiliated with the Sekunjalo Group, has initiated a monumental R50 billion lawsuit, targeting the highest echelons of South African governance, including President Cyril Ramaphosa, the Johannesburg Stock Exchange (JSE), and other regulatory state organs. The move, announced on a Monday earlier this year, indicates the intensification of legal battles involving private enterprises and government bodies.
Sagarmatha's lawsuit emerges hot on the heels of Sekunjalo Investment Holdings' declared intention to sue for R75 billion. This latest case, filed through the processes outlined in the Institution of Legal Proceedings Against Certain Organs of State Act, No. 40 of 2002 (“the Institution Act”), claims that these entities deliberately sabotaged Sagarmatha's aspirations for local and international listings.
According to Dr. Iqbal Survé, chairman of both Sekunjalo and Sagarmatha, the company met every requirement laid down by the JSE for its listing, even securing two independent international valuations. Despite this diligence, the JSE unexpectedly canceled the listing at the last moment, an action dismissed by Sagarmatha as capricious and without merit.
Survé claims substantial international interest was generated from investors, signifying confidence in Sagarmatha’s valuation and potential international market impact, much like Prosus's successful listing in Amsterdam. However, inexplicable delays by the South African Reserve Bank (SARB) and alleged political obstructions have purportedly thwarted Sagarmatha's progress.
Accusations of a political agenda involving President Ramaphosa himself, and opaque dealings with the National Treasury, hint at a narrative of concerted efforts to undermine the company. The delay caused a cascade of damaging effects, eroding investor confidence and compelling Sagarmatha to restart their applications from ground zero, thus forfeiting significant international investment opportunities.
Apart from economic impact, the lawsuit draws attention to the foregone social benefits. Sagarmatha’s vision promised a significant boon to South Africa's employment sector, especially for the youth. The disruption has therefore provoked criticism not just for the economic sabotage but for stymieing social advancement for South African citizens.
The company's statement alleges a malicious campaign to discredit both Sagarmatha and its chairman, Survé, resulting in monumental financial and reputational damage. With robust evidence and potential backing from its global investor base for seeking legal recourse, Sagarmatha is taking a firm stand against what it views as a violation of its rights and a sidelining of fair business practices.
This decisive legal suit serves as more than just a quest for financial compensation; it represents a challenge to the status quo of administrative action within the country, as well as a fight to uphold the tenets of justice and accountability in the face of alleged state-level malfeasance.