Tefo Tefo
MASERU — The provisional liquidators for MKM have approached the High Court seeking an order to ask the registrar of the High Court to keep rentals collected from MKM’s Agric Bank building pending finalisation of the case in October.
The case is expected to be heard tomorrow before High Court judge Justice Tšeliso Monaphathi.
Justice Monaphathi met the liquidators’ lawyers and the MKM legal representatives on Friday in his chambers to discuss the application.
Advocate Makhetha Motšoari, who represented MKM in the proceedings, told the Sunday Express that Justice Monaphathi said the case should be argued on Monday.
“The judge said we should address him on Monday,” he said.
In their urgent application filed in the High Court on Wednesday, the liquidators say the registrar of the High Court would be a neutral authority to keep the money collected as rentals.
The liquidators want to continue collecting rentals despite last Saturday’s Court of Appeal judgment that the liquidation process should be stopped until the Court of Appeal had made its decision on the pending appeal against the High Court judgment which ordered that MKM be liquidated.
It is estimated that MKM collects over M200 000 in rentals from the Agric Bank building in Maseru.
But MKM is opposing the application on grounds that the Court of Appeal has already ordered that the liquidation process should be stopped until the appeal against the High Court judgment to liquidate MKM has been finalised.
MKM says granting the application would mean that the liquidation process has already started.
This would be in spite of a ruling by Court of Appeal President Justice Michael Ramodibedi last Saturday that ordered that the liquidation process against MKM be stayed pending the outcome of the appeal.
MKM says it wants to continue collecting rentals from the Agric Bank building because the Court of Appeal has ordered that the execution of the High Court judgment to liquidate MKM should be stayed.
The application to have the registrar of the High Court appointed to keep money collected as rentals from the Agric Bank building was filed four days after Justice Michael Ramodibedi ruled that the liquidation process against MKM should not proceed until the Court of Appeal has made its decision in October.
Collection of rentals from MKM’s Agric bank building by the provisional liquidators is part of the liquidation process.
Justice Ramodibedi on Saturday said there were chances that MKM could win its case against the Central Bank of Lesotho (CBL) when the Court of Appeal sits in October.
MKM had noted an appeal after the High Court Acting judge Justice John Musi in May ordered that MKM should be liquidated.
Justice Musi in his May judgment also appointed Chavonnes Badenhorst from St Clair Cooper in Bloemfontein and Daniel Gerhardus Roberts from Webber Newdigate as joint provisional liquidators.
MKM is facing liquidation after it failed to account for M300 million of the M400 million it unlawfully collected from depositors.
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