…as fraud claims surface ahead of AGM
Mohloai Mpesi
IN a dramatic late-night development ahead of Naledi Funeral Planners (Pty) Ltd’s explosive Annual General Meeting (AGM), a letter calling for the freezing of brothers Thabiso and Khojane Madiba’s shares was circulated among shareholders just before midnight on Thursday.
The letter, sent by shareholder Tholo Shea, urged the board to freeze the 45.152 percent stake held by Thabiso Madiba and the 1.243 percent stake held by Khojane Madiba.
The six-page letter—signed but bearing no name—called on the AGM to wrest control of the Madibas’ shares, freeze them, and bar the brothers from voting at Friday’s meeting.
Titled “freezing of shares pending settlement of liability to the company”, the letter accuses Thabiso Madiba of defrauding Naledi Funeral Planners of more than M12 million.
The letter states:
“On 3 September 2022 the board of directors convened a special meeting to discuss serious transgressions and allegations of misconduct against Thabiso Madiba who was the then CEO of Naledi Funeral Planners.
“The allegations involved acts of maladministration to the company, misrepresentations, dishonesty, corruption and fraud.
“The BOD (Board of Directors) resolved to conduct full investigations into the alleged maladministration, misrepresentation, fraud and corruption activities. Subsequently independent forensic investigators were appointed. Upon conclusion of the investigation, the forensic investigators recommended as follows:
“That civil action be instituted against Mr Madiba in his private capacity as well as the Director of Nthuseng Construction and against Buhle Insure-Tech to recover all losses suffered by Naledi as a result of the misrepresentation of invoices as well as for services not rendered.
“That a case of ‘fraud’ be registered with the Lesotho Mounted Police Service and the Directorate on Corruption & Economic Offences against Mr Thabiso Gilden Madiba, Nthuseng Construction and Buhle Insure-Tech.”
The letter further alleges that:
“On 11 June 2024, NFP (Naledi Funeral Planners) instituted summons against Thabiso Madiba for the sum of M12, 218,855.53 which unlawfully benefited him and several other people and companies, which included Khojane Madiba and his company Ruggs and Things amongst others.”
The anonymous author proposed a resolution compelling alleged “perpetrators” to repay the money and called for their shares to be frozen as security.
“As the shareholder, I feel obligated also to recover the loss suffered by the company to which I have direct benefit in the form of dividends. To observe such prejudice on my part is to let go of my investment in the company.
“On the basis of the losses suffered by the company, I move for a resolution that the perpetrators pay back such monies. To ensure payment I move for the freezing of their shares as an asset or property within the company’s direct control,” the letter reads.
It further states that Khojane Madiba’s shares should be frozen “to the sum of M1,300,769 which he and his company unlawfully benefited from NFP”.
The letter resolves that the Madibas’ shares “be placed under the effective control of Naledi Funeral Planners”, stripped of voting rights and dividend entitlements.
However, Thabiso Madiba told the Sunday Express on Friday that his shares had not been frozen.
“I saw on social media where it was being said that the company froze my accounts.
“My shares have not been frozen, the other faction realise that they are losing the fight…One of them made a motion that on the issues to be discussed in the meeting, there should be an issue relating to my shares. He stated that the company took me to court indicating that there is money amounting to M12 million which I have benefited from unscrupulously. That case is still pending in court.
“He proposed that the company (Naledi) should take my shares, and that I should not be given the money (dividends), and I should not even be allowed to vote,” he said.
Mr Madiba added:
“Him along with their leader, Mr Tlelima (ousted board chairperson), left the meeting when that agenda had not yet been discussed and not yet approved on the list of items on the agenda.
“His intention was to cut my wings, but they were late with their strategy.”