Afri Ski to reopen after legal battle

MASERU – Afri Ski Mountain Resort will reopen after a High Court ruling put an end to a bruising shareholders’ battle that had forced the resort to close for months.

The battle started earlier this year when Wessel Jacobus Bosman, the founding shareholder, sued his partners after a dispute over shares.

Bosman wanted the High Court to interdict Serene Gaze Trading 800 (Pty) Ltd from claiming ownership of the iconic resort.

He argued that Serene Gaze Trading 800 (Pty) Ltd had not paid the full amount for his 999 shares in the resort. Although he cited several individuals, companies, banks and other government entities, the crux of Bosman’s case was against Serena Gaze Trading 800 (Pty) Ltd, the company to which he sold his shares.

The shares were sold in several tranches.

He argued that because the shares had not been fully paid for, he remains the majority shareholder of the resort.

He also said the change of shareholding had not been legally confirmed by registration with the Company Registry and issuance of share certificates. Bosman also wanted the court to nullify the share sale agreement signed in 2007.

In February this year, Justice Hopolang Nthane issued an interim order.

Arguments were heard in March.

Bosman’s temporary reprieve however ended this week when Justice Nthane dismissed his application with costs. The judge said the critical issue was whether Bosman had sold his shares in the resort.

He ruled that there was ample evidence that Bosman sold his shares and was paid.

That evidence, the judge added, was in the form of share certificates as well as sale and transfer agreements showing that Bosman willingly sold his shares.

He said it was telling that Bosman’s lawyers handled the sale.

Curiously, these were the same lawyers that were representing Bosman in his bid to overturn the sale.

“The applicant surely cannot be allowed to somersault and renege from agreements he voluntarily entered into and pursuant to which share certificates reflected as “fully paid shares” were issued by his own current firm of attorney,” the judge said.

He said it was important to note that despite his allegations of being robbed of his shares, being side-lined from management and being denied his dividends, Bosman had remained silent for more than 12 years.

The judge said Bosman conceded that he was happy with the way the resort was managed until November 2022 “when certain demands were made from him”.

Advocate Thabo Lerotholi, one of the resort’s directors, announced the reopening at a press conference last week.

Advocate Lerotholi however said the skiing part of the resort will not be open this year.

Lerotholi said the resort, like many areas of Mokhotlong, gets its electricity supply directly from South Africa and is thus affected by regular load shedding.

“As you may know, producing artificial snow is a complex process that mainly depends on a reliable supply of electricity” Lerotholi said.

Lerotholi said they could have made alternative means of energy were it not for the income loss they suffered due to an abrupt closure by a court order in February 2023.

Bosman started the resort in 1999 alongside Nkuebe Nathanel Masupha.

Bosman had 999 shares while Masupha had one.

Bosman still owns two properties inside the resort, including a restaurant known as Sky Restaurant and a residential property.

Following the judgement Bosman is reported to have arrived at the resort and knocked off an access control boom gate in defiance of a security officer who wanted him to register as per the protocols of the resort.

Advocate Lerotholi said the resort’s management has since opened a case of malicious damage to property with the Butha-Buthe police.

Staff Reporter