DoT/Acsa in legal wrangle with investors

Airports Company SA (Acsa) and the Department of Transport (DoT) may soon find themselves in court for allegedly failing to meet promises made to black economic empowerment (BEE) minority shareholders regarding a private listing.

According to news reports, the shareholders have lodged papers in the High Court to force a buy-back of their 4.2% stake in Acsa.

Daily business publication, BDlive reported that investors were claiming that they were being "oppressed" as minorities after failing to agree on a deal with the government.
The group of investors purchased the shares 17 years ago amid promises that Acsa would be privatised and listed on the stock exchange – a commitment that never materialised.

The respondents are Acsa, the government and the transport minister. The DoT and Acsa have until September 10 to respond to the suit and should file answering affidavits in the first week of October, according to BDLive.