Moorosi Tsiane
THE battle for control of Sekhametsi Investment Consortium (SMIC) has taken a dramatic turn, with some shareholders now seeking to recover M25 million allegedly “siphoned off” by “rogue” directors.
In papers filed before the High Court (Commercial Division) on 20 August 2025, SMIC – together with its embattled chairman, Selikane Selikane, and six directors – accuses former board members of “dishonesty,” “gross negligence,” and “misconduct” in the management of shareholders’ funds.
Mr Selikane and directors; Tšeliso Ntabe, Bore Motsamai, Teboho Lekalakala, Mohapeloa Mohapeloa and Lebohang Mohau have thus lodged an application in which they seek an order compelling Standard Lesotho Bank to release data for transactions executed through Sekhametsi’s account.
The bank, the Lesotho National Development Corporation (LNDC), and 30 others are cited as respondents.
In his founding affidavit, Mr Ntabe states that a forensic audit commissioned by shareholders and carried out by Forvis Mazars uncovered irregular contracts, inflated payments, and secret investments made against shareholders’ express resolutions.
He argues the company had no option but to approach the courts. Mr Ntabe wants the court to declare that former Chief Executive Officer, Leboela Lebete, abused his position by influencing Sekhametsi Properties Ltd to pay M15 million to Verve Dynamics Incorporated (Pty) Ltd in a manner he describes as “illegal, dishonest and unauthorized”.
He further seeks an order declaring Standard Lesotho Bank’s refusal to disclose the “contra data” as a “deliberate act of collusion” with individuals cited in the forensic report.
Mr Ntabe also requests the court to remove Thuso Green from Sekhametsi directorship and to compel board members Hatla Ntene, Dr Lebohang Khomari, Chief Lerotholi Seeiso, Advocate Limpho Maema, Attorney Tiisetso Sello-Mafatle, Lintle Thamae, LNDC CEO Molise Ramaili, and Palo Kotelo to cooperate with the forensic investigation and to support the recovery of “misappropriated” funds. He accuses Standard Lesotho Bank of “deliberately frustrating” the forensic process, submitting that:
“. . . They strategically offered insufficient information. The critical information conveniently withheld deals within the period of 2014–2018 when Vodacom Park was being developed. The officials of Standard Lesotho Bank are unavoidably or likely intimidated when they are supposed to release the contra data to us and to forensic auditors. At first they wanted us to believe they did not know what it is.”
Mr Ntabe says despite several arranged meetings, the bank’s senior management “feigned ignorance” for eight months while “shielding”relationships with ex-board members. He insists that the new board has no alternative but to enforce the recommendations of the forensic audit report to protect shareholders.
“In dealing with behaviour of the previous board of SMIC, which had been characterized by corporate recklessness, dishonesty and undue exploitation of the funds of the company, we are enforcing the recommendations of the forensic auditors in view of the identified situations where there is a special risk to unsuspecting and vulnerable shareholders,” he said.
He also claims several individuals, including Hatla Ntene, refused to be interviewed during the forensic probe, while others admitted “complicity” in fraudulent transactions.
Mr Ntabe accuses the Directorate on Corruption and Economic Offences (DCEO) of failing to act despite what he calls “overwhelming evidence.”
“This Honourable Court cannot be made to believe that DCEO is encountering difficulties in the investigations of the case where the forensic investigators have marshalled the evidence, have traced witnesses and culprits who have misappropriated the funds of shareholders.”
According to Mr Ntabe, the board has been tasked with recovering the M25 million “misappropriated” through Verve Dynamics and Afri-Expo Textiles (Pty) Ltd. He argues that the directors who authorised the Verve payment — including L. Lebete, P. Kotelo, M.N. Moteane, N. Maphathe, T. Lerotholi Seeiso, L. Thamae, L.M. Maema and R. Sefako — ignored shareholder resolutions and acted unlawfully.
“We herein apply that ex-board members who have been found to have engaged in conduct that caused us loss of M25 million be declared unconditionally delinquent for their lifetime. There is evidence that they plotted this unauthorised investment for private gain in a way that is manifestly unjust to the shareholders.”
He insists that contracts linked to Verve Dynamics and Afri-Expo are void, urging the court to pierce the corporate veil and allow the sale of delinquent directors’ properties to recover funds.
Meanwhile, Messrs Selikane and Ntabe, together with their allies, still have a pending High Court case challenging their removal from the SMIC board. They argue their ouster was a ploy to ensure the forensic audit “never saw the light of day”.
