Growthpoint Properties' BEE shareholders Mlibo Mgudlwa and Mzolisi Diliza are heading for a showdown at the Broad-Based BEE Commission. Mgudlwa, director of Africa Wide Investment Holdings, has lodged a "fronting" complaint against the property company and Diliza, who is chair of Miganu Investment Holdings. Mgudlwa also approached the Johannesburg high court last month to force Diliza to open the financial books of Miganu. The battle is focused on BEE shares in Growthpoint worth an estimated R600m. In his complaint to the BEE commission, Mgudlwa accuses Growthpoint and Diliza of using Africa Wide as a front to obtain a higher BBBEE status. Friction between Mgudlwa and Diliza dates to at least 2006, when Diliza was removed as chair of Africa Wide. Mgudlwa has been quoted as saying Diliza was removed because he had made a "nefarious attempt to buy us [board members] out of Africa Wide". He says that in response to being dumped, Diliza unilaterally removed Africa Wide from the Growthpo...
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