BASETSANA Kumalo, former Miss South Africa and über-successful businesswoman, is at the centre of a spat between empowerment shareholders of the newly launched, JSE-and Australian-listed Waterberg Coal Company over a coal-rich property in Limpopo.Waterberg Coal, which listed last year and is now worth R292m, has a lucrative deal to provide beleaguered power utility Eskom with coal for the next 30 years.But this ill-tempered dispute, involving hundreds of millions of rands, has driven a wedge between high-profile members of South Africa’s black-empowerment elite, eager to cash in on South Africa’s coal boom.Kumalo’s empowerment company, Uzalile, formed a joint venture with a company run by high-profile entrepreneur Tim Tebeila, which saw the two partners control the Vetleegte farm, which ultimately folded into Waterberg.The farm was valued at R371m, putting Uzalile’s 60% stake in the farm at about R222m.Now Kumalo claims that Uzalile was short-changed in the valuation of the farm, an...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, Morningstar financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.



Questions or problems? Email helpdesk@businesslive.co.za or call 0860 52 52 00.