Shareholders of Group Five pushing for the embattled construction firm’s liquidation say in court papers the company’s former management had acted as if the business wasn’t in financial distress when it clearly was, leading the public to sink tens of millions of rand into a share that should not have been trading.

Forty-eight shareholders are gearing up for a court battle seeking to overturn board decisions and shareholder resolutions that ultimately put the group on the line for $106.5m related to a disastrous contract in Ghana, and sent it into business rescue...

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