Mashudu Ramano’s big Glencore bust-up
It was supposed to be a R1bn win-win deal for Chevron SA’s assets. Instead, African Legend Investment founder Mashudu Ramano found himself out of a job — and the parties found themselves in court
While SA has been locked down due to Covid-19, an intense legal battle has been raging over the ousting of businessman Mashudu Ramano from African Legend Investment. This, after he became an obstacle to a $1bn deal in which commodity multinational Glencore would buy energy company Chevron SA’s assets.
The court case was launched by Ramano and eight shareholders in African Legend against 13 respondents, including directors of African Legend and its subsidiary Off The Shelf (OTS) Investments Fifty Six, Glencore and Astron Energy, as well as the Astron Energy employee trust...