Government fights Acsa share payout
The government has approached the Johannesburg high court to have an order that bound the Airports Company SA to pay R700m to its minority shareholders
Transport Minister Blade Nzimande has approached the Johannesburg high court to have an order that bound the Airports Company SA (Acsa) to pay R700m to its minority shareholders in a share buyback declared unlawful and set aside. Nzimande, through the affidavit of Rejoice Edith Phewa, acting deputy director-general of civil aviation in the transport department, has argued that the settlement will "not only have a devastating impact on Acsa's financial reserves, it will also have a direct and negative impact on the national fiscus and public interest". Finance minister Nhlanhla Nene has also been cited as a respondent although he is not expected to oppose the application. The settlement agreement was sanctioned by judge Keoagile Elias Matojane in the Johannesburg high court in August last year and paved the way for an independent valuator jointly appointed by Acsa and its minority shareholders to value the shares. A report was concluded early this year and, according to Phewa's state...
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