Pamodzi shareholders ask court for independent audit

Company allegedly withheld financial information for five years

- By Setumo Stone

Minority shareholders in Pamodzi Group have asked the Johannesburg High Court to force the company to open its books to auditors appointed through the Independent Regulatory Board for Auditors (IRBA), after accusing the group and its directors of withholding financial information and failing to comply with the Companies Act for about five years.

In an application filed on May 14, the shareholders want the court to order that “independent registered auditors” be appointed by the chairperson of IRBA to audit Pamodzi’s reconstructed financial statements and produce a written report on any “material irregularities, accounting discrepancies, governance failures, or non-compliance”.

The applicants want Pamodzi compelled to reconstruct or complete its accounting records for the financial years 2020 to 2025, prepare annual financial statements for the same period, and produce management accounts for the 2026 financial year to date.

They also want the process to begin within “10 business days” of the granting of the court order and be completed within “60 business days thereafter”.

The application was brought by Simile Sibumbene Holdings, Kuncedzana Investment Holdings, Mokgabudi Trust, Sithole Family Trust and Solomon Sithole against Pamodzi Group and directors Ndaba Allan Ntsele, Frederick Dingaan Victor Leketi, Noluthando Ntandokayise Ntsele, Mothetjwa Paulos Sethunya and Yang Wang.