SABC chief linked to shady Thai billionaire – mg.co.za, January 20, 2012
…Shinawatra stands accused of reneging on an “irrevocable” agreement to inject more than R100-million into Miranda Minerals and hijacking the board of the company, sparking a court action.
At the same time there are counter-allegations that the company’s balance sheet was misrepresented by its previous management to reflect R285-million worth of assets it does not own.
…In papers Nel filed in the North Gauteng High Court to motivate for the business rescue procedure he describes how Shinawatra’s company, Global PS Telecom Investment, concluded an irrevocable agreement in the form of a “clawback offer” to plough R108.6-million into the troubled firm in August 2010 in return for shares. Flowing from this, Global received three seats on the board the following March…