Monday, April 22, 2024

Response to your last week’s story

Dear Sir,

I write with reference to the front page headline article appearing in the 19 February 2012 edition of the Sunday Standard, authored by your Edgar Tsimane.

Should your only agenda be to ascertain facts, you may be interested to learn that:

1. Murton (Pty) Ltd [Murton] was incorporated on 8 May 2000.

2. At all material times, Seretse Khama Ian Khama, David John Newman and Charles Hugh Sheldon were equal partners in Murton.

3. In 2004, Murton acquired a 30% stake in Malutu Enterprises (Pty) Ltd [Malutu], which was registered owner of an area of land commonly referred to as ‘the Lion Park’. The transaction was transparent, at arms length, and Murton paid full value for its shareholding.

4. I attach a copy of a letter from Murton to Botswana Development Corporation (BDC) dated 10 March 2008, advising that:

“As you are aware, the Honourable SKI Khama, who is a director and shareholder of Murton (Pty) Ltd, will assume office as President with effect from 1 April 2008. In light of this fact, his Honour is of the view that that it would not be appropriate for his company to continue its joint venture arrangement with Botswana Development Corporation, through the vehicle of Malutu Enterprises (Pty) Ltd. In the premises, Murton has resolved to sell its shareholding in Malutu Enterprises, and, in terms of clause 11 of the Subscription and Shareholders Agreement, it hereby offers to Botswana Development Corporation all its shares in, and claims on loan account against Malutu Enterprises at a price to be determined by an independent firm of accountants acceptable to both parties.”

5. After BDC had responded to the letter, by expressing its desire to purchase Murton’s shareholding, an independent firm of public accountants was appointed to value Malutu. Based entirely on that valuation, BDC acquired Murton’s 30% shareholding in Malutu on 30 June 2008. Since that date, neither Murton, nor any of its shareholders or directors, have held any interest in Malutu, or its management.

6. Again, depending on your agenda, you may wish to publish this factual account.

C H Sheldon
Managing Director


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