A disgruntled faction within the Bakubung Ba-Ratheo community marched on the corporate office of the JSE-listed Wesizwe Platinum to present a memorandum to management.

The march is the latest manifestation of the acrimonious battle that last surfaced at Wesizwe's extraordinary general meeting (EGM) in December when ousted CEO Michael Solomon was narrowly returned to office.

Wesizwe said that the memorandum raised corporate governance issues that had already been reviewed in an independent process undertaken by attorneys Deneys Reitz and accountants Deloittes that cleared Solomon of any impropriety.

Wesizwe said that it would have no choice but to take the necessary legal action if "these distractions and attacks on the company continue".

"We believe we have the support of all levels of government in resolving the community's issues," Wesizwe chairperson Dawn Mokhobo said.

The community has 12,56% of Wesizwe's issued share capital and the community-linked Newshelf 925 has 11,94%.

The community contributed mineral rights in return for a company shareholding and two representatives on the Wesizwe board.

Wesizwe is developing its core Frisch-Ledig platinum project on community land in North West province.

The growing community conflict follows Ezekiel Monnakgotla being stripped of his acting Kgosi status and Margaret Monnakgotla being appointed in his place.

It also follows at application to court to restrain banks from taking instructions on the community's assets from anyone other than royal family member Margaret Monnakgotla or Advocate M H Masilo.

Wesizwe said that it was party to the formation of a steering committee made up of the Department of Mineral Resources, the North West government, the Bakubung Ba-Ratheo royal family and representatives of concerned community groupings that had been established to manage the impact of the internecine conflicts.

Since the heated December EGM, Wesizwe said that it had restructured its board to comply with the King III corporate governance code, with Arthur Mashiatshidi being appointed as executive director finance; Mlibo Mgudlwa as executive director corporate affairs; and Jacques de Wet as CFO.

Wesizwe said that the community appointed adviser Musa Capital to assist it in managing the assets in 2007 and that a year later, 44-million shares were transferred from the ownership of the community into Newshelf 925, of which Musa Capital's Antoine Johnson was the sole director.

Wesizwe said that Newshelf had apparently raised loans of R500-million by collateralising the shares.

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