The case between CIPC (Applicant) and Selective Empowerment Investments 1 LTD, (Respondent) came to an end when the Court placed the Company under final winding up on 24 April 2023.
CIPC brought a liquidation application against the Company in terms of Section 81(1) (f) of the Companies Act after numerous compliance notices, which included reckless trading, amongst other violations, were issued. The final order to wind up obtained is considered the best remedy to protect the investors of the Company, many of whom were first-time or inexperienced investors who bought shares in an entity that procured shares using public funds.
You can read the full Media Release here.
