LOTTERIES SOUTH AFRICA Gambling group loses court battle against Ithuba 4 years ago Iwo Bulski Post Views: 997 Gambling and hoteling group Hoskens Consolidated Investments (HCI) has lost a court battle it had brought against national lottery operator Ithuba. HCI Invest and HCI Treasury had hauled Ithuba and Zamani Marketing and Management Consultants, among others, to the South Gauteng High Court in an attempt to interdict Ithuba from paying salaries of employees of Ithuba, Zamani or any other entity in the Zamani group. Zamani, which forms part of a consortium of companies that won the lottery licence, manages Ithuba and pays staff salaries. HCI sought an order directing Ithuba to pay its monthly management fee to the attorney Webber Wentzel to hold the money in a trust. HCI also sought to interdict Ithuba from paying the salaries of employees of Ithuba, Zamani or any other entity in the Zamani group. The management contract between Zamani and Ithuba, according to the court document, dates back November 1 2013. Judge J Unterhalter ruled: “The interdicts sought by HCI must be dismissed. The salary relief is not required, and a case has not been made for the fee relief. “HCI sought relief against Ithuba and Zamani. Their opposition has prevailed, and these respondents are entitled to their costs. Given the complexity of the matter, Ithuba and Zamani were justified in their employment of two counsel, and the costs of two counsel are warranted, where two counsel were utilised. The application is dismissed. The (HCI shall pay the costs of Ithuba and Zamani), including the costs of two counsel, where two counsel were utilised.” According to the court papers, HCI provided funding to Ithuba when the company needed funds to run the national lottery. When it became party to the management agreement, HCI acquired a step-in right to oversee the management of the business of Zamani and Ithuba upon the occurrence of a trigger event. “Upon the trigger of the the step-in right and the exercise of the right, HCI’s invest is entitled to a fee equivalent to 1% of Ithuba’s gross monthly revenue,” read the court papers. Source: sowetanlive.co.za About Post Author Iwo Bulski Issues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. See author's posts Iwo BulskiIssues related to the gambling business is engaged in more than 30 years. My empirical experience gives me the opportunity to present events and companies from this business with full knowledge and industry knowledge. Facebook Twitter LinkedIn Email Print Tags: Hoskens Consolidated Investments, ITHUBA Continue Reading Previous South Africa: Lottery Hides Its Beneficiaries Following Corruption ExposésNext Current state of online casinos in South Africa and crypto influence More Stories EXPERTS SOUTH AFRICA Emerging trends and future prospects: African and UK gaming laws 1 day ago Szarlot ONLINE SOUTH AFRICA MTN outlines big financial services expansion plan 2 days ago Szarlot BETTING SOUTH AFRICA Pariplay® set for rapid South African expansion following Bet Network deal 5 days ago Samuel ONLINE SOUTH AFRICA List of best no deposit casinos bonus South Africa 2023 1 week ago Samuel BILLIARD SOUTH AFRICA National championship glory beckoning for Western Gauteng 8-ball pool teams 1 week ago Szarlot EXPERTS SOUTH AFRICA Online gambling addiction is a pandemic in SA, sucking in children and adults 2 weeks ago Szarlot EXPERTS SOUTH AFRICA MultiChoice investors kiss R32 billion goodbye 2 weeks ago Samuel CASINO SOUTH AFRICA Carnival City goes Super Sweet with 24th birthday car mania promotion 3 weeks ago Szarlot BETTING SOUTH AFRICA Online betting platform SunBet cashes in R90m 3 weeks ago Samuel CASINO SOUTH AFRICA Sun International’s SunBet shoots the lights out 3 weeks ago Samuel HISTORY SOUTH AFRICA Horseracing In Africa And Nigeria: Past, Present, And Future 4 weeks ago Samuel CASINO SOUTH AFRICA Economic effects of international online casinos joining the local market in South Africa 4 weeks ago Samuel Leave a Reply Cancel replyYour email address will not be published. Required fields are marked *Comment * Name * Email * Website Save my name, email, and website in this browser for the next time I comment. Δ This site uses Akismet to reduce spam. Learn how your comment data is processed.