LOTTERIES SOUTH AFRICA Gambling group loses court battle against Ithuba 3 years ago Iwo Bulski Post Views: 840 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 BMM South Africa gets licensed to provide compliance testing services in Tanzania 3 days ago Iwo Bulski EXPERTS SOUTH AFRICA GLI Africa expands service offering 3 days ago Samuel EXPERTS SOUTH AFRICA Illegal slots seized, destroyed in raids 5 days ago Iwo Bulski ONLINE SOUTH AFRICA Africa Records a High Number of Gamers 2 weeks ago Iwo Bulski BETTING SOUTH AFRICA South African start-up wagers on peer-to-peer betting 3 weeks ago Szarlot ONLINE SOUTH AFRICA How gambling has evolved world-wide 3 weeks ago Iwo Bulski ONLINE SOUTH AFRICA Online slots go live in South Africa 4 weeks ago Iwo Bulski LOTTERIES SOUTH AFRICA Top Lottery Exec to Face New Corruption Inquiry 4 weeks ago Szarlot ONLINE SOUTH AFRICA South Africa Plans To Regulate Cryptocurrencies 1 month ago Szarlot LOTTERIES SOUTH AFRICA R7.5 Billion in Mega winnings up for grabs with Lottoland SA! 1 month ago Samuel BETTING SOUTH AFRICA Sports betters win big with Supabet 1 month ago Samuel ONLINE SOUTH AFRICA mybux voucher aims higher in the African sports betting industry 1 month ago Iwo Bulski 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.