The High Court in Johannesburg dealt with an opposed application arising from a joint venture between two telecommunications companies. After hearing oral evidence on whether the joint venture was consensually terminated, the Court found that it was terminated on 31 March 2021 and dismissed the application with costs. The judgment also records that the applicant had sought access to books and records, payment of profits and repayment of contributions, and an order relating to the transfer and valuation of the ECN.
This may be relevant to parties involved in joint venture disputes over termination, accounting access, profit sharing and transfer of ownership interests.
Evidence from source
This is an opposed application in which the applicant sought the following relief
Supports: The judgment concerns an opposed application and the relief sought, including access to books, profits, repayment, termination and transfer issues.
I am of the view that applicant has not made out a case for the relief sought and the JV was consensually terminated on 31 March 2021.
Supports: The Court found that the joint venture was consensually terminated on 31 March 2021 and dismissed the application.