An urgent application is to be lodged in the North Gauteng High Court today to prevent the sale of parts of land belonging to the Metsi Pepa Game Reserve in the North West Province.

More than 200 people have invested in the development by paying deposits, or in some cases the entire sum due, for the reserve which was supposed to host the big five.

ALS Roads is taking Metsi Pepa’s developers, Nicola and Jaco Prinsloo, to court saying the sale of parts of the property will be tantamount to fracturing the reserve and will lead to a devaluation of the land. Court papers say the development, which was sold from 2007, was delayed several times because the  Department of Water Affairs had not  given the necessary permission   for the development. Eskom had also turned down an application for electrification. The Prinsloos deny this, saying the necessary authorisation was given.

Several investors are seeking legal advice in connection with the development. The role of marketer, Cherie Eilertsen-Struthers of Platinum Planet, is also being probed. The respondents in the case are: Metsi Pepa Game Reserve Pty Ltd, Lindiwe Rail and Track Consortium and Earthworks Pty Ltd, MI Chiboo Farming Pty Ltd, the Registrar of Deeds, First National Bank and the Land Bank.

A large part of the farm has already been sold to MI Chiboo. An e-mail distributed to investors last year denied that any sale had gone through.

ALS Roads, which  worked on the development, is suing for R2,669 million. Court papers say the matter is urgent to prevent the transfer of the land on Wednesday. They also state that Nicola Prinsloo was planning to pay other creditors ahead of ALS Roads. It further adds that Nicola Prinsloo had planned to sell off parts of the land, while giving investors the assurance the property of  9 000 hectares would remain intact. The papers also accuse Nicola Prinsloo of refusing to provide details of the sale.   They also state that buyers have spent between R26 million  and R32 million on the development.

Nicola Prinsloo earlier told Moneyweb that the land had been sold, but she declined to name the buyer. Information is that the development is to be sold to Cherry Holdings, of which Eilertsen- Struthers is an executive. The company claimed after its launch last year that it was planning to list on the JSE. However, Moneyweb was told that the necessary funds to list allegedly could not be raised. Eilertsen-Struthers denies this, claiming the listing was postponed because of the World Cup last year.

– micel@moneyweb.co.za