AMAANAT INVESTMENT HOLDINGS SHENANIGANS
Brother Ridwaan Asmal presents the following list of shenanigans of Amaanat Investment Holdings, the haraam company which miscreant molvis had halaalized, causing numerous small-time investors to lose their investments. Due to the shenanigans, the present Clique acting as ‘trustees’ whilst claiming to be Muslims, resolutely refuses to Islamically give ghusl, kafan and dafan to the putrefied, decomposing, stinking Amaanat Holdings corpse they are devouring in a haraam feast.
Over R220 mill in cash and other reserves.
R1.49 x 3,7mill shares÷0.025
A Firsthand Account: The Real Truth About Amaanat’s Refusal to Mediate
I have been closely involved in the Amaanat saga for over three years, witnessing numerous attempts to bring about a fair resolution through mediation and arbitration. It is with a heavy heart and genuine concern that I must share the real story of how every opportunity for transparency has been sabotaged by the current Board of Directors (BOD), MS Omar, Shaukat Moosa, and their close associates.
December 2021: The Kreston Meeting That Never Happened
I was present when a meeting was scheduled at Kreston’s offices, attended by Shaukat Moosa, MS Omar, and Feroz Moosa representing Amaanat. The witnesses included Soli Makada, Faroul Akoonjee, and Dawood Timol.
The Omars and their attorneys were prepared to answer all allegations. But, before a single question could be asked, Shaukat and MS Omar abruptly left, claiming they were not comfortable with the proposed communication.
This was a golden opportunity to ask hard questions and resolve the matter openly. Why was it shut down? What were they hiding?
April 2022: Mufti Ebrahim Salejee’s Attempt at Arbitration
When Mufti Ebrahim Salejee was approached to issue a fatwa, he immediately recognized the complexity of the issue and recommended arbitration with both sides presenting their cases.
The Omars agreed, showing their willingness to engage. Maulana Abdul Azim Khan (CA(SA)) was appointed to support the process. However, the BOD claimed they didn’t understand the issues and appointed MS Mahomedy to represent them.
Despite repeated requests from Mufti Salejee for a written summary of the allegations, nothing was provided. By June 2022, the BOD backtracked, stating they preferred the legal route and refused to engage with the Ulema.
January/February 2022: The Dismissal of Andries Geyser
I know firsthand that Amaanat’s then-attorney, Andries Geyser, had openly agreed that mediation/arbitration was the only fair path forward. He even confirmed that the Volkers report was not a proper forensic report.
However, when MS Omar and Shaukat Moosa learned of this, Geyser was quickly dismissed, and Andrew Donnelly was installed. Since then, Donnelly’s legal firm has profited significantly, with Donnelly even joking that his retirement bonus had come early thanks to the Amaanat litigation.
2022: Repeated Requests for Mediation Denied
Despite multiple letters sent by the Omars’ attorney proposing mediation, the BOD repeatedly refused. They placed obstacles and conditions that made it impossible to proceed.
What kind of honest Board avoids mediation? Why would they refuse an open process where the truth could be laid bare?
December 2022: Benchmark Fee Agreement Sabotaged
A meeting was arranged under Maulana Bilal Jakhura’s chairmanship, where both sides would present benchmark studies to determine fair fees.
The Omars came prepared with detailed studies on market-related fees, but Amaanat’s BOD could not present a single document. Instead of working towards a resolution, the BOD walked away, refusing to continue.
August 2023: The Coral Arbitration Settlement
The Coral arbitration was scheduled for five days. It ended within 30 minutes when Amaanat’s directors, including MS Mahomedy, MS Paruk, and Asif Latib, offered a settlement without any meaningful discussion.
A follow-up meeting was supposed to happen to discuss other matters, but the BOD again failed to engage, breaking their promise.
Repeated Rejections of Ulema Intervention
It is widely known that honest BOD members, including Rashid Moosa, have approached the Ulema to intervene. The Ulema, in their wisdom, stated that both sides must be heard before any ruling could be made.
But instead of allowing a fair process, the BOD consistently rejected the idea of arbitration, preferring litigation and media stunts to hide the truth.
2024: Minority Shareholders’ Attempt for Mediation
Earlier this year, the Minority Shareholders made a serious attempt to bring both parties together. Initially, the BOD claimed the Omars would not attend, but when the Omars confirmed their attendance, the BOD added numerous hurdles.
When it became clear that the Omars were ready, the BOD abandoned the meeting, showing they had no intention of facing the truth.
A Pattern of Avoidance and Deception
I have seen enough to know the truth: the BOD, MS Omar, and Shaukat Moosa are avoiding mediation because they know their narrative will crumble under scrutiny.
If they are so confident in their accusations against the Omars, why not allow a fair and open arbitration process? Why not let the Ulema oversee a neutral mediation where all sides could present their evidence?
The Time for Truth and Accountability Is Now!
As a concerned shareholder, I am outraged at the continued lies, misinformation, and wasted resources on frivolous legal battles.
It is time to demand an SGM, call for full transparency, and hold accountable those who refuse a fair hearing. The shareholders deserve answers, and the BOD must stop hiding behind lawyers and media games.
We need new leadership, honest accountability, and a real resolution to this endless nightmare.
It’s time to speak up, stand together, and demand the truth!
(End of Ridwaan Asmal’s report)
COMMENT
Nothing remains of the Amaanat Holdings corpse. They will devour even the skeleton after having completed their digestion of the rotting flesh of the haraam company. The investors (the small-timers) should brace themselves for total loss.
10 Ramadhaan 1446 – 11 March 2025