Chiefs awaiting Ribbon Investment audit
Mochudi Centre Chiefs are awaiting an audit for the club’s investment company Ribbon Investment, which shall hold the keys to end of the ongoing dispute between them and the Jamali family. In 2013, Chiefs Society agreed to the formation of a model which saw a company (Ribbon Investments) started, to run the funds coming into the club. The Jamali family, new BFA President Maclean Letshwiti, Ernest Molome and Chiefs Society were all shareholders of the company.
All parties were expected to contribute a fair share as according to how many shares they all held under the model, meaning that every property that the club held belonged to Ribbon Investments. However, the Jamali family began a decry, that they were often left to ‘foot the bill’ of the team’s expenses as the major shareholders, thus resulting in a fall-out between them and other shareholders, before later deciding to pull out.
As revealed by Gazette Sport, the Jamali family last week confiscated several properties held by the team including the team’s bus, balls and training equipment, before being barred from using their usual training grounds (Duma Grounds).
Sources close to the developments suggested the initiative was a way of forcing the club, through the investment company to pay back all expenses endured by the Jamali family, which were estimated to around P1.3million.
Despite this, in an interview with Chiefs Public Relations Officer Clifford Mogomotsi, he said that it was premature for anyone to make entitlements of the company’s properties before an audit had been completed.
“We had a company that we had formed called Ribbon Investments, which had the Jamali family, Letshwiti, Ernest Molome and us as the society. The company ceased operating as of 31st of May 2016, and we are conducting an audit for the company, after the audit that is when we can know who is entitled to what,” said Mogomotsi.
Mogomotsi made clear that, though the Jamalis held the most shares, it was never a one man show in assisting the club financially, and further dismissed that they owe the business family any money.
“It was not the Jamalis alone, we as well as other investors were part of it. It is not true that we owe anyone any money, the Jamalis were investors, and it is surprising to hear that we owe them anything. We have met with them (Jamalis) and discussed this matter, we have all decided that we will wait for the audit,” he added.
“Currently we are on our own, we are back to where we were 10 years ago, when we won back to back league titles, with no sponsors, and no investors. The team is raring to go, negativity will make us strong. Back then, this club (Chiefs) had people who were behind it, but had no money, but yet we were the best. They (rivals) can come with their millions, and we will come with our 5thebes,” he continued.
Quizzed on their latest search for new investors, the PRO concluded that, “Investors will always be attracted to this club, because we are a brand, but currently no one has showed up, which is still fine. For the first time this season, people will see Mochudi Centre Chiefs strongly challenge for the Mascom Top 8,” he ended.
The club is currently linked with former BMC (now Gilport Lions) investor Daroush Ghodrati.