Sagarmatha Technologies has embarked on a historic and groundbreaking journey, marking the first instance in South African history where a company boldly holds the government accountable through a monumental R50 billion lawsuit.
Exposing systemic abuse of power by President Cyril Ramaphosa and the JSE. Sagarmatha’s bold move reverberated across South Africa’s business landscape, a key player in the Sekunjalo Group led by Dr. Iqbal Survé, dropped a legal bombshell on the January 25, 2024. Armed with a tenacious spirit and a determination to Hold the Presidency and State Organs to account.
Sagarmatha Technologies (Sagarmatha), the South African business juggernaut, stands as a testament to the resilience of a company sabotaged by its own government. This lawsuit is not merely a pursuit of compensation; it is a defiant stance against the deliberate withholding of permission to list on a foreign exchange.
The saga began in April 2018 when Sagarmatha Technologies was on the cusp of making history with its debut on the JSE Stock Exchange. Eight months of meticulous preparation and collaboration with the JSE came to an abrupt halt, allegedly due to political machinations. Sagarmatha contends that the JSE, influenced by external pressures, stifled its listing process with reasons that the company dismisses as frivolous, leaving its ambitious plans in limbo.
The JSE insisted on international evaluations, valuing Sagarmatha at an impressive R50 billion. Buoyed by this, the company garnered $400 million from global investors, ready to make its mark on the international stage. However, the South African Reserve Bank (SARB) initially gave the green light only to later divert the decision to the National Treasury, setting the stage for a labyrinthine bureaucratic journey.
The National Treasury, instead of providing clarity, shrouded the process in ambiguity, with references to ongoing investigations serving as a smokescreen. Allegations of political interference and indecision led to a protracted three-year delay, forcing Sagarmatha to restart its application. This not only cost the company international investment opportunities but eroded the trust of its global backers.
Sagarmatha’s narrative is more than a tale of corporate aspirations; it’s a chronic saga of systemic obstruction, abuse of power, and economic fallout. The accused entities – JSE, SARB, National Treasury, and the presidency – are now facing the grave charge of orchestrating the derailment of Sagarmatha’s international ambitions. This concerted effort went beyond financial repercussions; it tarnished the company’s reputation and quashed hopes for job creation in South Africa’s tech sector.
In a nation grappling with alarming youth unemployment rates, Sagarmatha’s vision extended beyond financial growth; it was about social impact. The company aimed to generate 5,000 jobs, focusing on youth employment and skill enhancement. The orchestrated sabotage against Sagarmatha dealt a severe blow to South Africa’s economic growth, hindering the potential for job creation and exacerbating unemployment issues at a time when the country is already grappling with these challenges.
This deliberate act not only disrupted the company’s aspirations for international success but also undermined the President’s role in supporting economic development. Rather than fostering a conducive environment for growth, the political sabotage has contributed to the detriment of the country’s economic well-being, betraying the very principles that the government is supposed to champion for the benefit of its citizens.
Empowered by a distinguished Advisory Board, Sagarmatha’s legal crusade isn’t just about compensation; it’s a fight for principles. The company’s legal strategy, invoking the Institution of Legal Proceedings Against Certain Organs of State Act, signifies a deeper commitment to holding state entities accountable and fostering a business environment conducive to growth within South African borders.
As Sagarmatha Technologies stands resolute in its quest for justice, it sends a powerful message: this isn’t just about a company seeking financial redress, but about demanding fairness and transparency in the face of what it perceives as a coordinated assault on its potential and integrity. The battle has just begun, and the business world eagerly awaits further developments as Sagarmatha continues its relentless pursuit of justice and accountability.