The Court of Appeal has delivered a crushing blow to a company linked to President Duma Boko’s family, throwing out its attempt to block the takeover of the collapsed Mupane gold mine.
In a judgment delivered by Justice Isaac Lesetedi, the Court of Appeal describing the bidder, Ulsan, as a ‘grumpy loser’ with ‘no conceivable right to protect.’ Court of Appeal President justice Tebogo Tau and Court of Appeal judge Justice Lot Moroka concurred.
Dismissing a challenge brought by a company linked to President Duma Boko’s son over the lucrative Mupane mine takeover battle, the Court of Appeal overturned a High Court order that had temporarily stopped the sale of Mupane Gold Mine ‘s assets to Nova Africa Resources and Aone Commodities DMCC Joint Venture in a deal worth US$21.5 million.
The case centred on Ulsan Botswana (Pty) Ltd, a company reportedly linked to President Boko’s son, Andile Tau, through recent corporate appointments. Court papers show the company was registered in May 2025 and later underwent rapid changes in directorship and management structures. This fuelled public scrutiny over its involvement in the high-stakes gold mine takeover.
The Court of Appeal tore apart Ulsan’s arguments and ruled that the company had failed to establish any legal basis to halt the liquidation process.
‘Quite evidently Ulsan was nothing but a grumpy loser with no conceivable right to protect,’ Justice Lesetedi wrote in the judgment.
The court further said the company was ‘intent on frustrating the liquidation process on the back of whimsical grounds.’
Mupane Gold Mining had been placed under final liquidation in February 2025 after failing to pay debts owed to workers represented by the Mineworkers Union. Liquidator Kopanang Thekiso later invited bids for the mine’s assets through a Request for Offers process.
Two bids eventually emerged as frontrunners: Ulsan’s proposal and the Nova Africa JV offer.
According to the judgment, Ulsan offered an upfront payment of just US$500,000, with a conditional package that could potentially rise to US$10 million over several years after further assessments of the mine.
By contrast, Nova Africa JV tabled a straight US$21.5 million offer payable upon completion of the agreement.
The court said Nova Africa’s proposal was ‘clearly much more financially attractive’ and in the best interests of creditors including former mine workers who had gone unpaid for months.
‘The successful bidder’s offer of USD 21.5 million dwarfs Ulsan’s bid,’ the judgment stated.
Ulsan had argued that the liquidation process was unfair because the liquidator allegedly extended the bid submission deadline without informing all bidders equally, thereby benefiting Nova Africa JV.
However, the Court of Appeal found that the official Request for Offers had always listed 15 June 2025 as the closing date and that there had been no unlawful extension.
‘Neither in its affidavits nor at the hearing was Ulsan able to show the wrongfulness of any conduct by the Liquidator in the clarification of the closing date which merely confirms the date..Nor was it able to show any prejudice,’ said Lesetedi.
The judge also ruled that Ulsan lacked legal standing to challenge the process because submitting a bid did not create enforceable rights over the mine assets.
‘The highest of any offer shall not necessarily be accepted,’ the court noted citing conditions signed by all bidders.
Lesetedi criticised the High Court for failing to properly weigh the interests of creditors and former employees.
He said the lower court ignored the realities facing unpaid workers and the deteriorating financial position of the mine while entertaining litigation from a dissatisfied bidder.
‘No one can say how long the review application will take,’ Justice Lesetedi said. He added that’In the meantime without funds the Liquidator would carry out his responsibilities.’
The Court of Appeal set aside the interim interdict granted by the High Court and dismissed Ulsan’s application with costs.