Business Practices Committee Report 79

Officials of the Committee again met with members of the Metro committee at a conference centre in Springs on 17 May 2000 and at the Metro offices on 29 May 2000. Holsthauzen and Bezwick were present at the meeting on 17 May 2000 and Holsthauzen attended the meeting on 29 May 2000 for a short period.

At the meeting on 17 May 2000 an official of the Committee explained section 9 of the Act to those present. If it were possible for Metro and the Metro committee to come to an agreement, the terms of this agreement could perhaps serve as basis for an arrangement in terms of section 9 between the Minister and Metro.

The meeting of 29 May 2000 was also attended by legal representatives of Metro and the Metro committee. An official of the Committee briefed those present about certain opinions that were expressed by members of the Consumer Affairs Committee when Metro was discussed at the Committee’s meeting on 25 May 2000. Holsthauzen signed a document in which he surrendered 17 million of his shares in Metro. He is thus no longer the majority shareholder. The legal representatives were to sort out at a later stage whether the shares were to be distributed among the investors, whether they should revert to the company or whether they should be registered in the name of a trust to be established. The Metro committee was invited to make written representations regarding the investigation into the business practices of Metro, Holsthauzen and Bezwick.

The officials’ general impression was that a number of large investors were considering investing more money in Metro because the business was "inherently" profitable and if there was a "glimmer of hope" that the life savings, and indeed the livelihood, of some investors could be saved, the opportunity should be grasped.