Whites-only enclave faces ruin as court rules against company owned by 'Kubus king'

A whites-only, Afrikaans-speaking enclave in the Northern Cape faces ruin after the company formed to run it was provisionally wound up because it was founded and run illegally.

Eureka Beperk, registered in 2016, made an unlawful initial public offering then diluted its shareholding through an unlawful secondary offering, Cape Town high court judge Patrick Gamble ruled on Wednesday. 

The company also has a "verhandelkamer" (trading room), which was an unlicensed securities exchange, meaning the share trades it conducts are illegal, Gamble said.