The Star newspaper on Wednesday said former president Mandela's daughters, Makaziwe and Zenani Mandela, had made a court application to have Bizos, businessperson and politician Tokyo Sexwale and lawyer Bally Chuene removed from Harmonieux Investment Holdings and Magnifique Investment Holdings.
Both companies were established by Mandela's former lawyer Ismail Ayob, reported the daily.
The companies were set up to channel proceeds of Mandela's handprints into the accounts of the companies for Mandela and his children's benefit.
The Star said the proceeds were estimated to be more than R15-million.
The two daughters claim that Bizos, Sexwale and Chuene were never appointed by Mandela as major shareholders or directors.
Bizos told the newspaper the allegations were completely false.
"There is no basis to the allegations. We are not hijackers. We don't hijack things. We are confident we were regularly appointed at the wish of Mr Mandela five years ago."
The court application would be challenged, he said.
Bizos, who represents the Legal Resources Centre, cross-examined police chief Riah Phiyega in March at the Farlam commission of inquiry about her role in the circumstances that led to the deaths of 45 people in August 2012 at Lonmin, also argued against the proposed Legal Practice Bill in February. – Sapa