Seizure of Bosasa asset tagged “illegal”

Bosasa - Seizure of Bosasa asset tagged "illegal"

Just lately, the Excessive Court docket in Johannesburg took maintain of Bosasa belongings, however the motion has been tagged “illegal.”

Additionally, the decide sounded a word of warning that there’s a prohibition positioned on promoting off from the corporate’s belongings earlier than the second assembly of collectors will begin.

The decide made it clear that earlier than any sale can happen, provision of written consent and a decision of the board of administrators of African International Holdings could be wanted. The consent of the courtroom would additionally required.

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Final yr December, African International Operations belongings received offered off, which amounted to greater than R100 million.

A few of the belongings put up on the market included:

  • Late Gavin Watson’s Porsche & BMW X5
  • Lindela Repatriation Centre and
  • Rodcor Copper Plant.

Nonetheless, these belongings put up for switch received’t happen because the matter has been bequeathed with prices.

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