Court rules Bosasa is commercially insolvent – report

The Supreme Court of Appeal (SCA) reportedly ruled that African Global Operations, formerly known as Bosasa, is commercially insolvent and should be liquidated.

Bosasa went into voluntary liquidation in February this year following banks announcing that they would be closing all of the company’s accounts due to corruption allegations. They subsequently tried to reverse the liquidation.

DispatchLive reported that the ruling was a unanimous decision which was critical of the decision by the Gauteng High Court to hand back the company to its directors.

The SCA ordered that the appeal by the liquidators should be upheld with costs.

ALSO READ: Bosasa liquidation now likely to depend on outcome of appeals court case

An advertisement on the website of liquidators Sechaba Trust, which is run by Cloete Murray, claimed that items including late Bosasa CEO Gavin Watson’s metallic blue BMW X5 would be going under the hammer along with numerous vehicles, office furniture, catering equipment, workshop and gardening tools, computer equipment, security equipment, office furniture, household furniture and several properties.

The properties included the controversial Lindela Repatriation Centre, as well as the company’s head office and copper plant.

A viewing was advertised for December 3 from 9am to 3pm.

Since then, Park Village Auctions have also started advertising the auction, with a post going on Facebook about it at noon on Thursday.

(Compiled by Makhosandile Zulu. Background reporting, Charles Cilliers.)

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