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Bosasa under the hammer on Wednesday, but Watson's nephew insists it's illegal

3 December 2019 1:36 PM
Tags:
Auction
Bosasa
Gavin Watson
Bosasa Liquidation
Auctioneer Clive Lazarus and Gavin Watson's nephew Jarred discuss African Global Operations, formerly Bosasa, going under auction.

African Global Operations, formerly Bosasa, going under auction. This includes motor vehicles, property and more.

Director and Lead Auctioneer at Park Village Auction & Property Sales, Clive Lazarus tells Clement Manyathela that the auction is definitely going ahead.

There have been two days of viewing.

The auction takes place over three days and kicks off on Wednesday at 11 am.

We are starting with approximately 160 motor vehicles and commercial vehicles.

Clive Lazarus, Director and Lead Auctioneer - Park Village Auction & Property Sales

This will be followed by the sale of furniture.

On Thursday the Bosasa headquarters and Lindela Repatriation Centre, and the premises on which the copper plant is situated and the copper plant itself will all be sold, he adds.

On Friday the security equipment will go under the hammer.

Approximately 400 people have walked through the premises over the two days of viewing.

Clive Lazarus, Director and Lead Auctioneer - Park Village Auction & Property Sales

Registration for the auction can be done online at Park Village Auction.

Gavin Watson's nephew Jared speaks to Manyathela.

If the auction goes ahead it will be an illegal auction.

Jared Watson, Nephew of Gavin Watson

He says the provisional liquidators, Cloete Murray and Ralph Lutchman, don't have the authority to sell any assets in the business without the authorisation of the holding company, African Global Holdings.

Manyathela countered saying that the Supreme Court of Appeal in Bloemfontein found in favour of keeping the company in liquidation. The court also argued that the closing of Bosasa's bank accounts had been a sign that it was commercially insolvent.

It's a misunderstanding of the Companies Act of 1973 which actually governs how liquidations happen.

Jared Watson, Nephew of Gavin Watson

The provisional liquidators have no right to sell assets, he reiterates.

They have a fundamental misunderstanding of the act which rules their profession.

Jared Watson, Nephew of Gavin Watson

Anything that happens tomorrow will have no legal standing. My concern is for anyone who attempts to purchase anything tomorrow.

Jared Watson, Nephew of Gavin Watson

Watson says when a 'sale' happens, within 24 hours the purchaser will have to pay the money into the auction bank account and will then take some time to get their money back.

Clive Lazarus insists the auction is legal.

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3 December 2019 1:36 PM
Tags:
Auction
Bosasa
Gavin Watson
Bosasa Liquidation

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