‘Ridiculous’ Bosasa auction declared unlawful by High Court
The sale of assets belonging to controversial facilities management company Bosasa has been declared unlawful by the High Court in Johannesburg.
The ruling was handed down on Monday.
Assets belonging to the company now known as African Global Operations, which had a book value of at least R1.2 billion, were sold for R100 million at an auction in December.
Jared Watson, who is the company’s director and the nephew of late Bosasa boss Gavin Watson, says he is pleased with the ruling.
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“The ruling regarding an auction that took place last year beginning of December was to say that the provisionally-appointed liquidators had acted illegally in convening the auction and in proceeding with the sale of the assets.
“The effect was such that it was to overturn the effects of the auction and now each sale needs to be considered individually.
“They sold assets that had a book value of an excess of R1.2 billion and they were sold in the region of R100 million. These were sold at ridiculous values.”
Watson believes the liquidators have not acted in the best interest of the company and should be urgently removed.
“Given that we have liquidators that are in control of the company and have acted illegally to the detriment of the company I do believe that it is necessary, and on an urgent basis,for the liquidators to be removed and to be replaced with liquidators who will act in the best interests of their members as a starting point.”
