African Global Holdings doubles back on voluntary liquidation
11/03/2019
As reported by Sunday World, the AGH board, which is chaired by Gavin Watson, Johannes Gumede, Papa Leshabane, Themba Dikani, Munirah Oliviera and Nomazulu Khumalo, wrote to the South Gauteng High Court in the first week of March.
Read Sars' Illicit Economy Unit raids Bosasa head office
Why is African Global Holdings retracting liquidation process? Their call was for their initial submission of approval to undergo a voluntary liquidation process to be set aside.
Clashes between board and liquidators It is understood that there have been clashes between the AGH board and the liquidators, Cloete Murray and Ralph Lutchman, in the process of dissolving the company.
According to the content of the affidavit, entering this process was a hasty decision.
Read Mokgoro inquiry: Nomgcobo Jiba denies receiving Bosasa payments
Decision was made out of haste' He noted that the closure of the company's bank accounts by First National Bank (FNB) and Absa, as well as the negative press they received from being tied to the state capture inquiry had influenced the decision.
Moreover, if the process was to be concluded by the liquidators, Gumede noted that AGH would still suffer greatly as there is a cumulative R431-million debt its board members would attract.
The alarming debt would fall on board's hands Gumede noted that the liquidators, after rummaging through the company's documents and assets, revealed that they would not accept liability for the R15-million AGH owes towards unpaid provisional and value-added tax. Neither were they prepared to cover up the R415-million debt AGH's ten subsidiary companies owe.
It is an unflattering position for the board, Gumede conceded in the affidavit that was purely based on a misjudgment from their part.
Read Here's what Bosasa spent R40 million of taxpayers' money on
Liquidators have seized control of Bosasa' The consultant AGH approached in the days after the news of the bank account closures broke out on Thursday, 21 February, did not take the directors through the documentation, Gumede said.
We certainly did not take time to study the documents in depth, accepting that our signatures were required to give formal effect to something we had already committed to, the board's chair added.
Read Solidarity zeros in on Gavin Watson in Bosasa debacle
The courts have yet to decide on this urgent application. However, for now, Gumede confirmed, the liquidators have seized control of much of what remains of AGH.
Tags: BusinessCrime, Courts and JusticeGautengSouth Africa
LINK: | https://www.thesouthafrican.com/african-global-holdings-doubles-back-v... |
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