SCA acting judge Piet Meyer, who penned the recent judgment, with four judges concurring, said the revelations made at the state capture inquiry about Bosasa, now known as Global Holdings, led to its banking facilities being withdrawn.
Meyer said it had come to the attention of the provisional liquidators and the directors of the companies that there was a need to dispose of the assets expeditiously after the liquidators were advised cabinet had resolved that all service level agreements between departmental and state-owned companies and any companies related to the African Global group must be terminated.
Before their permanent appointment, and before a meeting of creditors, the liquidators applied to the court for an extension of their powers to allow for the sale of assets.They argued in their court papers that they had not given consent for the sale. “Each affected person, a shareholder or a creditor of a company, a registered trade union and individual employees, is entitled to oppose or support the business rescue application.
On December 3 2109 only 29 employees were notified by electronic means of the business rescue application, Meyer said.
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