Bosasa liquidators had authority to sell assets, appeal court rules

Park Village Auctions selling off Bosasa assets in Krugersdorp on December 4 2019. File picture: SUNDAY TIMES/THAPELO MOREBUDI

The directors of African Global Holdings and two Bosasa companies — Sun Worx and Kgwerano Financial Services — had gone to court in December 2019 to stop the sale of assets of Bosasa that happened by public auction from December 4-6 2019.It held that the liquidators were legally prevented from proceeding with the auction and any subsequent sales of the Bosasa assets, due to the business rescue application having been “made” on December 3 2019, before the auction.

The findings prompted the bankers of African Global Operations to indicate that they would be withdrawing the company’s banking facilities and closing the banking accounts.

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