South Africa: Bosasa's Failed Attempt to Halt Liquidation

analysis

Over a two-day period, Africa Global Holdings, formerly Bosasa, tried to halt the ongoing sale of some the assets of its subsidiary companies currently in liquidation. They failed dismally.

The urgent attempt by Africa Global Holdings (formerly known as Bosasa), to halt the liquidation of some of their subsidiary companies was thrown out of the South Gauteng High Court on Thursday afternoon and were ordered to pay costs of all the legal counsel present in court.

Africa Global Holdings (AGH), now run by the late Gavin Watson's nephew, Jared Watson, sought to halt liquidators from auctioning assets from five of the 11 subsidiaries that were placed under voluntary liquidation when Joe Gumede was still chairman a few months ago. Watson wanted the five subsidiaries to instead be placed under business rescue.

Africa Global Operations, Bosasa Properties, Global Technology Systems, Leading Prospect Trading 111, Bosasa Youth Development Centres, Blackrox Security Intelligence Services, Bosasa Supply Chain Management, Bosasa IT, Rodcor, Watson Corporate Academy and On-It-1 are the 11 subsidiaries currently in liquidation.

AGH's legal representative, Francois Joubert, argued that the liquidators had ignored a ruling of the Supreme Court of Appeal that if the liquidators are to auction off assets from the...

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