Auction of Bosasa assets to get under way today
The nephew of late CEO Gavin Watson warned against buying any of the assets, saying the auction was illegal.
JOHANNESBURG – Wednesday’s auction of assets of controversial company Bosasa - now known as African Global Operations - would go ahead despite objections from the family.
Jared Watson, the nephew of late CEO Gavin Watson, warned against buying any of the assets, saying the auction was illegal. Park Village Auctions and Property Sales would dispose of about R65 million worth of assets.
Earlier this year, the company and most of its subsidiaries were liquidated after allegations of corruption and the bribery of top politicians in order to secure tenders. Its assets would be auctioned off in order to settle its debt.
The property, furniture and cars were among the big items up for grabs, but Jared said it was not wise for anyone to buy those assets.
“There are provisionally appointed liquidators and have no right to sell any assets of the business. My concern is for anyone who attempts to purchase anything. When a sale happens, it’s not actually a sale for legal purposes. What would happen is that within 24 hours, the bidders will be required to make a payment within the auctioneer’s bank account and subsequent to that, they won’t be able to receive the reciprocation of the assets,” he said.
However, Clive Lazarus from Park Village Auctions and Property Sales said there was nothing stopping them. The auction would start on Wednesday and go on until Friday.