Going, going, gone! Bosasa 3-day auction ends today
Some of the big items that went under the hammer included the late chief executive officer Gavin Watson's BMW X5, which sold for R590,000.
JOHANNESBURG – More assets belonging to African Global Operations, formerly known as Bosasa, and its six subsidiaries have been sold off this week after a three-day auction in Krugersdorp.
Hundreds of bidders took part standing in an overcrowded room ready to compete for the company's assets.
The company underwent liquidation after banks confirmed they would be closing all the company's accounts.
Bosasa came into the spotlight after allegations of corruption and bribery involving senior politicians at the state capture inquiry.
A three-day auction marking the end of large-scale looting has come to an end.
Lead auctioneer from Park Village Auctions, Clive Lazarus, said it had been a busy three days.
“It’s started on day one, being Wednesday, with the motor vehicles truck; the commercial construction equipment. On day two we sold the properties, the executive office furniture – and today we sold some office furniture, coffee machines and some security equipment.”
Some of the big items that went under the hammer included the late chief executive officer Gavin Watson's BMW X5, which sold for R590,000. While Bosasa’s 8-hectare headquarters was purchased for R14 million.
The insolvent company tried to stop the auction with an urgent court order but lost the bid.
The proceeds of the auction will be used to pay off the corruption accused company's creditors – the largest of which is the South African Revenue Service – which is owed over R500 million.
WATCH: Gavin Watson's BMW X5 sold for R590k