Bosasa liquidators succeed in overturning High Court judgment, corruption-cloaked company to be liquidated | CowansView
Liquidators of corruption-accused facilities management and security company Bosasa have won a Supreme Court of Appeal bid to overturn a High Court judgment that set aside their appointments.SCA Judge Malcolm Wallis delivered a scathing judgment, just seven days after hearing the matter, overturning the March 2019 Gauteng High Court order in Johannesburg that set aside the appointment of liquidators, Cloete Murray, Ralph Lutchman and Tania Oosthuizen.
Gumede's "extremely tenuous evidence" to support an argument that Bosasa remained solvent did not hold up to Wallis' scrutiny. "The directors draw attention to the statement of equity in the annual financial statements which indicates that the company incurred a net loss of R40 864 615 during the year ended February 28, 2017, and as of that date, the company's total liabilities exceeded its total assets by R173m. These conditions indicate the existence of uncertainty which may cast doubt on the company's ability to continue as a going concern," the annual financial statements read.
Bosasa also presented no explanation for how the company would continue to trade without bank accounts."The faint suggestions by counsel that some other way could have been found were unsupported by any evidence," Judge Wallis found. Judge Wallis further overturned a personal costs order against the liquidators, saying the High Court's ruling in this regard was inappropriate and based on"speculation and insinuations that verged on the defamatory" in Gumede's affidavit.
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