Liquidator chasing Kings' missing millions

Fri, 31 Mar 2017 15:29
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NEWS:  The liquidators of Eastern Province Rugby (Pty) Ltd is in the process of issuing a summons for missing money.

Danie Acker, the liquidator confirmed to rugby365, that some money was 'redirected to other receivers after the date of liquidation'.

That is just one of the actions he has undertaken, as he looks to wind up the process.

Acker told rugby365 that although all the parties involved are currently cooperating with the liquidators, at least one further round of enquiries will be necessary and a date for the purpose thereof has been requested from the court.

"An application for the recovery of ZAR14-million - owed to the liquidated company by the Eastern Province Rugby Union - is in the process of being finalised and will be issued next week," he said.

An auction group has also been instructed to facilitate a bidding and/or tender process for the sale of the assets and commercial rights of the company.

"Although the liquidators negotiated with various interested buyers, no acceptable firm offers were forthcoming," Acker said.

"Summons are in the process of being issued for recovery of monies redirected to other receivers after the date of liquidation."

He added that it is not the intention of the liquidators to engage in unnecessary litigation.

"We will entertain negotiations and settlement options with the relevant parties, but above processes are necessary to expedite recovery," he said.

* It has been a day of high drama in Port Elizabeth.

Earlier Friday it was confirmed that former EP Rugby President Cheeky Watson and three co-accused were arrested and will re-appear in the Port Elizabeth Magistrate's Court on May 3 - after being released on bail.

Watson, along with Nadia Gerwel, Andrea Wessels and Mandisa Mkaza have all been released on ZAR2000 bail, after the Hawks arrested the quartet Friday morning.

The accused face 43 counts of fraud and money laundering, totalling ZAR12-million for "circumventing the procurement process between the Nelson Mandela Bay Municipality, National Treasury and Access Management".

By Jan de Koning
@king355ed
@rugfby365com