Liquidators regain control of Bosasa companies after court ruling

Liquidators are once again back in charge of the affairs of the African Global Operations group of companies.

This follows an order made by the high court in Johannesburg on Wednesday, granting liquidator Murray Cloete leave to appeal to the Supreme Court of Appeal (SCA) against an earlier judgment by the high court on March 14.

In that judgment, the high court reversed the liquidation of the African Global Operations group of companies. It set aside a decision taken by six directors of African Global Operations, formerly known as Bosasa, on February 12 to place the group of companies into voluntary liquidation.

The directors of the various companies needed a solution following the closure of their bank accounts. Banks closed the accounts in response to damning allegations of state capture levelled against the companies.

In an urgent application, heard on March 13, African Global Operations told the court that a special resolution taken by directors that led to the companies being placed under  liquidation, was void from the beginning and was of no force and effect.

Following the judgment last week, the affairs of the companies were taken over again by African Global Operations.

Murray, however, applied for leave to appeal against the ruling by acting judge Goolam Ameer.

Following submissions made by counsel for Murray, Dennis Fine SC, and by African Global Holdings counsel Mike Hellens SC on Wednesday, judge Ameer granted the  liquidator leave to appeal to the SCA.

Murray said in response to the ruling on Wednesday: "The legal effect of the granting of the leave to appeal is that the judgment by the judge which came out on the 14th of March is now suspended and the liquidators stay in charge of the affairs of the company."