SOLD! A Redeeming R34,500,000 Realised in Gupta Saxonwold Matter

Park Village Auctions has realised approximately R34,500,000 for all three Saxonwold properties and their contents. That’s the word from PVA’s Clive Lazarus, who today announced that the Business Rescue Practitioners (BRP) have accepted and confirmed an offer.

All three properties, namely numbers 3, 5, and 7 Saxonwold Drive, Sandton, Gauteng, and their contents (comprising furniture and appliances), fetched an estimated total of R34,500,000, inclusive of buyer’s commission and VAT.

Incidentally, the buyer also purchased number 7A Saxonwold Drive for R6,500,00.00, including buyer’s commission and VAT separately.

As all necessary securities have been received in good order, the assets formally belonging to Confident Concept (Pty) Ltd, which is now in business rescue, are confirmed as sold.

The BRPs will receive their funds in accordance with the terms of the business rescue plan, and creditors can expect a welcome payday.

To date, PVA, on behalf of the BRPs, has successfully disposed of assets previously belonging to:

• Confident Concept (Pty) Ltd
• Islandsite Investments 180 (Pty) Ltd
• Koornfontein Mines (Pty) Ltd
• Optimum Coal Mine (Pty) Ltd
• Optimum Coal Terminal (Pty) Ltd
• The New Age Media (Pty) Ltd
• VR Laser Services (Pty) Ltd

Says Lazarus: “The Business Rescue Practitioners are satisfied with this outcome, as is PVA. The sale signifies how we, with the BRPs, will be relentless in reclaiming funds owed to creditors.”