By: Natasha Archary
The year that was: Gareth Cremen Business Rescue Specialist & Partner at Cox Yeats joins Gugulethu Mfuphi on Kaya Biz, sharing insight into the liquidations and business rescues that made headlines.
In the backdrop of the ANC’s failure to settle its R102 million debt, the party’s financial situation has raised alarms, despite the ruling party denying reports that its broke.
This after the Sheriff of the court was outside the ANC’s headquarters, Luthuli House on Monday, 04 December ready to attach assets over the party’s R102 million debt.
A writ of execution in May, from the Gauteng High Court allowed the Sheriff to attach movable assets from Luthuli House, which would be sold to recover the debt owed to Ezulweni Investments.
In 2019, the ANC made use of Ezulweni Investments to supply and install election promotional material, which included 30,000 PVC banners, and the collective removal after the elections.
While the party denied that a contract was agreed upon, the High Court found that Ezulweni Investments CEO, Renash Ramdas, held a verbal agreement.
Assets including desks, chairs, laptops, plasma TVs, lounge suites, fridges, microwaves, and couches were catalogued by the Sheriff, but with their value ranging from as little as R200 to R5000, doesn’t begin to scrape the surface of the staggering debt that’s owed to Ezulweni Investments.
“Typically when organisations in any manner, shape or form, are in a state of financial distress, and financial distress doesn’t happen overnight, they need to start appointing Chief Restructuring Officers and start doing an informal workout and try to turn it around before the time.
Because you may find in certain circumstances you get the wrath of the creditors coming down and pursuing the directors, ultimately for what is called reckless trading.”
Gareth Cremen Business Rescue Specialist & Partner at Cox Yeats
In the case at Luthuli House, Gareth says the assets which were logged on an inventory or catalogued may be attached by the Sheriff, and will most likely be put up for sale at a public auction.
According to Gareth, the Sheriff can go back to Luthuli House to attach the assets, or attach the party’s bank accounts to recover these funds.
Also read: Gugulethu Mfuphi walks away with 4th Radio Award for Kaya Biz
He has held it down in the world of mid-morning radio with the best music, riveting topics, brilliant mixes and interesting guests. Every weekday, The Best T proves why he is the BEST by connecting to you like only your bro or favourite uncle could. He lets his listeners dictate the songs they want to hear in the ever-popular Top 10 at 10, and his Three Teaspoons never run out. Catch The Best T in the City Mondays to Fridays from 09h00 to 12h00.
close
Feel good about feeling good! That's exactly what The Feel-Good show is about. An escape from the negativity that surrounds us, indulging you in good feels. Pass it on to one and all. Spread the good feeling around Gauteng with Andy Maqondwana.
close
The world of business is simplified for you by Kaya Biz with Gugulethu Mfuphi. This fast-paced award-winning business show talks to the corporate giants as well as up and coming entrepreneurs about their wins and challenges. Gugulethu invites guests to offer their analyses of markets and economies, and also delves into issues of personal financial wellness. Kaya Biz airs Mondays to Thursdays 18h00 to 19h00.
close
Point of View with Phemelo Motene delves into the day’s current affairs, touches on real issues that affect people’s daily lives and shares expert advice on questions posed by the audience. Mondays to Thursdays 20:00 to 22:00.
close
Real. Familiar. Memorable. Kaya 959 brings you the music you know and love from our playlist. Uninterrupted. Thursdays 20h00 to 21h00
close
THIS PRIVACY STATEMENT FORMS PART OF KAYA 959’S TERMS OF USE POLICY. IF YOU DO NOT AGREE WITH ANY TERM OF THIS PRIVACY STATEMENT, YOU MUST CEASE YOUR ACCESS OF THIS WEBSITE IMMEDIATELY.
POPIA Act – To promote the protection of personal information processed by public and private bodies; to introduce certain conditions so as to establish minimum requirements for the processing of personal information; to provide for the establishment of an Information Regulator to exercise certain powers and to perform certain duties and functions in terms of this Act and the Promotion of Access to Information Act, 2000; to provide for the issuing of codes of conduct; to provide for the rights of persons regarding unsolicited electronic communications and automated decision making; to regulate the flow of personal information across the borders of the Republic; and to provide for matters connected therewith.
RECOGNISING THAT—
AND BEARING IN MIND THAT—
AND IN ORDER TO—
1.1.“Personal Information” means information relating to an identifiable, living, natural person and where it is applicable, identifiable, existing juristic person, including all information as defined in the Protection of Personal Information Act 4 of 2013.
1.2 Parliament assented to POPIA on 19 November 2013. The commencement date of section 1, Part A of Chapter 5, section 112 and section 113 was 11 April 2014. The commencement date of the other sections was 1 July 2020 (with the exception of section 110 and 114(4). The President of South Africa has proclaimed the POPI commencement date to be 1 July 2020.
1.3. “Processing” means the creation, generation, communication, storage, destruction of personal information as more fully defined in the Protection of Personal Information Act 4 of 2013.
1.4. “You” or the “user” means any person who accesses and browses this website for any purpose.
1.4. “Website” means the website of the KAYA 959 at URL www.kaya959.co.za or such other URL as KAYA 959 may choose from time to time.
2.1. KAYA 959 respects your privacy. This privacy policy statement sets out KAYA 959’s information gathering and dissemination practices in respect of the Website.
2.2. This Privacy Policy governs the processing of personal information provided to KAYA 959 through your use of the Website.
2.3. Please note that, due to legal and other developments, KAYA 959 may amend these terms and conditions from time to time.
3.1. By providing your personal information to KAYA 959 you acknowledge that it has been collected directly from you and consent to its processing by KAYA 959.
3.2. Where you submit Personal Information (such as name, address, telephone number and email address) via the website (e.g. through completing any online form) the following principles are observed in the processing of that information:
3.2.1. KAYA 959 will only collect personal information for a purpose consistent with the purpose for which it is required. The specific purpose for which information is
collected will be apparent from the context in which it is requested.
3.2.2. KAYA 959 will only process personal information in a manner that is adequate, relevant and not excessive in the context of the purpose for which it is processed.
3.2.3. Personal information will only be processed for a purpose compatible with that for which it was collected, unless you have agreed to an alternative purpose in writing or KAYA 959 is permitted in terms of national legislation of general application dealing primarily with the protection of personal information.
3.2.4. KAYA 959 will keep records of all personal Information collected and the specific purpose for which it was collected for a period of 1 (one) year from the date on which it was last used.
3.2.5. KAYA 959 will not disclose any personal information relating to you to any third party unless your prior written agreement is obtained or KAYA 959 is required to do so by law.
3.2.6. If personal information is released with your consent KAYA 959 will retain a record of the information released, the third party to which it was released, the reason for the release and the date of release, for a period of 1 (one) year from the date on which it was last used.
3.2.7. KAYA 959 will destroy or delete any personal information that is no longer needed by KAYA 959 for the purpose it was initially collected, or subsequently processed.
3.3. Note that, as permitted by the Electronic Communications and Transactions Act 25 of 2002, KAYA 959 may use personal information collected to compile profiles for statistical purposes. No information contained in the profiles or statistics will be able to be linked to any specific user.
4.1. KAYA 959 may use standard technology to collect information about the use of this website. This technology is not able to identify individual users but simply allows KAYA 959 to collect statistics.
4.2. KAYA 959 may utilise temporary or session cookies to keep track of users’ browsing habits. A cookie is a small file that is placed on your hard drive in order to keep a record of your interaction with this website and facilitate user convenience.
4.2.1. Cookies by themselves will not be used to identify users personally but may be used to compile identified statistics relating to use of services offered or to provide KAYA 959 with feedback on the performance of this website.
4.2.2. The following classes of information may be collected in respect of users who have enabled cookies:
4.2.2.1. The browser software used;
4.2.2.2. IP address;
4.2.2.3. Date and time of activities while visiting the website;
4.2.2.4. URLs of internal pages visited; and
4.2.2.5. referrers.
4.3. If you do not wish cookies to be employed to customize your interaction with this website it is possible to alter the manner in which your browser handles cookies. Please note that, if this is done, certain services on this website may not be available.
5.1. KAYA 959 takes reasonable measures to ensure the security and integrity of information submitted to or collected by this website, but cannot under any circumstances be held liable for any loss or other damage sustained by you as a result of unlawful access to or dissemination of any personal information by a third party.
6.1. KAYA 959 has no control over and accepts no responsibility for the privacy practices of any third party websites to which hyperlinks may have been provided and KAYA 959 strongly recommends that you review the privacy policy of any website you visit before using it further.
7.1. If you have any queries about this privacy policy please contact us by emailing [email protected]
