/UPDATE: Going, going … gone! Bosasa’s assets to be sold off in massive three-day auction

UPDATE: Going, going … gone! Bosasa’s assets to be sold off in massive three-day auction

Have you ever wondered what it feels like to sit in the driver’s seat of the luxury German SUV of late Bosasa CEO Gavin Watson?

Or what it feel likes to maybe take an office chair, previously occupied by the now infamous former COO Angelo Agrizzi, for a spin down the halls of Bosasa’s massive head office (or “smart global campus”) in sunny Krugersdorp?

Now’s your chance.

Bosasa’s assets are to be auctioned off – everything from Watson’s metallic blue BMW X5 to Massey Ferguson tractors, refrigerated trucks and bakkies, as well as quad bikes and even golf carts – are up for grabs.

All in all more than 100 commercial and passenger vehicles will be sold.

Clive Lazarus of Park Village Auctions described the sale
as “having emporium-like proportion with a substantial assortment of goods” so vast it the auction will run over three days.

an entire copper plant, commercial properties, magnificent high-end furniture,
to commercial and passenger vehicles that range from entry-level to luxury
SUVs—you name it, you’ll find it,” Lazarus said in a statement on Wednesday. 

The bidding is set to be fierce, Lazarus added. 

EXTRACT | Blessed by Bosasa: Inside Gavin Watson’s ‘cult rituals’

But that’s not all. A smorgasbord of office furniture, artworks and paintings, Nespresso coffee machines, microwaves and deep fryers as well as dishwashers, tumble dryers, computers, laptops, televisions and high-quality camera systems, will go under the hammer.

Bosasa, as a security company, also owned large numbers of top-end security equipment, including metal detectors, handheld scanners and bulletproof vests.

But wait…there’s more!

On day Two of the auction, Bosasa’s extensive property portfolios will also be up for sale.

Gavin Watson

The luxury BMW X5 driven by the late Gavin Watson will also be up for sale. (Park Village Auctions)

These include the corruption-accused company’s head office, the “smart global campus” in Luipaardvlei, near Krugersdorp, a huge 8.2-hectare property, complete with canteen and restaurant, as well as a warehouse and large office spaces.

A 26-hectare property on which sits the Lindela Repatriation Centre, is also for sale, as well as a 9.2-hectare property on which sits Bosasa’s copper plant.

The repatriation centre property includes hostel buildings, a youth development centre, a workshop and residential development.

Meanwhile, the copper plant has a copper rod production capacity of 32 tonnes per annum.

Day three will see more items from the catalogue going under the hammer.

ALSO READ: Future of corruption accused Bosasa set to be decided by Supreme Court of Appeal

Bosasa, now named African Global Operations, and its subsidiary companies were placed under voluntary liquidation in February this year.

This followed notices issued to the directors, by two major banks that operated accounts for Bosasa, that it would be closing the accounts due to the reputational risk associated with the company.

Last week, the liquidators of Bosasa – Ralph Lutchman, Tania Oosthuizen and Cloete Murray – were in the Supreme Court of Appeal (SCA) to keep Bosasa under liquidation.

The Bosasa board, led by the now late Watson, filed an urgent application in the Gauteng High Court in Johannesburg in March this year and were successful in having the liquidation set aside.

Murray and the other liquidators filed an appeal with the SCA, however, which was heard on Friday. Arguments lasted barely an hour.

In the meantime, the liquidator’s powers have been extended by court order, resulting the auction of the assets.

Viewing dates are December 2 and 3 while the auction is scheduled to go ahead on December 4, 5 and 6. The full catalogue can be found here.


*This article has been updated to reflect new images and dates for the auction communicated by Park Village Auctions.

Original Source