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Update: Company denies involvement with development of George building

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Ice Projects has clarified its position in the development of the Neo Victoria building, saying it sold its shares because the project wouldn’t yield sufficient return on investment.

A company, first believed to be involved with the development of the Neo Victoria apartment building in George that collapsed last week, now clarified that it did not participate in the project.

However, Ice Projects sent a legal letter to Group Editors on Friday in which it clarified its involvement with the project. “Ice Projects decided not to participate in the project, pursuant to the completion of a due diligence and feasibility study, upon the information available at that stage, which revealed that the project did not yield a sufficient return of investment.

 

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