Nova Property Group, the rescue vehicle of the failed Sharemax investment scheme, has concluded a settlement agreement over more than R12.34 million plus further interest owed by 12 of its companies to the Quatro Group.
Should the Nova Group fail to make any payment due and on time in terms of the settlement agreement, the Quatro Group will be able to rely on the acceleration of the agreement, after which the full outstanding amount will immediately become due and payable, and the Quatro Group will be entitled to foreclose the ceded bond.
He added at the time that it would be inappropriate for him to comment any further “at this time” given that the applications are sub-judice.Myburgh advised Moneyweb on 11 July that the commercial dispute underlying the liquidation applications had been settled and the applications are being withdrawn.
Nova was further ordered to pay interest on the outstanding amount owing to Beneficio at an interest rate of 1% per week, amounting to about R313 500 a week.