Did Bosasa just shoot itself in the foot? Why the company wants to reverse liquidation

The reasons for corruption accused company Bosasa's complete about turn after placing the group of companies under voluntary liquidation in February are likely to revolve around concerns over what wrongdoing may be uncovered.

What is clear is that Bosasa wants provisional liquidator Cloete Murray gone, but the reasons are far more likely to be because of fears surrounding what he may uncover. This follows two weeks of extensive testimony by former Bosasa COO Angelo Agrizzi before the state capture commission of inquiry during which he revealed shocking allegations of bribery, fraud, tax fraud and corruption spanning nearly two decades.

It follows then, Gumede argues, that the appointment of the liquidators was irregular. While it is within Bosasa and Gumede's rights to make this argument, it is rather shocking that the entire board of Bosasa would sign documents to place the company under liquidation, only to now turn around and say they effectively did not understand what they were signing.

The closure of the bank accounts was provided as the main reason why the company was being placed under liquidation. Gumede does not advance proof that new bank accounts have been found.with the Department of Correctional Services – has been cut off.Murray argues that Gumede has provided no grounds to prove to the court that Bosasa can commercially operate, or is in any way actually solvent.

CowansView Politicians still want to be paid!

CowansView Because the realise not much is going to happen to those ecposed sofar in the state capture enquiry Now they had second thaughts into getting back to the easy money.

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