Panama Jacks — best known for serving delicious seafood dishes for almost three decades — has become an institution in Cape Town. But the eatery situated at the Table Bay Harbour has just been given marching orders by Transnet.
By the look of things‚ the Mauritian liquidator trying to recover money that allegedly disappeared under Kellermann’s watch will not recover much from the South African asset.
The Stellenbosch farm‚ belonging to an investment fund linked to Kellermann’s Mauritian-based company Belvedere Management Group‚ went under the hammer on Monday‚ fetching just under R12 million.
Five bidders – at an auction attended by the about 100 people at the V& A Waterfront – competed over the Stellenbosch Mountain Retreat which is owned by Transholding Investments.
Transholding has been liquidated in Mauritius. Jonathan Smiedt‚ CEO of auctioneer ClareMart‚ said he was happy with the turnout.
“It has been sold but it is subject to the liquidator’s confirmation‚” said Smiedt.
“It was sold for just under R12 million including the auctioneer’s commission. I am happy‚ the market has spoken. The liquidators always have the right to accept it or reject it.”
The Stellenbosch property was thrust into the spotlight when Miami-based publication OffshoreAlert claimed Belvedere was engaged in a fraudulent activity mirroring a Ponzi scheme‚ describing it as “one of the biggest criminal financial enterprises in history”.
At the time‚ Belvedere administered $16 billion.
In October 2010‚ a Belvedere-linked investment fund‚ Lancelot Stellenbosch Retreat‚ sold the farm for R72.8 million to Transholding Investments.
The transaction was alarming because Lancelot had bought the farm form Black River Development for R28.5 million two years earlier. The revaluation was apparently done without independent assessment.
Kellermann and his Mauritius-based partner David Cosgrove have maintained their innocence. The Financial Services Board said last week that it was still probing the allegations.
The 31-hectare farm is on the slopes of the Botmaskop and is said to have “exceptional views over the winelands and Somerset West to Table Mountain”.
According to Smiedt‚ the property is approved for a development scheme comprising 8 800m² of infrastructure. Smiedt said about 50 people had shown interest in the property over the past four weeks.
“The existing approved development allows for 15 four-roomed villas‚ a hotel comprising 10 suites as well as a conference centre‚ restaurant and associated infrastructure. There is also a completed access road from the R310 and rough cut roads to the upper reaches of the site‚” said Smiedt.
“Bordered on the one side by Tokara Estate‚ owned by chairman of RMB Holdings GT Ferreira‚ and on the other side by Delaire Graff‚ which is owned by billionaire jeweller Laurence Graff‚ this is most certainly an exclusive property.”
The Mauritian liquidator of Transholding‚ Yuvraj Thacoor‚ declined to comment. His lawyer‚ Rajeshwar Bucktowonsing‚ said: “We wish to inform you that the liquidation of any company incorporated in Mauritius is regulated by the Insolvency Act.
“As regards the other information you have sought‚ please be informed that such information are of a confidential nature and cannot be disclosed by the liquidator to third parties other than the contributories/shareholders‚ creditors and debtors of the company.”
Cosgrove‚ based in South Africa for most of his life‚ was banned from working in financial services for five years by the Mauritius Financial Services Commission last August.
Between then and December 23‚ the commission issued several other sanctions against Belvedere companies and directors.
Popular Cape Town seafood eatery all at sea after getting its marching orders
Panama Jacks — best known for serving delicious seafood dishes for almost three decades — has become an institution in Cape Town. But the eatery situated at the Table Bay Harbour has just been given marching orders by Transnet.
By the look of things‚ the Mauritian liquidator trying to recover money that allegedly disappeared under Kellermann’s watch will not recover much from the South African asset.
The Stellenbosch farm‚ belonging to an investment fund linked to Kellermann’s Mauritian-based company Belvedere Management Group‚ went under the hammer on Monday‚ fetching just under R12 million.
Five bidders – at an auction attended by the about 100 people at the V& A Waterfront – competed over the Stellenbosch Mountain Retreat which is owned by Transholding Investments.
Transholding has been liquidated in Mauritius. Jonathan Smiedt‚ CEO of auctioneer ClareMart‚ said he was happy with the turnout.
“It has been sold but it is subject to the liquidator’s confirmation‚” said Smiedt.
“It was sold for just under R12 million including the auctioneer’s commission. I am happy‚ the market has spoken. The liquidators always have the right to accept it or reject it.”
The Stellenbosch property was thrust into the spotlight when Miami-based publication OffshoreAlert claimed Belvedere was engaged in a fraudulent activity mirroring a Ponzi scheme‚ describing it as “one of the biggest criminal financial enterprises in history”.
At the time‚ Belvedere administered $16 billion.
In October 2010‚ a Belvedere-linked investment fund‚ Lancelot Stellenbosch Retreat‚ sold the farm for R72.8 million to Transholding Investments.
The transaction was alarming because Lancelot had bought the farm form Black River Development for R28.5 million two years earlier. The revaluation was apparently done without independent assessment.
Kellermann and his Mauritius-based partner David Cosgrove have maintained their innocence. The Financial Services Board said last week that it was still probing the allegations.
The 31-hectare farm is on the slopes of the Botmaskop and is said to have “exceptional views over the winelands and Somerset West to Table Mountain”.
According to Smiedt‚ the property is approved for a development scheme comprising 8 800m² of infrastructure. Smiedt said about 50 people had shown interest in the property over the past four weeks.
“The existing approved development allows for 15 four-roomed villas‚ a hotel comprising 10 suites as well as a conference centre‚ restaurant and associated infrastructure. There is also a completed access road from the R310 and rough cut roads to the upper reaches of the site‚” said Smiedt.
“Bordered on the one side by Tokara Estate‚ owned by chairman of RMB Holdings GT Ferreira‚ and on the other side by Delaire Graff‚ which is owned by billionaire jeweller Laurence Graff‚ this is most certainly an exclusive property.”
The Mauritian liquidator of Transholding‚ Yuvraj Thacoor‚ declined to comment. His lawyer‚ Rajeshwar Bucktowonsing‚ said: “We wish to inform you that the liquidation of any company incorporated in Mauritius is regulated by the Insolvency Act.
“As regards the other information you have sought‚ please be informed that such information are of a confidential nature and cannot be disclosed by the liquidator to third parties other than the contributories/shareholders‚ creditors and debtors of the company.”
Cosgrove‚ based in South Africa for most of his life‚ was banned from working in financial services for five years by the Mauritius Financial Services Commission last August.
Between then and December 23‚ the commission issued several other sanctions against Belvedere companies and directors.
Would you like to comment on this article?
Register (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Trending
Latest Videos