The curator added action will be taken against Global Investment, who were required to pay R1-million deposit for their bid to be considered on March 14.
"As a result, of aforesaid failure to make payments as required, the curator bonis was left with no other option but to cancel the agreement with Global Investments, which election was communicated at approximately 10:30 today to the offers' representatives," the statement continued.
"The curator bonis notified the members of the Executive Committee of the National Soccer League shortly thereafter, and they were scheduled to meet to deliberate the matter.
"The seller, as represented by the curator bonis has served its rights to pursue appropriate legal redress against Global Investment for the damages occasioned as a result of the aforementioned breach.
On Thursday afternoon, Sowetan reported that Durban businessman Chockalingam “Roy” Moodley's mooted takeover of the troubled PSL team Royal AM has hit a snag after he allegedly failed Sars' vetting process. A company search revealed Denise Govender and Mageshpren Moodley as active directors for Durban-based Global Investments.
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Sars curator confirms deal to purchase Royal has collapsed
Global Investments fail to pay agreed amount within three days
Image: Lefty Shivambu
The Royal AM saga took another twist on Thursday evening after the SA Revenue Service (Sars) confirmed that it has cancelled a deal with Global Investments, who had won the bid to purchase the club.
In a statement, Sars curator Jaco Venter confirmed the deal fell through when Global Investments failed to make a payment three days after the acceptance of their bid, as per the sales agreement terms.
Global were notified that they were the successful bidder on March 19. However, by Thursday, they had not paid the money into the trust account of the law firm handling the transaction.
"Notwithstanding numerous demands to the representatives of Global Investments to comply with its obligations in accordance with the sale agreement, as of 10:00 today [Thursday] they have failed to effect payment on the purchase price into the trust account of the curator bonis legal representatives," the statement added
The curator added action will be taken against Global Investment, who were required to pay R1-million deposit for their bid to be considered on March 14.
"As a result, of aforesaid failure to make payments as required, the curator bonis was left with no other option but to cancel the agreement with Global Investments, which election was communicated at approximately 10:30 today to the offers' representatives," the statement continued.
"The curator bonis notified the members of the Executive Committee of the National Soccer League shortly thereafter, and they were scheduled to meet to deliberate the matter.
"The seller, as represented by the curator bonis has served its rights to pursue appropriate legal redress against Global Investment for the damages occasioned as a result of the aforementioned breach.
On Thursday afternoon, Sowetan reported that Durban businessman Chockalingam “Roy” Moodley's mooted takeover of the troubled PSL team Royal AM has hit a snag after he allegedly failed Sars' vetting process. A company search revealed Denise Govender and Mageshpren Moodley as active directors for Durban-based Global Investments.
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