News24.com | WPRU taken to court over R112 million loan

Western Province Rugby Union’s (WPRU’s) soured Flyt deal took a flip for the more serious when the property firm’s subsidiary, Dream World Investments, filed court papers to get better R112 million loaned to the union.

Constant with rugby365.com, Dream World filed formal papers at the Western Cape High Court last Friday to remark support the R112 million it lent WPRU, who venerable the loan to pay off monies owed to  outdated fairness companions Remgro and Investec.

Flyt CEO Zane de Decker advised the uncover position that they had been claiming support the contemporary loan quantity from Western Province (R112 million), hobby on the loan (R1.2 million) as well to R30 million in damages (the plot price).

Western Province had struck a take care of Flyt Property Investments last year for the plot of Newlands rugby stadium, which they vacated at the atomize of the 2020/21 top-flight season to soak up occupation at the Cape Metropolis stadium.

WPRU president Zelt Marais referred to because it the “deal of the century” at the time of penning his signature to the agreement. 

On the opposite hand, the union tried to drag out of the deal not long after, plunging the province into additional administrative chaos that can well perchance perchance outcome in prolonged and expensive court battles.

“With the repudiation [of the deal in December], the union must occupy already paid support the money, nonetheless has not,” De Decker advised rugby365.com.

“The lower-off date for rate has essentially passed.

“If rate just will not be made sooner than then, the court will hand down judgment in the honest lawsuits.”

Marais was once quoted as announcing in the fragment: 

“The union elects not to gain any additional comment at this stage.

“Its (WPRU’s) defence shall be pleaded in due route.”

Read More

Africhoice

Read Previous

Images of Samsung’s rumored Galaxy Authentic and Authentic 360 laptops leak early

Read Next

‘Of us are correct a good deal surprised’: Turkey’s lira plunges after Erdogan sacks third central monetary institution chief in two years

Leave a Reply

Your email address will not be published. Required fields are marked *