Absas liquidation of Markus Joostes company Mayfair Speculators is likely to see his friend Christo Wiese take a R200m fall, Moneyweb reported on Thursday.
Court papers filed by Absa said the bank was made aware on December 8 that Jooste had left Mayfair insolvent with R1bn in liabilities against R350m assets by transferring other assets valued at R1.5bn out of the company.
“The dividend in specie was effectively a transfer of ownership of assets that included houses, development properties, Lodestone Brands and a company that manufactured pipes. Jooste had deliberately moved the assets out of the reach of creditors. And he would have known that his friend, Christo Wiese, had guaranteed ob…
Read the full article at: https://www.businesslive.co.za/bd/companies/2018-01-11-christo-wiese-likely-to-be-caught-up-in-the-liquidation-of-joostes-mayfair-speculators/
