City Capital winds up in court

Issue # 122 December, 2009

As a result of a bitter behind-the-scenes battle to gain control over the R300m property portfolio of the troubled City Capital Investment Scheme the judges have had to endure a veritable soap opera and the liquidators deny that their urgency is motivated by the lure of a big fat fee...

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Submitted by : John on 2009-11-28 13:57:37

There is a troika of advantage between the Legal Profession, Professional Trustees and the Auctioneering Community/Property Boking Community. My sister-in-Law in Cape Town was advised to to undertake a personal sequestration when her ability to service her mortgages was in doubt. Within days a Professional Trustee had been provisionally appointed and very shortly thereafter a property auctioneer had appraised the properties. When a second opinion was obtained and negotiations with her Bankers gave her a respite. She received 3 accounts via her first lawyer: his, the Professional Trustee and the Property Appraisers. In the matter of the Professional Trustees it included the insurance premium for Waiving of the Bond with the High Court. The premium was refunded only after a lengthy correspondence. The first opinion certainly did not provide her with advice which was in her best interests ( as proved by the negotiations with the Banks concerned). Your article seems to show that the trioka of interests is deeply seated in these professions and it is no wonder that the reputations of all these 'professions' is frequently the butt of jokes.

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