
Alan Louis wrote to business-rescue practitioner Trevor Glaum of Sanek Trust in August, assuring him that in the “highly unlikely” event that Louis Group South Africa failed to repay 100% of its R29-million loan debt to Abela Property Investments, then the Louis Group International Foundation [first we hear of its existence – Ed.] will fund the difference, which, he said, would have the effect that the shareholders in Abela “will not be at any loss”.
Mr Nose was almost at a loss for words with excitement on behalf of those Abela shareholders – until he read the next paragraph of Alan Louis BComm (Hons) MComm PhD’s letter: “The Foundation, if so required, will raise the funds from Banc Roche (Singapore) to give effect to this guarantee.”
A guarantee based on an offshore loan yet to be raised? Mr Nose quickly got his breath back: what might Banc Roche in Singapore have to say about Alan’s promises on their behalf? The Louis Group has been defaulting on repayments to Investec Bank since May 2011.
Like to see more ?

Subscribe to our on-line edition !
For a mere R305.00 per year you get the convenience of our online version including:- Twelve monthly issues of Noseweek delivered to your browser
- A searchable archive
- Access to every back issue since 1993 !
- A downloadable PDF version
If it’s just the article you are after, you can purchase it by clicking here.
Tempted ?
For a taste of what awaits you, you are welcome to browse this free issue.
Please support Noseweek and this author