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.