Former ANN7 office stripped of valuables - Report

Jamie McKane

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Former ANN7 office stripped of valuables - Report

The former offices of the Gupta-owned ANN7 news channel and The New Age newspaper are reportedly being stripped of valuables by Afrotone, according to businessman Nazeer Noormohamed, who purchased the offices through an auction process.

According to a report by the City Press, Noormohamed argued that the building's auctioneers were in breach of contract and said he was considering cancelling the purchase.
 

Wasabee!

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What did the guy expect buying something with a company like that was involved in?
 

Happy Days

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Depends on what is in the offer to purchase, but aircon and transformers are not normally considered moveable assets. Looks like a certain individual needs money to fund his newly minted political party.
 

nightjar

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RE - Nazeer Noormohamed, who purchased the offices through an auction process.

Under normal auction rules the buyer assumes responsibility for his purchase on acceptance of his bid.
On the face of it NM slipped up by not securing the building immediately.
 

Fuzzbox

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As far as i know when auction ends and money paid you are the owner.
You must arrange insurance or safekeeping of assets.
Not the auctioneers problem anymore.
 

surface

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Do it the African way
Perhaps like your great grandpa, Einstein, you are probably busy in coming up with some complex theory but you must come out of your lab once in a while.
 

quovadis

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As far as i know when auction ends and money paid you are the owner.
It's only your building once you're the owner of it - ie. once the transfer has completed. Generally the liability and responsibility would only transfer at that point.

Depends on what is in the offer to purchase, but aircon and transformers are not normally considered moveable assets.
It's unlikely that aircons or transformers would be considered movable property if installed.
 
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