Former ANN7 office stripped of valuables - Report

Jamie McKane

MyBroadband Journalist
Super Moderator
Joined
Mar 2, 2016
Messages
4,642
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!

Expert Member
Joined
Apr 5, 2012
Messages
4,319
What did the guy expect buying something with a company like that was involved in?
 

Happy Days

Senior Member
Joined
Feb 14, 2017
Messages
573
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

Expert Member
Joined
Aug 2, 2008
Messages
4,636
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

Expert Member
Joined
Jun 10, 2009
Messages
1,057
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.
 

quovadis

Expert Member
Joined
Sep 10, 2004
Messages
3,068
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.
 
Top