The threat of an urgent high court application to prevent the proceeds from the R9.7-billion sale of the Victoria & Alfred (V&A) Waterfront from being repatriated from South Africa by Emirati investment firm Dubai World has disappeared.
However, the multimillion-rand commercial dispute involving New York-based property company Devland Holdings and Swiss-based trust Bayliss, and Dubai World, listed property company Growthpoint and the Public Investment Corporation (PIC) has not yet been resolved and could still end up in court.
Neill Bernstein, the founder and president of Devland Holdings, confirmed last week that a letter of demand had been sent by Devland and Bayliss to former V&A Waterfront joint owner Dubai World for advisory, consulting and broking fees.
No comments:
Post a Comment