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September 2, 2008

Repayment worries over V&A sale loan

The foreign investors in the V&A Waterfront deal funded the BEE portion of the sale via a loan, but none of their local partners have made any payments on the multimillion rand debt, shareholders say.

Hassen Adams, a prominent Cape Town businessman, said the London- and Dubai-based investors had funded the BEE component of the R7-billion sale with the understanding that the BEE partners would repay them over five years with interest.

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Posted by StaffWriter at September 2, 2008 7:24 AM