Funds withheld

RAY SMUTS
CAPE TOWN-based Meihuizen International, which recently terminated its agency agreement with South African Liner Container Services, has confirmed an assertion by the line’s CEO Ian Wicks that it had been interested in acquiring a stake in the new venture.
However, Meihuizen director Gerald Hagemann stressed that the board decision not to go ahead with the deal was unanimous, just as it was in walking away from the agency agreement.
Wicks told FTW that Meihuizen initially expressed interest in acquiring a 6% stake in SALCS for between R300000 and R400000.
Hagemann agrees Meihuizen still owes SALCS certain monies but explained: “We have sent him (Wicks) a letter with a reconciliation up to the end of August of monies still due to him by us (about R23 000).
“However, there are obligations for which we are still liable and until we receive an undertaking from SALCS as well as from respective depots releasing us from these obligations - related to demurrage and container storage - we have no alternative but to hold onto the monies owing.”