By the time you read these words, SA Independent Liner Services (Sails) will have been consigned to maritime history, the fledgling South Africanregistered container line finally liquidated in the Cape High Court last week. So ended the long-nurtured dream of creator and founder, Ian Wicks, along with rueful major investor, pan-African conglomerate Lonrho which invested and lost millions of rand. Darusha Moodliar of liquidating company Sanek said at week’s end the rule nisi for the winding up of the company was scheduled for Monday, December 1. Lonrho, which acquired a 66.7% stake in Sails last year, appointed accounting heavyweight KPMG to calculate company debt, but this has yet to be made known. Says Moodliar: “We have identified quite a substantial amount owing and are currently looking at a number of proposals received.” Sanek recently admitted to having collected R300 000, considering it unlikely it will receive R3 million at the end of the day. A Durban-based party has apparently been in touch with the liquidators with a view to buying Sails, for what purpose Wicks remains unclear, given the company has no assets. Moodliar says this approach will not be dealt with until after the liquidation, therefore she remains unclear about what may or may not transpire. So is a possible deal still likely? “Absolutely,” says Moodliar.
