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Stanbury shoots down arguments against sale of Capespan shares

01 Dec 2000 - by Staff reporter
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Ray Smuts

GRUMBLES and gripes by some independent fruit producers notwithstanding, Capespan is determined to go ahead with the sale of a 50% stake in its Southern African portside terminals to an international operator.
This was the unequivocal response from John Stanbury, outgoing managing director of Capespan, in his final interview with FTW before returning to Gauteng to assume the position as c.e.o of the mining and industrial division of Murray and Roberts on January 1 next year.
Prominent Eastern Cape-based independent citrus farmer Valdy Jensen has charged that Capespan acquired the port facility assets in 1994, in a manner that was contrary to the declaration of the minister of agriculture. Because of this, the ownership was the subject of a dispute.
Independent growers and exporters have argued that the assets belong to the South African growers who were forced, in terms of previous legislation, to use Unifruco and Outspan to export their produce.
They claim Unifruco and Outspan which later merged to create Capespan, built up the port facilities from profits generated by growers under the previous legislation.
But these claims were dismissed by Stanbury who said the controversy surrounding the 'so-called industry assets' had been raging since before deregulation.
They have in fact delivered only newspaper reports. There is not a single decision I am aware of by any party having jurisdiction that has supported any of the claims made by the independents in the media.
As far as we are concerned there is no reason to place any hold on moving the (terminals) facility in a direction we believe is actually in line with what is good for the country, that is, taking it out of the hands of a single operator and putting management control under a port operator, so we are going ahead.
Stanbury said Capespan had always been sensitive to concerns raised about the pending sale, hence the decision to keep all interested parties fully informed. This new strategy had been brought to the attention of the Fresh Produce Exporter's Forum and Portnet well in advance by way of a letter of intent so we are not going about it arrogantly but in a businesslike manner.

Copyright Now Media (Pty) Ltd
No article may be reproduced without the written permission of the editor

To respond to this article send your email to joyo@nowmedia.co.za

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