The dim prospect of a
shareholder dividend from
liquidated South Africanregistered
SA Independent
Liner Services (Sails)
notwithstanding, major
investor Lonrho is understood
to have filed a creditor claim
of around US$40 million.
The first meeting of
creditors, presided over by
the Master of the Cape High
Court, has been postponed
from February 2 to an
unspecified date, apparently
over an advertising gremlin.
As Darusha Moodliar, a
director of liquidators Sanek
Trust Recovery Services,
told FTW (January 9/16)
there may be a “danger for
contribution” by creditors,
rather than a dividend.
“There are lots of claims but
I am not entertaining any until
I am absolutely sure there is
going to be a dividend.”
Moodliar confirms at this
stage there are one or two
claims against Sails by foreign
creditors in the US and that
bunker supplier Wilhelmsen
is one.
Ian Wicks, founder and
former MD of Sails, also
names Wilhelmsen in respect
of a claim against Lonrho for
something like US$1.6 million
for bunkers supplied to a
chartered vessel in Europe and
South Africa.
“I understand also that one
of the ship owners,
Hamburg-based NSC, is
applying to the New York
courts for US$1.8 million or
US$1.9 million in respect of
income losses suffered due to
its Taga Bay charter cut short
by liquidation.”
So why the necessity
for US jurisdiction, FTW
wants to know?
Explains Moodliar: “Sails
had agents all over the world
and some of them had monies
to the credit of Sails.”
Wicks says he has had no
communication of any nature
from Lonrho but reflects on
what may have been, had Sails
still been afloat today.
“I believe Sails could have
been profitable, perhaps
US$60 million turnover for
the year, given we achieved
something like US$38 million
up to my suspension last
June.”
He reiterates that even
though he was a substantial
single investor in Sails, he will
not lodge a claim against the
defunct company, (aside from
a personal R160 000-odd in
respect of overdue salary and
leave pay).
No point in claiming
shareholder monies that aren’t
there, he said.
• FTW approached Lonrho
and Wilhelmsen Premier
Marine Fuels, Cape Town,
concerning the US law suits
in which they are reportedly
involved but neither chose
to respond at the time of this
writing, three days later.
Wilhelmsen files creditor claim in Sails liquidation
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