Mountain of debt for controversial Durban high-rise

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Mountain of debt for controversial Durban high-rise

A prime piece of land in upmarket Musgrave has been at the centre of court action since builders broke ground

Journalist

The developers of a controversial luxury block of flats on Currie Road on Durban’s Berea have been accused of being dishonest by claiming that the company could “trade its way” out of financial trouble through the sale of units.

In a pending court application it has been alleged that Serengeti Rise Industries was already insolvent when it applied to be placed in business rescue in March 2019.

It had no working capital – only R3,000 in the bank – and indications are that it had already used the bulk of money from purported sales...

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