Durban transport tycoon brothers Alvin and Inderan Naicker face an uphill task to stop Absa Bank’s application to have Crossmoor Transport liquidated, according to TimesLIVE.
Crossmoor Transport woes date back to January 2019 where they allegedly failed to pay their fuel bill of R50million to petroleum supplier Engen.
The company initially failed to honor payments in January 2019 and in March the situation grew dire where the company signed an acknowledgment of debt to the value of R35 million rands.
The family and their logistics and transport empire were thrust to the fore when the Naickers’ sister, Sandra Moonsamy, was abducted in Westville.
Crossmoor Transport assets attached
Engen successfully sued the company and the sheriff of the court attached its assets.
Moonsamy’s brother Inderan cited in his defense in court papers that the notarial bond was signed in error as the Chief Financial Officer to oversee such agreements was kidnapped.
Naicker also went on to explain that the Engen bill would remain unpaid as the company was struggling to recover payment of R100 million from Gupta-related mine companies Future Coal and Optimum Coal.
The Naicker’s lawyer, Feroz Khan, denied any impropriety, insisting that Crossmoor Transport lost money on deals with Gupta-related companies.
Moonsamy, who is the company’s Chief Financial Officer was kidnapped in broad daylight by a gang of armed men setting in motion a hostage and ransom drama that spanned six months.
Her captors allegedly demanded a ransom of R140m.
After an agonising six months, Moonsamy was rescued from a house in Witbank.
It has been reported that the Pinetown businesswoman returned to the multibillion-rand family business empire that is allegedly a tangled web of debt.
The family has denied the allegation of being liquidated by ABSA.