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Yacht sneaks out of CT harbour to avoid seizure

30 Sep 2011

A catamaran, being used by Mmamolanewane Accommodation Holdings, was removed from the Cape Town harbour in an effort to prevent the vessel from being attached over unpaid berthing fees at the harbour.

Mmamolanewane's is a joint venture between Bloemfontein property tycoon Michael Georgiou and Butana Komphela, an outspoken MEC for police, rods and transport in the Free State.

The company is embroiled in a financial mess after Mmamolanewane secured a lucrative contract in 2008 to provide a back-up ferry service to Robben Island.

The deal was scrapped when the company failed to produce a boat to run the service. Apparently Mmamolanewane then did a deal to buy a catamaran, Tropico and this boat has now been sitting in Cape Town harbour's Elliot Basin for two years.

In that time it has run up R500 000 in unpaid berthing fees. The company also allegedly owes R5-million to a Pretoria finance company, Finspire Capital for the boat.