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.
Read more on www.timeslive.co.za.
View 2OceansVibe's picture of the yacht.
