Mandela Rhodes Place facing liquidation

Anglo Irish Bank says that the R500 000 instalments from West City Precincts ceased in August last year. Its financial statements show the company made a loss of R7,8-million in 2010, following a substantial loss of R20-million in 2009.

Anglo Irish Bank says that West City Precincts borrowed money to repay existing debts on properties it bought for the development of Mandela Rhodes Place. West City Precincts is owned by Frank Gormley, who set up the Irish-South African development company Eurocape.

Read the article in The Mercury.
More on Mandela Rhodes Place.
More on Eurocape.