The main roleplayers involved in the Bounty Brands saga — which saw R1.8-billion in UIF monies go down the drain — are essentially blaming one another for the costly fiasco.
Bounty Brands was supposed to have been listed on the Johannesburg and London stock exchanges in 2018. The supposedly “excessive” head office costs had been justified for a group with an international footprint and it did not play a role in the decision to delay the listing, they countered.Shepstone Capital’s initial defaults triggered a tsunami of defaults on other loans. This was due to cross default provisions, share pledges and concomitant change of ownership considerations.
“Essentially Bounty’s management tried to squeeze the pricing on Unitop’s largest supplier too hard and the supplier ultimately by-passed Bounty to supply the product directly to Unitops largest customer,” stated Shayne.
Source: News Formal (newsformal.com)
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