Ciaran Ryan
3 minute read
3 Dec 2020
12:13 pm

Firmanox liquidated to pay back VBS money

Ciaran Ryan

The media firm's ‘far-fetched’ story to dodge R24 million owed to the bank didn’t pass muster with the court.

Picture: Supplied

The untangling of the mess around VBS Bank, which was placed in liquidation in 2018, continues to ricochet through the courts. Last month, the Johannesburg High Court placed Firmanox in liquidation after finding it owed the bank R24 million and was unable to pay its debts. This was for the 2016 purchase of six vehicles and an overdraft facility. Firmanox, a brand communication, media and advisory services company, had argued that it was not indebted to the bank, and pointed to agreements signed with the bank to enter into a business deals whereby the bank would be required to make...