The Westrust–Bombani Circle
APSYSET Trading (Pty) Ltd · Liquidation link map

The liquidator of the debtor and the liquidator of the creditor came from one circle

Masana Technologies owed APSYSET R59 million, a claim the Master of the High Court accepted in 2010–11. Westrust, as Masana's liquidator, expunged R55 million of it. APSYSET was then itself liquidated, with Michael Lawrence Stewart of Bombani Liquidators in charge. This map traces how those parties connect.

Public record Per APSYSET case file (to be proven) Conflict-of-interest link
How the conflict closes the loop

Five steps, one claim

2007–2010

APSYSET works for Masana

Contracting and project management on the City of Johannesburg work. Payments run late and cheques worth R2.7m bounce.

2010–2011

Master approves the claim

Masana goes into voluntary liquidation. The Master of the High Court accepts APSYSET's claim of R59m.

2011–2012

Westrust expunges R55m

Westrust, Masana's liquidator, expunges R55m of the claim without involving APSYSET's directors or lawyers.

2012

APSYSET sues

AJ Swart issues summons against Masana and Westrust. Soon after, a "rescue plan" signed with Gerrit Sanbrook is used to apply for APSYSET's liquidation over a disputed R84k.

2012–2015

The creditor is liquidated

Michael Lawrence Stewart (Bombani) becomes liquidator, also acts for Standard Bank, and sells 45 Wilton Ave, Bryanston for R4.8m. Control of APSYSET's claim passes to someone linked to the party it was claiming against.

Public record · bombaniliquidators.co.za

Bombani Liquidators & Trustees CC

Reg. no.
2003/058155/23
Members
Richard Masoanganye (50%)
Michael Lawrence Stewart (50%)
Panel
Both members on the Master of the High Court's panel of approved liquidators: Pretoria, Johannesburg, Cape Town, Mmabatho
2003 JV
SBT Trust, Westrust and Main Financial Services formed Imbali Liquidators
Reach
Liquidations across South Africa, Botswana and Swaziland

The firm's own site places Westrust as a joint-venture partner of SBT Trust. The case file says SBT Trust and Bombani share owners and staff.

Still to prove

Documents that would confirm the dashed links

  1. Master's appointment letters for the Masana and APSYSET estates, with names of liquidators.
  2. CIPC records of the members and directors of SBT Trust, Westrust, Imbali Liquidators and Stewart & Son.
  3. Westrust's notice expunging APSYSET's claim, and proof of whether APSYSET was notified.
  4. Any declaration of interest Stewart filed with the Master when accepting the APSYSET appointment.
  5. Shareholding records for Peu Group, Masana and Investec/Westrust.
  6. Deeds Office transfer file for 45 Wilton Ave, and Standard Bank's bond account history.
Link register

Every line on the map

#FromToLinkBasis

Sources: APSYSET Trading (Pty) Ltd case document and case presentation; Bombani Liquidators company information page, bombaniliquidators.co.za; Mail & Guardian, “Against the flow”, 7 March 2006, mg.co.za. Dashed links are allegations from the APSYSET case file and have not been independently verified.