R100 farm price not to be taken at face value

Caxton Magazines

A transaction where a 36 hectare KwaZulu-Natal farm was sold for R100 was merely a legal formality to expedite development on a 5 ha section of the originally 41 ha property.

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AMSA (ArcelorMittal South Africa) Steel Service Centre sold the 36 ha back to Afro-Prop Natal after initially having taken possession of the whole farm to begin building a warehouse on the 5 ha while the subdivision application was being processed. Once the subdivision was approved, the steel company transferred the remaining 36 ha back to original owners, Afro-Prop Natal, for the small sum.

Read the full story in the 25 May issue of FW.

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