Developer to oppose investors’ court bid

Grahamstown developer David Davies is opposing an application to have his Belmont Development company placed into business rescue.

According to a report in the Daily Dispatch, local and international investors in a planned multi-million-rand residential development at the old golf course in Grahamstown, have claimed in court documents that Davies, the company’s director, failed to secure their loans according to the terms they agreed on.

They have thus applied for Belmont Development to be placed into business rescue.

The proposed development comprises houses, apartment blocks and a shopping complex.

Davies’s legal team this week told Grocott’s Mail they would fight the application.

“The application by the investors is being opposed. The opposing affidavits are being prepared and will be filed at court by 14 October 2015,” attorney at Whitesides Attorneys, Butch Nunn, said in reply to questions from Grocott’s Mail.

“The allegations made by the investors will be fully dealt with in the affidavits and it would not be appropriate for our client to comment on these allegations before the hearing on 5 November 2015,” said Nunn.

loyiso@grocotts.co.za