Cape Town senior counsel H M Scholtz,arbitrator in the dispute between L.A.
Group and Platinum Holdings over a sale agreement relating to the sale of
the Group's LA Jeans and Oxygen retail stores, ruled late on Friday
(November 30) that the heads of agreement on the sale is a valid and binding
agreement but that the comprehensive agreement required in the heads of
agreement is not binding.
The managing director of the L.A. Group, Showkat Mukadam, said yesterday
(Sunday December 2) that the group's legal advisers are studying the ruling
to clarify the various issues involved.
Once the issues have been clarified the group will make a statement.
In the meantime, Mukadam said, the group retains control of the retail
division.
"The stores are fully stocked and we look forward to busy trading during the
festive season," he said.
Ends
Issued by MMI
On behalf of L.A. Group
For further information:
Showkat Mukadam (LAG) 083 261 6745
Jimmy Thomas (MMi) 082 608 0012
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