L.A. Group says it's business as usual
The managing director of the L.A. Group, Showkat Mukadam, today commented on
the arbitration award in favour of Platinum Holdings relating to the sale of
the group's LA Jeans and Oxygen retail stores.
The group's legal advisers, he said, had studied the ruling by the
arbitrator, senior counsel H M Scholtz and were of the opinion that a number
of suspensive conditions in the heads of agreement had not been met by the
due dates and that it was therefore impossible for the agreement to be
implemented.
Mukadam said the group reserved the right to seek a review of the
arbitrator's decision.
"In the meantime the group retains ownership of the retail division and it
is business as usual," he said. "We are continuing trading and are well
stocked and we are looking forward to a busy festive season."
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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