L.A. GROUP LIMITED
In an arbitration decision in the dispute between the L.A. Group and
Platinum Holdings over an agreement relating to the sale of the Group's
retail stores, the arbitrator Cape Town senior counsel H.M. Scholtz ruled
that the signed heads of agreement on the sale was a valid and binding
document.
The group's legal advisers then studied the ruling by the arbitrator 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.
Today in the Cape Town High Court Platinum Holdings applied for an order
requiring the Group to implement the disputed agreement to sell its retail
stores - 15 LA Jeans stores and 12 Oxygen outlets.
The group opposed the application on the grounds that various conditions in
the heads of agreement have not been fulfilled and therefore the agreement
cannot be implemented.
Judgement is the case was reserved.
The managing director of the L.A. Group, Showkat Mukadam, said today that
"it is business as usual" in the stores.
"We are well stocked for the festive season and encouraged by current
trading," 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
Profile Group (Pty) Ltd. has taken care in preparing all information on this website, but does not accept any liability for errors or out-of-date information.
