Fallout Of Royal Am Fc Auction A Closer Look At The Zuma Connection
In a dramatic turn of events, the auction of Pietermaritzburg-based soccer team Royal AM FC has unravelled amid financial turmoil.
Jaco Venter, the curator appointed by the South African Revenue Service SARS, announced the successful bid from Global Investments 0107 Pty LTD just days ago, only to cancel the agreement due to the bidders non-payment.
The news sent shockwaves through the local football scene, raising serious questions about the future of the club as it grapples with its already turbulent circumstances. The auction, viewed by many as a hopeful turning point for Royal AM FC, has now spiralled into disarray following the failure to deliver the required funds to seal the deal.
Speculation surrounding Global Investments 0107 began to surface immediately after it was named the successful bidder. Many were quick to notice that the company is associated with Chockalingam 'Roy' Moodley, a controversial figure in the South African business landscape. Critics have long pointed out Moodley's ties to former President Jacob Zuma and questioned the legitimacy of his operations, which include a security firm known as Royal Security.
Venter said: 'As a result of the failure to meet the payment terms, there was no other option but to cancel the agreement.