{"id":38342,"date":"2024-02-22T17:46:37","date_gmt":"2024-02-22T17:46:37","guid":{"rendered":"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2"},"modified":"2024-02-22T18:08:33","modified_gmt":"2024-02-22T18:08:33","slug":"drama-as-enrich-property-is-auctioned-2","status":"publish","type":"post","link":"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2","title":{"rendered":"Drama as Enrich property is auctioned"},"content":{"rendered":"

Africa-Press – Lesotho. <\/strong><\/span>THREE was drama last Friday when Enrich Stores\u2019 directors made frantic efforts to block the auction of the company\u2019s gym equipment. As the auction was about to start, the directors were rushing to court but could not get a court order to stop the sale.<\/p>\n

Instead, they resorted to pleading with the High Court and Court of Appeal registrar \u2019Mathato Sekoai who they approached with a letter showing that the Lesotho National Development Corporation (LNDC) was committed to bailing out the troubled company.<\/p>\n

But by the time Sekoai called the sheriffs some equipment had already been auctioned. Three indoor cycling bikes were sold for M7 000 each and two sets of dumbbell racks with dumbbells were sold for M1 300 per set.<\/p>\n

The company which collapsed a few weeks ago has been battling to fend off angry creditors, who include the landlord at its gym in Ha Tsolo. The company owes M600 000 in rent and its equipment have been attached to pay off the debt.<\/p>\n

Other creditors include the landlord at its shop in the Maseru Central Business District, banks and wholesalers. The company has been telling creditors to hold their horses because it is negotiating a M15 million bailout package from the LNDC.<\/p>\n

The LNDC says it has appointed a transaction adviser to assess Enrich\u2019s viability. But while that assessment is going on creditors have not stopped pushing to recover what they are owed.<\/p>\n

Friday\u2019s auction was stopped midway but it appears to be just a temporary reprieve. What happens to the company and the few assets it still has depends on how quickly the LNDC completes its due diligence, reconstitutes the board and help it resume business.<\/p>\n

Enrich\u2019s chairman, Thato Damane, told thepost that he is disappointed by the auction on Friday. What pains Damane more is the prices for which the gym equipment was sold.<\/p>\n

\u201cThe court order arrived while the auction was in progress, and everything had to stop,\u201d Damane said, interpreting the registrar\u2019s instruction to the sheriffs as the order of court.<\/p>\n

\u201cThe cheapest dumbbell costs M700 each, but it was sold for M200,\u201d he said. He said they owe the landlord over M600 000, which led to the landlord approaching the courts of law to recover his money.<\/p>\n

\u201cAfter they obtained a court order to auction our equipment, they were notified by the LNDC that it would bail us out therefore they should hold their horses a bit,\u201d he said.<\/p>\n

He also said they were dismayed by the landlord who insisted that he would set a deadline for them to pay or else the auction would go ahead. \u201cThey refused to listen and continued with the auction,\u201d he said.<\/p>\n

He thanked the courts for calling all the stakeholders including the LNDC and the landlord. \u201cThe LNDC made it clear that they were going to pay after their investigations and analysis,\u201d he said.<\/p>\n

He made it clear that they would fight for all the auctioned equipment to be returned. \u201cWe asked that the equipment should be returned inside because the buyers were still there, but we were not allowed,\u201d he said.<\/p>\n

He said he is not happy that the equipment was sold cheap, which meant that all of it would be sold to pay the landlord. Enrich shareholder, Molefi Nts\u030conyana, said they are not happy with the courts for issuing a court order to auction their equipment even before assessing prices and other factors.<\/p>\n

\u201cNow, half of our equipment has been sold, despite the LNDC\u2019s promises to bail us out,\u201d Nts\u030conyana said.<\/p>\n

\u201cThis is a loss to us as a business, it is not fair,\u201d he said. He said they would go back to their lawyers to find out if there is any legal means to get their auctioned equipment back.<\/p>\n

Trade Minister Mokhethi Shelile told a press conference that the process to bail out Enrich was still going ahead. \u201cWe have finished doing our assessments, we have to sit down and sign the conditions and other things,\u201d Shelile said.<\/p>\n

He also said the company\u2019s management will have to be reinforced with people who have expertise in running such a large-scale business. \u201cWe are only going to bail them out on their store, and not their gym or fitness centre,\u201d he said.<\/p>\n

He again said they want to rescue Enrich as it is owned by 6 000 Basotho. \u201cIt also sells Basotho products without discrimination, including vegetables,\u201d he said.<\/p>\n

LNDC Director, Molise Ramaili, said their job is to help grow businesses. He said the kind of business Enrich is involved in does not have many experts in the country.<\/p>\n

\u201cWe have to capacitate them in that area,\u201d Ramaili said.<\/p>\n

He also said they have to change the configuration of the board and the management and capacitate them with experts. \u201cThat component was not there,\u201d he said.<\/p>\n

He also said what increased Enrich\u2019s woes was that it did not negotiate prices with the wholesalers they used to stock from. \u201cIt made it hard for them to compete with other large shops,\u201d he said.<\/p>\n

Ramaili said every business has operational costs that need to be kept low. \u201cTheir costs were high and they were eroding their profits. \u201d He said the LNDC will ensure that Enrich has a turnaround structure.<\/p>\n

For More News And Analysis About Lesotho<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Lesotho. THREE was drama last Friday when Enrich Stores\u2019 directors made frantic efforts to block the auction of the company\u2019s gym equipment. As the auction was about to start, the directors were rushing to court but could not get a court order to stop the sale. Instead, they resorted to pleading with the […]<\/p>\n","protected":false},"author":84,"featured_media":38341,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,5,7],"tags":[233,246,245,299],"class_list":["post-38342","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-all-news","category-economy","category-head-lines","tag-africa-press","tag-africa-press-lesotho","tag-lesotho","tag-lndc"],"yoast_head":"\nDrama as Enrich property is auctioned - Lesotho<\/title>\n<meta name=\"description\" content=\"THREE was drama last Friday when Enrich Stores\u2019 directors made frantic efforts to block the auction of the company\u2019s gym ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Drama as Enrich property is auctioned\" \/>\n<meta property=\"og:description\" content=\"THREE was drama last Friday when Enrich Stores\u2019 directors made frantic efforts to block the auction of the company\u2019s gym ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2\" \/>\n<meta property=\"og:site_name\" content=\"Lesotho\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/AfricaPressTunisiaa\" \/>\n<meta property=\"article:published_time\" content=\"2024-02-22T17:46:37+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-02-22T18:08:33+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2024\/02\/sm_1708612415.315866.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1280\" \/>\n\t<meta property=\"og:image:height\" content=\"720\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"4 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2#article\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2\"},\"author\":{\"name\":\"cfeditoren\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/#\/schema\/person\/068c7ab4e9634ae78ec5d54ec46598bb\"},\"headline\":\"Drama as Enrich property is auctioned\",\"datePublished\":\"2024-02-22T17:46:37+00:00\",\"dateModified\":\"2024-02-22T18:08:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2\"},\"wordCount\":895,\"commentCount\":0,\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/lesotho\/sites\/62\/2024\/02\/sm_1708612415.315866.jpg\",\"keywords\":[\"Africa Press\",\"Africa Press-Lesotho\",\"Lesotho\",\"LNDC\"],\"articleSection\":[\"all news\",\"economy\",\"head lines\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2\",\"url\":\"https:\/\/www.africa-press.net\/lesotho\/all-news\/drama-as-enrich-property-is-auctioned-2\",\"name\":\"Drama as Enrich property is auctioned - 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