The money woes of Durban transport tycoons Alvin and Inderan Naicker have worsened, with Absa Bank applying to have their flagship firm, Crossmoor Transport, liquidated.

However, a Times Select report says the company has vehemently denied being liquidated.

According to papers before the KZN High Court (Pietermaritzburg) in December, Absa bank had filed an application to have Crossmoor liquidated. The court battle was postponed until February for both Absa and Crossmoor to file supplementary affidavits.

Almost simultaneously, Komatsu SA hauled Crossmoor to court for an alleged unpaid debt of more than R44m rooted in the purchase of industrial mining and earthmoving implements. According to an affidavit by Komatsu CFO Ehsaan Moosa, Crossmoor Transport is alleged to have defaulted.

He said they had delivered the heavy machinery in two batches in 2018, and had submitted an invoice to be paid in full by February 2019.

‘I ... confirm that Crossmoor defaulted in terms of its payment obligations to Komatsu and the acknowledgment of debt in that it failed to pay the amounts due. Komatsu seeks to exercise its rights, in particular obtaining a judgment against Crossmoor for the full outstanding amount,’ he added.

If Crossmoor cannot pay, Moosa said, Komatsu wants to repossess the machinery.

Responding, Inderan Naicker said their agreement with Komatsu had been premised on Crossmoor obtaining bank finance for the machinery.

Full Times Select report (subscription needed)