Cheeky Watson’s estate provisionally wound up
The personal estate of axed Kings boss Cheeky Watson (65) has been provisionally sequestrated, and he now stands to lose everything should he not pay up the more than R5m owed to his former rugby players.
A Daily Dispatch report says the order issued by the Eastern Cape High Court (Port Elizabeth) comes after nearly a year of failed promises by Watson to reimburse the salaries of a string of disgruntled players following the liquidation of Eastern Province Rugby (Pty) Ltd.
In addition to the R5m owed, Watson had also undertaken to cover their mounting legal fees.
He had previously consented to judgment of R23.4m should he not make good on his financial obligation – a far heavier burden than the R5m the players were after.
He now has until 9 June to pay up, or all his assets can be sold off in a bid to recover some of the money owed to the players.
The report notes Watson is also due back in the Port Elizabeth Commercial Crimes Court in July on charges of fraud and money laundering related to the alleged siphoning off of Integrated Public Transport System funds.
He has pleaded not guilty to the charges.
© Juta and Company (Pty) Ltd 2016
Article disclaimer: Juta expressly reserves the right, in its sole and absolute discretion, to alter or amend any criteria or information set out in this article without notice. Accordingly, any information, including journalistic articles, are not intended to constitute legal, financial, accounting, tax, investment, consulting or other professional advice or services. Before making any decision or taking any action based on the information contained in this article, which decision or action might affect your personal finances or business, you should consult a qualified professional advisor.