Tag Yachts SA yacht deposit allegedly used to pay back investor loan

TAG Yachts_construction

Around R9m (US$590,000) intended for a new yacht built was diverted to pay back a UAE businessman

The former managers of South African catamaran builder Tag Yachts SA used funds ring-fenced for a client’s yacht to pay off loan finance for a new yacht-building venture, a South African Court heard this week.

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