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.

To continue reading, please see the IBI Plus subscription options below for accessing our Premium Content.

Register or Sign-In to continue reading

You must be a registered user and logged in to read this content.

IBI Magazine_Website_promo_July

To continue, register now to access IBI News daily:

Benefits inlcude:

  • Breaking industry news as it happens
  • An average of 40 new items a week
  • Access to free content on ibinews.com, including:
  • company & product news / personnel announcements / our international boat show calendar / event listings and more
  • A personal account where you can save articles

Subscribe for as little as £20/month to get 20 accesses to Premium Content a month. Benefits include access to:

Industry statistics / Market reports / Company insights / In-depth segment reports / Our archive of more than 38,000 news items and features

Subscribe Today

Already registered? Sign in now