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Rotrax gets loan from Swiss fund
Vehicle manufacturing company Rotrax Cars International - which is reportedly suing Absa for R187-million over alleged breach of contract - has secured a loan for R560-million from a Swiss bank so that it can go ahead with plans to build its Rotrax El Macho vehicle.
According to IOL, Rico Bernert the designer of the vehicle had secured the loan from an unnamed wealth management fund on condition that the company is registered in Switzerland.
The dispute with Absa arises over the bank's recalling of a letter of guarantee which was supposedly granted to Rotrax so the company could secure funding from a financier in Abu Dhabi. Absa says it withdrew the letter fearing that if it got into the wrong hands it could be used to commit fraud.
The Swiss wealth management fund says the Rotrax patent will be registered to the Swiss company. The patent was valued at R53,3-million by DM Kisch Consulting several years ago.
The El Macho is a light, affordable, all-terrain vehicle aimed at the military market as well as various agricultural and recreational sectors.
Read the full article on www.iol.co.za.
Read more on Rotrax.
Read more on the court case against Absa.
