SAMRO (South African Music Rights Organisation) has announced the news of how they lost R47 Million to a deal that didn’t pull through.
Speaking on behalf of SAMRO to TshisaLIVE Advocate Nkatelo Maluleke said they looking to recover the money which cost the company a great loss.
“It was a recommendation of the report that several legal steps be taken to try recover the money. At this stage, we cannot comment on the steps themselves but we are looking at the options of how to proceed and possibly recover the amount. We will look at the legal options,” he said.
He added that they don’t promise to recover all the money too soon.
“We can’t promise to recover the full amount. The attempt is to see how much possibly we can recover. We cannot undertake that we will recover the full amount. We are looking into the recommendations and seeing what legal recourse we can take.”
The company added that the audit had found the board was not made fully aware of the potential risks involved in the AEMRO investment and on numerous occasions were not fully briefed on it.
“Crucial details on costs and contracts were not disclosed, and the board was therefore unable to provide full oversight.” a statement from the body said.