R150m debt sees power cut to property of Fourways Mall co-owner

Loch Logan Waterfront mall. Picture: Loch Logan website A judgment by the Free State High Court has seen Mangaung power distributor Centlec disconnect the electricity supply to the largest mall in Bloemfontein, the Loch Logan Waterfront. The property is owned by the Michael Family Trust (MFT), an entity controlled by Michael Georgiou.

MFT, via other entities (including Azrapart), also jointly owns Fourways Mall in Johannesburg, along with Accelerate Property Fund. Trustees of MFT and Loch Logan Waterfront (Pty) Ltd brought an urgent application before the Bloemfontein High Court in mid-January, followed by an interlocutory application in early February in which they sought to interdict Centlec from interrupting the supply of electricity to the premises. Centlec and the property owner have been at odds with each other for years over the mall’s outstanding electricity bill.

Centlec says MFT owes the utility “around R150 million”. The court granted an interim order in both applications on the condition that the applicants comply with an agreement reached between the parties in October 2023. Centlec says under this agreement, the property owner agreed to pay all amounts owed in respect of current usage of electricity supplied by the distributor.

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Judge Soma Naidoo dismissed both applications with costs. Electricity to the mall was disconnected on Tuesday. A statement says that “around 99% of stores” continue to trade as normal.

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