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Lobels auction halted

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Heavily-indebted Lobels Bread (Pvt) Ltds property auction was yesterday called off. Hundreds of items belonging to the bread maker were scheduled to be sold to raise funds to pay a debt owed to the National Social Security Authority (NSSA).

This was the fourth time a Lobels property auction was cancelled.

It could not be immediately established how much Lobels owes NSSA.

Ruby Auctions sales representative Roseline Zhou said the auction was cancelled after NSSA and Lobels resolved to hold talks over the debt.

Items that were set to go under the hammer included compressors, office chairs, refrigerators and computers.

Lobels was once the countrys leading bread manufacturer controlling at least 30% of the market.

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