A R1.2-trillion Libyan sovereign wealth fund has launched a hostile takeover bid for one of SA’s premier hospitality groups, Legacy Hotels, following a bitter boardroom fallout, putting a multibillion-rand property portfolio at stake with implications for funders.

Legacy Hotels, which has a sprawling property portfolio, was founded by SA’s celebrated hotelier Bart Dorrestein — it’s him and others that the Libyans target to buy out and control the group...

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