Jonathan Liebmann, the maverick founder and CEO of Propertuity Development and creative mind behind downtown Jozi’s artsy Maboneng Precinct, is parting ways with the company. Most of his 50-odd staff members are also leaving, fuelling market rumour that the urban renewal business is facing bankruptcy. But Propertuity shareholder JSE-listed RMB Holdings (RMH) last week dismissed suggestions that the company is insolvent. "Propertuity is not being liquidated and remains a going concern," said RMH Property CEO Brian Roberts. However, he confirmed that the company is being restructured "to protect the interests of key stakeholders, including Maboneng property owners and tenants". Said Roberts: "Propertuity has embarked on a consolidation phase as a pre-emptive strategy, to strengthen the business and adapt in light of a challenging property sector backdrop." He added that RMH Property and fellow Propertuity shareholder Buffet Investments remain committed to the company and Maboneng. "We...

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