Today's Labour News

newsThis news aggregator site highlights South African labour news from a wide range of internet and print sources. Each posting has a synopsis of the source article, together with a link or reference to the original. Postings cover the range of labour related matters from industrial relations to generalist human resources.

IDCBusinessLive reports that the Industrial Development Corporation (IDC) apparently wants the business-rescue practitioners assigned to Gupta-owned companies replaced with its own communication personnel.  

The development financier might also be a step closer in recouping a multimillion-rand loan to the Guptas for the purchase of Shiva Uranium, as two potential buyers have placed offers for the asset.  The IDC has also petitioned the high court to recoup its money.  The IDC application is scheduled to be heard in the high court next Tuesday, two weeks before Louis Klopper and Kurt Knoop, the business-rescue practitioners nursing eight Gupta assets back to financial health, are due to publish detailed plans on how they plan to revive the fortunes of the Gupta businesses.  In another development, Optimum and Koornfontein coal mines will be run with help from a "reputable entity in mining" in the latest move by the practitioners to circumvent the closure of bank accounts.  A 12-month coal export supply agreement has been concluded for 200‚000 tonnes of premium coal.  An 80% prepayment on the deal, which "ensures a significant cash injection for the company", will apparently be made on Friday.


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