Today's Labour News

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newsCity Press reports that the new owners of the Lily and Barbrook mines have accused the chairperson of the creditors committee of making “baseless” allegations about their deal to take over the businesses.  

They have also accuse him of a conflict of interest.  Among a list of demands, Dwaine Koch, Barbrook creditors’ committee chairperson, has been putting pressure on the Siyakhula Sonke Corporation (SSC) Group to provide proof that it has received a R190m loan from the Industrial Development Corporation (IDC).  Koch has accused business rescue practitioner Rob Devereux of not being in control of the two sister mines’ assets, which are located near Barberton, and the committee is going ahead with its application to liquidate the mines, even though SSC and the IDC struck the deal in March.  The two mines were owned by Vantage Goldfields and had been under business rescue since April 2016, when they were shut down.  This was after a section of Lily mine collapsed in February that year.  Three workers who were in a container office on the surface disappeared into a sinkhole and were buried under tons of rock and soil.  Their bodies have still not been recovered.  SSC now owns 74% of Vantage Goldfields SA.  Koch claimed:  “SSC came in and misled us by saying they’ve got enough money to buy these mines, open them and pay creditors and workers.  It’s clear that’s not happening and it’s not the truth.”

Read this City Press report by Sizwe Sama Yende in full at Fin24


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