Today's Labour News

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newsBusinessLive reports that the Companies Tribunal on Tuesday ordered the Companies and Intellectual Property Commission (CIPC) to process the appointment of a business rescue practitioner for the Guptas’ embattled Shiva Uranium.  

It also ordered the CIPC to withdraw a filing for two other practitioners, citing a clear misunderstanding of the commission’s own functions and powers.  The tribunal’s decision on a dispute over the appointments of rescue practitioners at Shiva means the business rescue — a provision in the Companies Act for the rehabilitation of distressed entities — can now continue.  Delays in proceeding with the rescue process have frustrated critical Shiva suppliers, such as the security services, as well as the workers who have not received any income from the mine since July 2018 when operations stopped.  In February 2018 Shiva and eight other Gupta-linked companies were placed under business rescue.  The details of how the dispute over the appointments of the rescue practitioners arose are set out in the full report at BusinessLive.

  • Read the full original report by Lisa Steyn at BusinessLive

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