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The Mercury writes that two KwaZulu-Natal-based business rescue practitioners have taken control of seven companies owned by the controversial Gupta family after the companies filed for business rescue last week.
Their main task will be to find another transactional bank for the companies who may find themselves without one at the end of next month when the Bank of Baroda closes its SA operation. Practitioners Louis Klopper and Kurt Knoop will take control of the affairs of the companies, which include Tegeta Resources, Optimum Coal Mine and Shiva Uranium. Klopper said the Gupta companies were “basically sound businesses”, but the main challenge remained the issue of them facing the possibility of not having anyone to bank with. He said that mining companies could not survive without a bank as by their nature they had to transact on a day-to-day basis. Workers on some of the Gupta mines had complained of not being paid last week, however, Klopper said workers would be paid this week. Ben Theron of the Organisation Undoing Tax Abuse, said he was worried about jobs and the impact this could have on the coal mines. “Every effort should be made to keep the mines open to ensure job security for the miners and the continuation of the crucial coal supply to Eskom” Theron said.
- Read this report by Bheki Mbanjwa in full at The Mercury
- Read too, Plan to rescue Gupta businesses revealed, at Fin24
Get other news reports at the SA Labour News home page