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BusinessLive reports that one of the issues facing new Mineral Resources Minister Gwede Mantashe will be whether to approve the sale of the Gupta-owned Tegeta Exploration & Resources to little-known Swiss clothing company Charles King for R3bn.
The National Union of Mineworkers (NUM) raised concern in Parliament on Wednesday that the sale might be a "fake" and one which could leave workers without jobs as Charles King had no experience in mining. Tegeta owns Optimum Coal Mine, which is now under business rescue, as well as Koornfontein and Brakfontein mines. Acting chief director Modilati Malapane told the portfolio committee on mineral resources on Wednesday that no formal application had been lodged with the department for the sale, as required. Malapane said the department "cannot allow the sale of Optimum ... irresponsibly. We have to see whether it will be sustainable for not." Charles King is reportedly a shell company owned by Amin al-Zarooni, a Gupta business associate. Media reports have suggested that the company was created as a vehicle for the Optimum transaction.
- Read this report by Linda Ensor in full at BusinessLive
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