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BusinessLive reports that the business rescue practitioners of eight Gupta companies have approached the court to liquidate the controversial family’s Oakbay Investments.
In an affidavit filed with the Johannesburg High Court on Monday, Tegeta Exploration and Resources, which has been in business rescue for a year, said it was owed a total of R3.8m by Oakbay, which is a holding company owned and controlled by the Guptas but which is itself not in business rescue. Meanwhile, Tegeta’s Optimum Coal Mine, Koornfontein Mines, Optimum Coal Terminal and Shiva Uranium, which are all in business rescue, owe their creditors a collective R4bn. At Optimum and Koornfontein mines, workers have not been paid since October. Tegeta and the other Gupta-linked businesses were placed into business rescue a year ago after all their banking facilities were closed and they were unable to transact. The rescue process, intended to take three months, has been frustrated and delayed by a number of factors, including about 52 legal challenges brought against the practitioners in the past year.
- Read the original of Lisa Steyn’s report on this story in full at BusinessLive
- Read too, One Gupta company applies for the liquidation of another, at Moneyweb
Get other news reports at the SA Labour News home page