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Business Report writes that Group Five might need to retrench more people than it had anticipated before the group went into business rescue, the business rescue practitioners have indicated in a statement.
The group, with more than 7,000 employees, had estimated at the time of going into business rescue last week that it would need R230 million to pay for retrenchments. However, the group did not at the time disclose the number of staff envisaged for retrenchment. While Group Five and subsidiary Group Five Construction have been placed in business rescue, all other subsidiaries, including Developments & Investments and Operations & Maintenance, namely the manufacturing businesses and international subsidiaries, continue to operate as going concerns. Exxaro’s announcement on Friday that it had terminated an agreement with Group Five Projects to construct a new coal plant at its Grootegeluk mine in Limpopo means some 750 contract workers would be impacted by the decision.
- Read the original of this short report by Edward West at Business Report
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