Sentula said to have identified assets to recover money after fraud
Sentula Mining has identified assets that could be sold to recover some of the R383m in civil damages being sought from a former director, the first significant progress in the case since the amount was awarded more than six years ago, according to a person familiar with the matter. It was not yet clear how much of the money can be recouped, the person said, asking not to be identified as the information has not been publicly announced. The shares have rallied 31% during May. The total amount sought in the litigation is almost equivalent to the company’s market value of R397m and comes as Sentula prepares to transform from a contract-mining company to an investment-holding firm. After making losses for five consecutive years, Sentula is selling assets to raise funds for acquisitions as part of the overhaul, with its name expected to change to Unicorn Capital Partners after a shareholder vote in June. Sentula won a civil suit in the High Court in Johannesburg in November 2010 seeking...
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