GUPTA MINES
Rescue practitioners resign from Shiva as IDC digs in
The business rescue practitioners of eight Gupta-owned companies have been elbowed out of managing Shiva Uranium following court action by the Industrial Development Corporation (IDC). Louis Klopper and Kurt Knoop resigned as rescue practitioners in light of the opposition to their presence at Shiva by the state-owned investor. The IDC is owed R287.5m by the gold and uranium mine — which ran into financial difficulties and was placed in rescue along with seven other Gupta companies in coal mining and services. The rescue processes have been marked by a number of court battles, contempt of court charges, allegations and counter-allegations. The eight companies have been at the heart of claims against the Gupta family, which is closely aligned to former president Jacob Zuma, and has been the centre of a public protector investigation claiming the corruption of state-owned enterprises to their financial advantage. Thursday’s move has left the rescue practitioners focusing on the other ...
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