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 ...

BL Premium

This article is reserved for our subscribers.

A subscription helps you enjoy the best of our business content every day along with benefits such as exclusive Financial Times articles, ProfileData financial data, and digital access to the Sunday Times and Times Select.

Already subscribed? Simply sign in below.

Questions or problems? Email or call 0860 52 52 00. Got a subscription voucher? Redeem it now