Future of Guptas’ Shiva under threat
Business rescue of the uranium mine in danger as battle for control of process heads for court
The fraught rescue of the Guptas’ Shiva Uranium, which holds one of the largest uranium deposits in the world, has ground to a halt as an extraordinary battle for the control of the process unfolds and is now headed for court. The troubled operations closed in July and its employees have received no income since, nor is there clarity on whether the mine will reopen. Some workers also fear that the assets will fall into disrepair as "zama zamas" seek to strip the mine of copper cabling and possibly gold. Before operations halted, there had been vandalism and even shootouts on the property, former Shiva worker Tumi Matosela told Business Day. Shiva and eight other Gupta-associated entities were put into business rescue — a provision in law for the rehabilitation for distressed companies — in February when they lost their banking facilities. SA’s major banks came under political pressure when they started closing the Guptas’ accounts in 2016 after flagging suspicious transactions. The ...
Would you like to comment on this article?
Sign up (it's quick and free) or sign in now.
Please read our Comment Policy before commenting.
Subscribe now to unlock this article.
Support BusinessLIVE’s award-winning journalism for R129 per month (digital access only).
There’s never been a more important time to support independent journalism in SA. Our subscription packages now offer an ad-free experience for readers.
Cancel anytime.
Questions? Email helpdesk@businesslive.co.za or call 0860 52 52 00. Got a subscription voucher? Redeem it now.