BUSINESS RESCUE
IDC in court bid to oust business-rescue specialists at Gupta-owned firms
The Industrial Development Corporation (IDC) is said to want the business-rescue practitioners assigned to Gupta-owned companies replaced with its own, according to communication. The development financier may also be a step closer in recouping a multimillion-rand loan to the Guptas for the purchase of Shiva Uranium, as two potential buyers have placed offers for the asset. The IDC matter is scheduled to be heard in the high court next Tuesday, two weeks before Louis Klopper and Kurt Knoop, the business-rescue practitioners nursing eight Gupta assets back to financial health, are due to publish detailed plans on how they plan to revive the fortunes of the Gupta businesses. The corporation has also petitioned the high court to recoup its money. Klopper and Knoop’s business rescue plans for the eight Gupta companies are to be published on April 23. Publication was scheduled for Tuesday, but in letters addressed to creditors the business rescue practitioners have asked for an extension...
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