Diamonds & Dogs: Bell Equipment; Rockwell Diamonds
BELL EQUIPMENTEverybody’s favourite producer of giant-tyre earth moving equipment has not been without its issues of late. Particularly galling was the discovery in the first quarter of 2016 of a properly decent-sized fraud in the Democratic Republic of Congo (DRC), which resulted in the entire local management team and a number of other employees being dismissed and required squadrons of legal and tax professionals to get the operation back on track.Management shows great restraint in describing this as a "difficult market" when clearly there are some strong Anglo-Saxon terms that might have been employed instead.The DRC shenanigans kiboshed what would otherwise have been an improvement in profitability year on year, and the group has focused on directing its efforts away from the moribund mining industry into construction.Miners continue to count the pennies and sweat their assets to the maximum, with their mobile equipment fleets now at the oldest they have been for a dozen years...
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.