Gupta company fails to have practitioners removed
The Gauteng High Court (Pretoria) has dismissed an application by the Gupta family's Oakbay Investments to have the business rescue practitioners removed from Tegeta Exploration and Resources. Judge Sulet Potterill on Friday ordered Oakbay to carry the costs, BusinessLIVE reports.
This brings the total number of cases brought against the business rescue practitioners of Tegeta and seven other Gupta-linked companies to 58 since they were put into rescue in February 2018.
The companies include Tegeta Exploration and Resources, Optimum Coal Mine and Terminal, Koornfontein Mines and Shiva Uranium, and are directly or indirectly controlled by Oakbay.
Tegeta, which is 29% owned by Oakbay, consented to the appointments of business rescue practitioners Kurt Knoop and Louis Klopper. Oakbay later approached the court to have Knoop and Klopper replaced, claiming they were conflicted and had displayed a lack of independence in maligning the Guptas as shareholders.
The judgment found the allegations of lacking independence to be unfounded and further determined there was no conflict.
Potterill's judgment was also scathing of the barrage of lawsuits that are hindering the rescue process.
'The ongoing litigation in this process needs to stop. Tegeta, Koornfontein Mines, Optimum Coal Mine and Optimum Coal Terminal are involved in the supply of coal to Eskom, a national asset with insurmountable trouble. It is in the public interest that these entities are rescued.'
Potterill also took up a suggestion from the practitioners and ordered that they file a progress report with the court every six weeks until the rescue is complete.
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