Cape Town - who are owed millions of rand and may have to close down. In 2016 Group Five was one of seven construction companies who were collectively fined R1.4 billion for their collusive practices in the construction of South Africa’s World Cup stadiums.According to Moneyweb, Group Five’s stock, after 45 years of trading on the JSE, was suspended on March 12 after the company filed for bankruptcy protection, making it the fifth local builder to enter business rescue in less than a year.
The company is meeting with creditors, including subcontractors, across the country to explain its situation and get a sense of how many subcontractors it owes money to. Four disappointed Cape Town-based contractors said: “Between us we stand to lose R2million because we are not getting paid this month.
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