Investors in junior coal miner Salungano Group were hit with a triple whammy of bad news on Monday when the JSE suspended its shares, while the Eskom supplier also announced its biggest subsidiary would be facing both business rescue and liquidation proceedings on Tuesday.for its 2023 year by the end of June, which was extended to the end of July and then to August.
Both the liquidation and business rescue applications will be heard at the North Gauteng High Court in Pretoria on Tuesday, Salungano's company secretary Yolande Lemmer told News24. A deep dive into the big business story of the week, as well as expert analysis of markets and trends.In a shocking development in June, the entire audit, risk and compliance committee of Salungano's board, which has the authority and responsibility to consider and approve the audited financial results, resigned and left the company unable to finalise the audit process.