The Supreme Court of Appeal on Friday rejected an attempt by Gupta-owned Oakbay Investments to have the business rescue practitioners of another of the family's companies, Tegeta, removed.
Oakbay approached the Supreme Court of Appeal after it unsuccessfully went to the High Court in Pretoria in 2019, where it argued that the business rescue practitioners were conflicted and biased.ebruary 2018, eight companies in the Oakbay Group were placed in voluntary business rescue after SA’s four major banks withdrew their services.
“Among the companies were ... Tegeta, and its three wholly-owned subsidiaries, Optimum Coal Mine, Koornfontein Mines and Optimum Coal Terminal. Oakbay Investments, the applicant and the company that controlled the group, was not placed in business rescue,” the judgment reads.and jointly as the BRPs of Koornfontein.
The dispute arose over intercompany loans between the various firms now being handled by the BRPs. Oakbay argued that the BRPs should not have acted simultaneously for the different parties when the resolution “can only be beneficial to the one and detrimental to the other”.“I am accordingly satisfied that Oakbay's complaint was not established. Nothing more than the possibility of conflict in some unlikely circumstances in the future emerged from these papers, said Judge Malcolm Wallis.
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