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Union calls for mining company in liquidation to be rescued

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The majority union at the troubled mining company Central Rand Gold SA has applied for the firm, which is already under liquidation, to be put under business rescue instead

The Building Allied Mining and Construction Workers’ Union, which represents 75 of the 120 company’s employees, has applied to the Johannesburg High Court for an order that the company be placed under business rescue.

It was placed under liquidation two months ago after two creditors, including the City of Joburg, approached the court.However, at the first meeting of creditors last month, the company was voted out and new co-liquidators, Johannes du Plessis and Norman Jacobs, were appointed. According to a well-placed union source, as well as one of the creditors, the union claims the company’s debt amounts to more than R180 million, while the proved claims at the meeting of creditors totalled less than R30 million.

Meanwhile, the company has allegedly kept its holding company, previously listed on the London Stock Exchange, in the dark about its financial woes.

 

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