The application by Arqomanzi – formed by Siyakhula Sonke Corporation and Taung Gold – seeks to get an order that will declare that Standard Bank lawfully ceded all of Vantage Goldfields SA’s loan claims, amounting to R389 million, to Arqomanzi and that all business rescue plans so far have failed.
The legal fracas started when Vantage Goldfields cancelled a sale agreement with SSC’s subsidiary, Flaming Silver 373 Ltd, and opted to sell 100% of its stake to Real Win Investments Ltd. After the cancellation of the sale agreement Arqomanzi made a solid offer amounting to R472 million, which would focus on reopening the mines, settling with creditors and ex-employees, halting the Lily Mine decline, upgrading plant and infrastructure, and creating much-needed employment opportunities.
Creditors have threatened to reapply for liquidation of the mines and support a company that produces proof of funds. Arqomanzi has given the proof to creditor while Real Win has not. Real Win has, however, preferred to give its proof to Vantage Goldfields and the business rescue practitioners.
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