Chief Executive Officer of Industrial Development Corporation (IDC), the Ministry of Economic Development’s funding agency, Geoffrey Qhena says they are taking the Gupta’s Oakbay resources to court, to recoup R285 million of the loan they made to the Guptas to buy the mine.
“The original loan which we had was R250 million, which was capital, and it had the return which was almost R250 million, and remember we had converted it into shares, so we looking at roughly R287 million which they still owe us,” says Qhena.
Hundreds of workers at the mine have also not been paid their February salaries.
The workers are waiting to hear their fate from the union and employer. The company is one of the six Gupta-owned mines who last week applied for business rescue to declare them insolvent.
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