liquidation | SA Radio .com

The Tegeta Exploration and Resources has again filed an application for liquidation from the Gupta company, Oakbay Investments.

The Tegeta institution has gone on a hunt for the R402 loan from the Gupta company, which has been in disarray in recent months.

Tegeta claims that the Guptas ‘family business’ Oakbay Investments, as an entity owes him R400m.

In the documents filed with the Johannesburg High Court, Tegeta argues that Oakbay is liquidated as he is not in a position to settle his debts.

The Guptas currently living in the Emirates have already been auctioned off in Johannesburg and sold to pay off outstanding debts, but attempts to get them extradited to SA have been unsuccessful until now.

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The Edcon group, which owns Edgars, has denied reports that the entity faces liquidation. A statement says that the group is experiencing financial difficulties, but is negotiating between shareholders, suppliers and landlords in an effort to save the company.

The same statement states that there will be no job losses, but there will be fewer shops.

Observers say, however, that there is something in the statement somewhere, but there is a possibility that workers will have a choice to be accommodated elsewhere and in other posts.

This report does not necessarily reflects the opinion of SA-news.
Read the original article in Afrikaans on Die Vryburger

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