Tegeta Exploration and Resources

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.

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

A black-owned South African mining group, Lurco, is buying the Gupta family’s Koorfontein mine, Netwerk24 reported on Monday morning.

The bankrupt mine in Mpumalanga is owned by the Guptas’ Tegeta Exploration and Resources, a unit of Oakbay Investments. It used to supply coal to Eskom, but has not been operational for some time. Employees last received salaries in November 2018

Lurco was established in 2010 by businessmen Ellington Nxumalo and Aubrey Chauke. One of its largest projects is a coal beneficiation contract with Australian miner South32.

Lurco has until later this week to settle the R500m bid. Louis Klopper, the business rescue practitioner tasked with dealing with some of the Gupta companies, told Netwerk24 that a foreign-owned financier, who is supporting Lurco’s bid, has transferred a part of the money last week. The rest needs to be settled by 24 October.

If that doesn’t happen, another company, Black Royalty Minerals (BRM), will buy Koor
Continue reading…

Share with friends on Social Media (if share buttons do not show below, disable your ad blocker temporarily):

Posts tagged with 'Tegeta Exploration and Resources'

Liquidation of Gupta company, Oakbay back on the table

Bankrupt Gupta mine in Mpumalanga sold to black-owned South African mining group