Barloworld withdraws Gupta coal mine liquidation

This from enca.com:

JOHANNESBURG – Barloworld Equipment has confirmed the application for the liquidation of the Optimum Coal Mine has been withdrawn.

The company says it has received payment of a portion of the outstanding amount invoices from Gupta-owned company, Tegeta.

According to a statement released by Barloword, Tegeta, which owns the Optinum Coal Mine agreed to pay a portion of the outstanding amount, “under protest’.

The balance would be placed in an attorneys’ trust account pending a determination by an independent auditor.

Barloworld applied to the high court to liquidate Optimum.

It is understood the debt runs into millions of rands.

Tegeta claims it inherited a disputed balance with Barloworld, when it purchased the mine in April.

Full story here:

http://www.enca.com/money/barloworld-withdraws-gupta-coal-mine-liquidation?utm_campaign=Echobox&utm_medium=Social&utm_source=Facebook#link_time=1477575150

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