SuraPure Drinks has been placed under business rescue and if FNB uplifts the freeze placed on its account, the company’s funds will fall under the control of its business rescue practitioners.
Council for SuraPure, Advocate Don Mahon, announced this in the South Gauteng High Court on Tuesday.
SuraPure was to bring an urgent interdict against FNB to unfreeze the account, but the matter has been postponed indefinitely now that SuraPure has been placed under business rescue.
Reading a statement from the micro-retailer, Advocate Mahon told Moneyweb that in light of the allegations leveled against SuraPure, it had taken the decision to be placed under business rescue so that independent third parties could investigate its affairs.
These business rescue practitioners would engage with various role players and work towards saving the company, given the obstacles it faces.
In the event that FNB did unfreeze SuraPure’s account, the funds would be placed under the control of the business rescue practitioners who would decide how to address the concerns of regulators.
A representative of the South African Reserve Bank (Sarb) confirmed that the bank had appointed inspectors to investigate SuraPure and was aware that it had been placed under business rescue.
The registrar of banks has sent SuraPure a letter requesting information and expects a response from the company this week.
SuraPure has requested patience from stakeholders, saying that a formal communication will be released as soon as possible.
Responding to a remark from the judge, Advocate Mahon said there had been suggestions that SuraPure had the hallmarks of a pyramid scheme.
Last week, SuraPure opened an account with Absa, which is now also investigating the affairs of the company.