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Gupta owned Optimum mine starts business rescue proceedings

Eskom said coal had been diverted from other mines to supply the power station after workers at Optimum downed tools and coal was not delivered.

South African power producer Eskom said on Thursday the Optimum coal mine, which is owned by the Gupta family and supplies one of the utility’s power stations, had started business rescue proceedings.

Ajay Gupta, one of the three Gupta brothers accused of corrupt links to former president Jacob Zuma, was declared a “fugitive from justice” last week by South Africa’s chief prosecutor, while India’s Bank of Baroda, which counts the family’s operations as clients, has pulled the plug on its South African business.

Read Gupta empire crumbles as Zuma exits South African Presidency

South Africa‘s main commercial banks have cut all ties with the Guptas, citing reputational risk. Zuma and the Guptas have consistently denied any wrong-doing.

Eskom, the sole power provider in Africa‘s most industrialised economy, said it was informed by Optimum, which supplies its Hendrina Power Station, that Optimum had started business rescue proceedings on Monday.

It did not say what the rescue proceedings entailed. Optimum could not immediately be reached for comment.

Eskom said coal had been diverted from other mines to supply the power station after workers at Optimum downed tools and coal was not delivered.

Hundreds of members of the National Union of Mineworkers (NUM) marched on Wednesday at the Optimum mine to express their concerns about the operation’s viability.

NUM says members not paid

NUM said on Friday that its members had not been paid on time at the Optimum coal mine and would not return to work at the operation.

“The guys were not paid and they want a meeting with the CEO because they are concerned about the business rescue proceedings which they were not informed about,” NUM spokesman Livhuwani Mammburu said.

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and who do we have to thank?…well done, another successful corrupt, unemployment creator, ANC successes.

Optimum Coal needs to be thrown a lead weight not business rescue.

That’s a vindictive rather than a pragmatic viewpoint…

The Optimum mine needs to be nationalized for the Tax payers.

No. What is vindictive (or rather criminal) is getting a ‘never hear of’ prepayment for coal to support the buyout of the business at the expense of the taxpayers.

So the Gupta’s having stolen the mine from Glencore are having to put the mine into business rescue – Karma is sweet

It is a rather interesting point to note that Glencore “grew” this business via the legal and ethical business route, and not the “get-rich-quick-via-corruption” methodology of the Gumpties.
It would be quite ironic if Gencore stepped in and bought the mine back for pittance – especially now that the Gumpties got off the stupid illegal penalty Koko the Clown and Col Molefe insisted on.
And the irony is not wasted on me with the picture used still having Glencore branding at the mines!!!

If I was a tin foil hat kinda guy I would say that it was done deliberately, if 😛

Are you referring to the term “What goes around comes around”?

Can’t Eskom step in and prepay them for something?

It would be interesting to know how many Optimum Mine workers voted for the ruling party. And if they are happy with their choice now. And would they vote that way next time?
Thank you Mr Z.

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