Can this man save the Guptas’ companies (and the jobs of thousands)?

A screengrab of employees at the Gupta-owned Optimum Mine in Mpumalanga downing tools over salaries on 21 February 2018.

An independent person takes control… pre-existing management have no further say… so that you investigate and determine what the root cause is…

Louis Klopper, Coronado Consulting Group

We have 10 days… before we have to express an opinion… Then we have three weeks to produce the business rescue plan…

Louis Klopper, Coronado Consulting Group

We have 30 days to convince the banks… or find alternative transactional banking… If we fail, that’s it…

Louis Klopper, Coronado Consulting Group

The jobs of thousands of people working at Gupta-linked companies are on the line, now that those companies have applied for business rescue.

Two business rescue practitioners have been appointed to outline plans for the assets of the firms involved, namely Tegeta Resources, Optimum Coal Mine, Shiva Uranium and four others.

The Gupta-linked mines are crucial for providing coal to two Eskom power stations.

The Money Show’s Bruce Whitfield interviewed Louis Klopper.

Klopper is a Senior Business Rescue Practitioner at Coronado Consulting Group.

Listen to the interview in the audio below (and/or scroll down for more quotes from it).

Business rescue has a very bad name in the market, because companies generally wait too long.

Louis Klopper, Coronado Consulting Group

There’s a lot of emotion around the family… it could be very distracting…

Louis Klopper, Coronado Consulting Group

The directors of the companies have appointed me…

Louis Klopper, Coronado Consulting Group

The perception is that the family members are directors… they are not… they own shares in the holding companies…

Louis Klopper, Coronado Consulting Group

I have no contact with the family… I don’t need to have contact…

Louis Klopper, Coronado Consulting Group

…They went into business rescue because of the exit of Bank of Baroda from South Africa…

Louis Klopper, Coronado Consulting Group

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This article first appeared on 702 : Can this man save the Guptas’ companies (and the jobs of thousands)?


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