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

Click here (then “like” the page) to follow Bruce on Facebook.

Enter your email address in the form below to receive a newsletter containing the most-read articles of the week from Bruce Whitfield’s The Money Show every Friday morning in your inbox.

Subscribe to our Business Wrap Newsletter


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


Recommended

by NEWSROOM AI
Read More
How to make best use of your year-end bonus

How to make best use of your year-end bonus

The Money Show’s Bruce Whitfield interviews Warren Ingram, Personal Financial Advisor and Executive Director at Galileo Capital.

UK politics descends into chaos as Tories trigger no confidence vote against May

UK politics descends into chaos as Tories trigger no confidence vote against May

The Money Show’s Bruce Whitfield interviews Prof Raymond Parsons (Economist at NWU Business School) and EWN's Alex Eliseev.

The best things to listen to this holiday

The best things to listen to this holiday

What music can do for the soul, podcasts can do for the mind.

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

Bruce Whitfield sat down with GT Ferreira, Laurie Dippenaar and Paul Harris, the inspirational founders of Rand Merchant Bank.

10 most-read articles of 2018 from Bruce Whitfield's The Money Show

10 most-read articles of 2018 from Bruce Whitfield's The Money Show

It's interesting to see which The Money Show articles were most widely read in 2018; a very tough year for the economy.

Research proves networking doesn’t work (if you try it with strangers)

Research proves networking doesn’t work (if you try it with strangers)

Review of “Friend of a Friend: Understanding the Hidden Networks That Can Transform Your Life and Your Career” by David Burkus.

Popular articles
CapeTalk welcomes Lester Kiewit to line-up

CapeTalk welcomes Lester Kiewit to line-up

Well-known Cape Town broadcast journalist, Lester Kiewit will be back on the radio in the new year.

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

How RMB went from 'too poor to buy a photocopier' to the largest bank in SA

Bruce Whitfield sat down with GT Ferreira, Laurie Dippenaar and Paul Harris, the inspirational founders of Rand Merchant Bank.

Hawks nab seven traffic officials in Khayelitsha for taking bribes

Hawks nab seven traffic officials in Khayelitsha for taking bribes

Western Cape Hawks spokesperson says those who paid the bribes will also be arrested.

Popular shoe brand Vans ask Ackermans to remove "knock-offs" from shelves

Popular shoe brand Vans ask Ackermans to remove "knock-offs" from shelves

Vans' brand manager says although this is a recurring problem its main concern is that this particular "fake" is a very close copy.

10 safety tips from Sanparks following latest robbery at Table Mountain camp

10 safety tips from Sanparks following latest robbery at Table Mountain camp

The Slangkop Tented Camp in Kommetjie was hit by thieves the weekend. Here's advice on how to keep safe in the area.

Here's how to check your load shedding schedule in Cape Town

Here's how to check your load shedding schedule in Cape Town

Eskom has warned that more power cuts can be expected as maintenance continues over the next twelve months.