BCL saga, page-245

Mmegi

Business

"Tati Nickel ordered out of liquidation


Nickel ordered out of liquidation
The High Court on Tuesday broke new legal ground by ordering Tati Nickel Mining Company out of liquidation, in a move that its liquidator says is "unprecedented, incomprehensible, unfathomable" and which could trigger a stampede by creditors owed P1 billion by the mothballed operation."

Quite an interesting development....my initial reaction was that the court had simply tired
of N Dixon-Warren /KPMG dragging the process out, then some of the judge's summary seemed to show there was less surety about the interested parties, back to due diligence up to another 6 weeks, then calls for final offers (again) , on and on ad nauseam , then I noticed the judge was Mr Kebonang, so? Of course the former minister of mining etc was the lawyer Sadique Kebonang (now having problems of his own) and my suspicious mind leapt about, but I have no doubt all is straightforward, nonetheless.
At the same time I also wondered why the judge did not simply echo the process court took earlier when placing BCL in final liquidation instead of taking Tati (and presumably the BML JV documentation holder BCLI) out of liq. completely and placing it back in the hands of the government as major shareholder. That would presumably mean the Botswana govt's holding company (previously but no longer run by Paul Smith) would be the holder again? Dixon-Warren obviously thought the court, having rejected his staff's (reads to me as if he probably wasn't even present at court....??) plea for another extension, would place Tati into final liq., not hand it back wholes bolus to it's owners inclusive of all it's debts and assets, but no staff, directorate or management.
Clear as mud in a beer bottle.

http://www.mmegi.bw/index.php?aid=75264&dir=2018/april/13

Another annoyance for SI6 as it means further delays and confusion regarding the future of the JV.

Regards to all.