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Arqomanzi Proprietary Limited v Vantage Goldfields Proprietary Limited & others
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In a win for truth and justice, a court judgment handed down by the Mpumalanga High Court of South Africa, on 31 May 2021, ruled that the behavior and actions of the Lily and Barbrook Mines’ business rescue practitioners (BRPs), towards the businesses under rescue and the affected parties, were unlawful and irresponsible.
Search and rescue teams at the collapsed Lily Mine on February 13, 2016 in Barberton, South Africa. Workers were retrenched after the entrance to the mine sank, trapping three workers underground, whose bodies have still not been retrieved. Photo: Felix Dlangamandla/Gallo Images
The wheel has turned in favour of a bidder who wants to acquire two Mpumalanga gold mines from an Australian company after the Mpumalanga High Court in Mbombela found that business rescue practitioners were wrong not to publish adopted business plans based on its offer.
Arqomanzi (Pty) Ltd turned to the court after business rescue practitioners of Lily and Barbrook Mines, Rob Devereux and Daniel Terblanche, decided against publishing business plans based on its R250 million offer. The pair instead opted to publish plans in favour of Australian company, Macquarie Metals, which bought 98% of Vantage Goldfields (VGO), the owner of the mines.
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