Gupta mines’ R1.7bn rehabilitation funds case settled

It was agreed that the funds be invested at a competitive and market-related interest rate.

FILE: Bank of Baroda logo. Picture: Supplied.

JOHANNESBURG – While the matter involving the Gupta mines’ R1.7 billion rehabilitation funds was expected to be heard on Thursday, it’s emerged the case was, in fact, settled out-of-court a month ago.

The trustees of the Optimum and Koornfontein coal mines rehabilitation fund had challenged the Asset Forfeiture Unit’s seizure of the cash.

In a settlement reached between the Organisation Undoing Tax Abuse (Outa), the rehabilitation funds’ trustees and company directors, it was agreed that the funds be transferred to an account managed by the Mineral Resources minister.

It was agreed that the funds be invested at a competitive and market-related interest rate.

The Bank of Baroda has since transferred the money to a Nedbank trust account.

The court order does not prohibit potential new owners of the Optimum and Koornfontein mines from moving the funds, provided its done so in terms of the applicable legislation.

(Edited by Zamangwane Shange)

Source: EWN

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