The Supreme Court of Appeal on Friday dismissed with costs Oakbay Investments' challenge to the North Gauteng High Court's refusal of its bid to have Tegeta Exploration and Resources' business rescue practitioners Johan Louis Klopper and Kurt Robert Knoop removed.
Oakbay Investments, which is not under business rescue, owns 29.05% of Tegeta Exploration and Resources and is the holding company of other Gupta-owned firms Shiva Uranium, Optimum Nekel Mining and Exploration, Optimum Vlakfontein Mining and Exploration and Optimim Overvaal Mining and Exploration, which are all also under business rescue.
jointly for Koornfontein Mines. Knoop was also appointed as the sole business rescue practitioner of Optimum Coal Terminal. Oakbay Investments chief executive Ronica Ragavan told the SCA that the business rescue practitioners will effectively be forced to act as mediators between Tegeta Exploration and Resources and Optimum Coal Mine whilst representing both the entities simultaneously.
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