Early in July an attempt at business rescue was made since debts could no longer be paid. This process has failed.
“Once liquidators have been appointed, they intend to get in contact with all affected persons,” said Matuson Associates, a consulting firm specialising in business rescue appointments and restructuring distressed corporate debt.
First Tech Group was established more than 20 years ago and ended up having about 18 divisions and 19 production facilities throughout South Africa.
The group’s commercial and infrastructure products supplied various industries in the industrial sector.
The group had bought out Cosira, a company which was contracted to provide steel for the Medupi power station.
Cosira has also been provisionally liquidated after a business rescue attempt failed.
Other subsidiaries of First Tech which now have to wind down
include First
Tech Lighting, Gazelle Plastics and Bari Engineering.
First Tech belonged to Jeff Wiggill, who was killed in June.
His body was found in Protea Glen by police near his Bentley. He had gunshot
wounds to the head.
Wiggill was apparently hijacked and taken to Soweto. Sources close to the
investigation say the murder was more than just a hijacking and could have been linked
to First Tech’s huge debt, reported The Star.
“Since the demise of Mr Wiggill, it has become necessary to unravel a
number of complex and intricate financial transactions concluded for and on
behalf of the group,” according to a statement by Andy Bertulis, the group’s
CEO.
Fin24 was approached by an interested party who was concerned about consequences for First Tech employees in matters like pension funds.
Matuson did not reply to an enquiry about this, apart from the official
statement mentioned above.
- Fin24
Have you or someone you know been affected by what is happening to First Tech, or have
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