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Johannesburg - The High Court in Pretoria has rejected two applications to liquidate Wescoal Holdings [JSE:WSL], the company said on Thursday.
"We are pleased with this outcome as it substantiates our assertions that their actions were simply intended to embarrass Wescoal," Wescoal CEO Inga Sebata said.
"Our management team is now looking forward to focusing on the business of providing value to our stakeholders."
The applications were brought by Sutha Civils and BSM Mining. BSM Mining applied for a liquidation of Wescoal for an amount of R84,000 and Sutha Civils wanted R95.9 million.
The applications followed allegations of a termination of Sutha's contract to mine in Wescoal's Khanyisa colliery, and BSM's subsequent claim for royalty payments for the use of its mining rights.
The "abuse" was so outrageous it called for punitive cost orders, Sebata said.
