Court throws out Numsa application against VR Laser auction | Fin24
  • Load Shedding

    Find the latest load shedding schedules for Joburg, Durban, Cape Town, and other cities.

  • Credit Rating

    SA can still avoid a downgrade to junk by Moody’s, says Reserve Bank Governor Lesetja Kganyago.

  • Fin24’s newsletter

    Sign up to receive Fin24's top news in your inbox every morning.


Court throws out Numsa application against VR Laser auction

Sep 18 2018 18:01
Sibongile Khumalo

The High Court in Johannesburg on Tuesday threw out an urgent application by the National Union of Metalworkers of SA (Numsa) to try and prevent the sale of assets of VR Laser Services.

Numsa, which had 146 members employed by the Gupta-linked firm wanted the court to set aside the business rescue plan for the company and the sale of its assets as a matter of urgency. 

The auction of VR Laser assets, which aimed at raising funds to pay off the troubled firm's creditors, is scheduled to take place on Thursday.

Judge Selemeng Mokose ruled that Numsa had failed to present a convincing argument to justify the urgency.

"I'm not swayed that there's urgency… the matter is struck off the roll for the lack of urgency," said Mokose. 

Numsa also wanted a creditors’ meeting to be convened to vote on the adoption of an amended business rescue plan.

The application also named the Bank of Baroda and the SA Revenue Service (SARS) as respondents.

VR Laser specialised on steel plate processing and specialised fabrication. Its financial woes intensified when an offer from Blain Capital Solutions to inject R11.7m fell through, leaving the firm unable to pay employees and creditors.

This year, Denel terminated its dealings with the firm, as pressure mounted against Gupta-linked firms and allegations of their involvement in state capture.

* Sign up to Fin24's top news in your inbox: SUBSCRIBE TO FIN24 NEWSLETTER

vr laser


Company Snapshot


Struggling power utility Eskom will take centre stage at this year's mini budget

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...

Voting Booth

What do you think about private healthcare in SA?

Previous results · Suggest a vote