Creditors to vote on Glencore Optimum Coal sale | Fin24
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Creditors to vote on Glencore Optimum Coal sale

Apr 07 2016 20:06
Franz Wild and Paul Burkhardt

Johannesburg - Creditors of Glencore’s Optimum Coal Mine are scheduled to vote on Friday on a plan that would sell it to a company controlled by South African President Jacob Zuma’s son and the Gupta family, according to a document describing the terms.

The sale of Optimum, which had been placed into bankruptcy protection by Glencore Plc, to Tegeta Exploration and Resources (Pty) Ltd, a company owned by Oakbay Investments (Pty) Ltd and Mabengela Investments, is outlined in a business rescue plan, dated March 31 and published on the business rescue practitioner’s website.

Oakbay Investments is owned by the Gupta family. Duduzane Zuma has a stake in Mabengela.

Optimum’s creditors include Optrix Security Co, Glencore, OCH Investments and Shanduka Resources (Pty) Ltd, with total claims of R4.4bn ($290m), the document showed. While state-owned utility Eskom Holdings SOC Ltd is also listed with disputed claims of R2.2bn, its doesn’t have voting rights.

glencore  |  mining


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