Application for liquidation filed against ‘insolvent’ Salungano

Tawanda Karombo

WESCOAL’S parent company, Salungano, could be trading under insolvent circumstances, NG Global Energy Solutions – which has given the coal mining company up to 10 days to pay back R11.2 million for failure to honour a coal supply contract – claims in a court application. The application is seeking the liquidation of Salungano which, according to court papers, was supposed to deliver coal to NG Global Energy Solutions, a South African commodity trading company. Financial woes have been swirling around Salungano and its subsidiary, Wescoal, over the past few months. Rocked by the resignations of three members of its audit and risk committee, Salungano also has liabilities surpassing R1 billion, most of which should be settled within the next six months. Now, the company, which recently won a…

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Cape Times (Digital) - 1 Issue, 2023-10-23

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