Wednesday, 29 Mar 2017
The Presidency has confirmed that President Ian Khama has agreed to lift the suspension of four Judges of the High Court.
Wednesday, 29 Mar 2017
The Gantsi district has recorded 16 malaria cases with a further 44 suspected cases.
Wednesday, 29 Mar 2017
Francistown City Council has intensified efforts to collect rates from residents.

Pula Steel Judicial Manager appeals for stakeholder cooperation

Friday, 10 March, 2017 - 13:30

Pula Steel Judicial Manager, Vijay Kulya-naraman has appealed to all stakeholders, including creditors, to cooperate with him to ensure that the company resumes operations.

Vijay said although Pula Steel faces a number of challenges, conditions for a comeback are favorable, as the steel industry has improved significantly over the past few months.

He revealed that Pula Steel is deep in debt, with close to a hundred creditors owed tens of millions of Pula.

Vijay further explained that placing the company under judicial management, has managed to save it from creditors who wanted to auction some of the company assets.

At the time the judicial order was granted, there were seven court orders awarded against the company, while its fleet of trucks and small cars were auctioned by one of the creditors in the last two weeks.

The company on Wednesday terminated the contracts of all employees, including the company's former management.

Add new comment

Plain text

  • No HTML tags allowed.
  • Web page addresses and e-mail addresses turn into links automatically.
  • Lines and paragraphs break automatically.
CAPTCHA
This question is for testing whether you are a human visitor and to prevent automated spam submissions.
Image CAPTCHA
Enter the characters shown in the image.