11 Aug 2019

Minister of Mineral Resources, Green Technology and Energy Security, Mr Eric Molale says P956 million has been spent on the liquidation of BCL Mine. 

    Mr Molale said the amount was from the interim liquidation and distribution accounts prepared by the past liquidator, Mr Nixon Dixon-Warren as at February 2019. 

He said the amount excluded loans advanced by government to settle employees terminal benefits and utilities.

 Minister Molale narrated that government took a decision to put BCL under final liquidation on June 15, 2017 and that in February 27, 2019 the same decision was taken to place Tati Nickel mine under final liquidation. Both mines, he said, were currently under care and maintenance.

Mr Dixon-Warren executed his duties as liquidator and provisional liquidator until  July 31, 2019 when he formally resigned and was replaced by Mr Stephen Gore, Mr Trevor Glaum and Ms Sivalutchmee Moodliar of Sanek Trust Recovery Services from South Africa, said the minister.

He said Mr Dixon-Warren on the 28 May, 2019 formally applied to the master of the High Court to relieve him of his duties and obligations as liquidator and provisional liquidator in accordance with Section 457(1) of the Companies Act, citing poor working relationship between him and government.

 The master of the High Court consented to the request. 

“I do not expect any significant negative impact as a result of the departure of the previous liquidator because the master of the High Court ensured that there was handover.

Furthermore, Mr Molale said the team was appointed co-liquidators by the master of High Court on June 30, 2019 and assumed full responsibility on August 1, 2019 over all BCL assets in liquidation and in provisional liquidation. 

He further said there was a detailed handover process that was smooth from the previous liquidator to the recently appointed liquidator. Mr Molale also explained that the role of the new liquidators was to dispose or winddown the estate. 

He noted that their role was similar to that of the past liquidator because liquidations followed a process of law outlined in the Companies Act. He also said the master of the High Court was responsible for the supervision of the liquidation of any company.Selibe-Phikwe West MP, Mr Dithapelo Keorapetse had wanted to know the implications and circumstances of the BCL liquidator, Mr Dixon-Warren as well as the role of the new liquidator, and similarities and differences in terms of references or roles, past liquidation costs and future costs. ENDS