NUMSA rejects attempts at BRPs at Comair to secure a fee increase
19 July 2020
The National Union Metalworkers of South Africa (NUMSA) is dismayed that the Business Rescue Practitioners (BRPs) at Comair, Shaun Collyer and Richard Ferguson, are requesting an increase on their hourly rate from R2000 to a staggering R4000 per hour. What is even more shocking is that this request is made whilst employees at Comair have not been paid their salaries since the end of March. The BRPs have delayed the process of the UIF Temporary Employee Relief Scheme (TERS) Application and their distribution of payment to employees was highly irregular and resulted in workers being short paid their salaries for the month of April. We accordingly reject this request with the contempt it deserves, and we demand that employees at Comair must be paid all their outstanding salaries in full!
Shaun Collyer and Richard Ferguson are also directors of Redford Capital, a corporate financing company and they now want Comair to conclude an agreement with Redford Capital with the following terms:
- A monthly retainer fee of R250,000 (VAT exclusive);
- A “success” fee calculated at 1% (VAT exclusive) of the gross funding raised for Comair in the course of the Company's business rescue proceedings.