Business rescue practitioners appointed to save Gupta-owned Shiva Uranium resign
31 May 2018
The business rescue practitioners (BRPs) appointed to save Gupta-owned company Shiva Uranium have resigned with immediate effect after their relationship with the state-owned Industrial Development Corporation (IDC) - the company's largest creditor – turned sour.
Louis Klopper and Robert Knoop resigned on Thursday ahead of a legal battle between the IDC, the Gupta-owned company and the BRPs.
In a resignation letter seen by News24, Klopper and Knoop said it had become clear that the perfecting of the IDC's security and its consequences, including the administration thereof, brought about a situation in which the relationship between them and the IDC had become strained.
They added that the relationship had become strained to the extent that their continued involvement as BRPs was objectively no longer in the best interest of Shiva Uranium or the parties affected by its business rescue.