Business Rescue – Gold Circle Go To High Court

Action opposed by Phumelela, Evans and MOD

An urgent application has been brought by KZN racing operator Gold Circle against Phumelela Gaming & Leisure Limited, John Evans in his capacity as business rescue practitioner of the Gauteng-based racing operator, MOD as well as alternative bidder, Betfred.

The court action, if successful, will effectively halt the business rescue process, pending resolution of a dispute over the ownership of Phumelela Gold International Limited.

The application, which is being heard at 09h00 on Tuesday morning in the South Gauteng Division of the High Court, is being opposed by Phumelela Gaming & Leisure Limited (in Business Rescue), the Business Rescue Practitioner and Mary Oppenheimer& Daughters (Pty) Limited.

Betfred Limited have given notice that it will abide the decision of the court.

The action by Gold Circle is a sequel to the rejection of their claim to 39% of the shares in Phumelela Gold International Limited.

The Notice of Motion and founding affidavit can be read here

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