Multibillion-rand tech firm wriggles out of liquidation ... for now
Despite owing over R250m, Yekani gets a stay of execution pending a business rescue application
Multibillion-rand hi-tech company Yekani Manufacturing was given a new lease on life when the East London High Court on Tuesday suspended its liquidation pending the outcome of a business rescue application.
Standard Bank last year filed a liquidation application with the high court after the company failed to meet its financial obligations. It owes the bank R68m from two overdraft facilities.
In its papers, Standard Bank executive Russell Searle says Yekani CEO Dr Siphiwe Cele financed a luxury R3.4m Bentley Fly Spur V8 car via the company’s account...