Pula Steel sale flops as SA buyers exposed as scammers

Troubled days: Pula Steel could be sold via strip sale
Troubled days: Pula Steel could be sold via strip sale

The sale of liquidated Selebi-Phikwe plant, Pula Steel, will now go to a final auction or even a piecemeal sale of individual assets, after a deal with the South African buyers identified last August collapsed.

Documents from the process indicate that DH Machine Manufacturing, the SA firm, was discovered to have been linked to Coinit Trading, a suspected pyramid scheme raided by the South African Hawks and financial investigators last year.

“Further investigations revealed that the company, which was funding the deal from the DH group was being investigated by the Hawks in South Africa and that their doors had been closed and banks accounts frozen,” reads a letter from Pula Steel liquidator, John Hinchliffe to creditors.

Editor's Comment
Congratulations Anicia Gaothuse!

The contest had 10 beautiful young girls as finalists and unfortunately only one could wear the crown.The judges picked Anicia Gaothuse. To all those who feel their contestant should have won ahead of Anicia for whatever reason, hardly; the judges found Anicia to be the best among the best, so desist from disrespecting our newly crowned queen on social media or anywhere else, for that matter! Each of the 10 beautiful young women had supporters...

Have a Story? Send Us a tip
arrow up