DiamonEx earns 'more time to recover'

Wednesday, August 12, 2009

High Court judge Singh Walia has dismissed with costs an application by the European Investment Bank seeking cancellation of an order that placed DiamonEx (Botswana) Limited under judicial management earlier this year.

Justice Walia focused on the need for the judicial manager to be given time to implement a recovery plan for the troubled company if the interests of its creditors should be served.

The mine operated by DiamonEx, Lerala Mine, ceased operating a few months ago and the company stopped trading on the Botswana Stock Exchange in January. The suspension of operations at Lerala Mine after DiamonEx failed to repay a loan of P10 million it acquired from the European bank resulted in the loss of 285 jobs.

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DiamonEx earns 'more time to recover'

High Court judge Singh Walia has dismissed with costs an application by the European Investment Bank seeking cancellation of an order that placed DiamonEx (Botswana) Limited under judicial management earlier this year.

Its seventh heaven for pork lovers

Maun to get intimate with Ronald’s artistry

Maikano Serenaders to elevate chorale

Major Moves brings another rib-cracking session

Ratie is My Star 2024 winner

Dops Baipidi releases Ke Moya

Makgadikgadi Walk makes way for Epic

Tribunal rules in Zakhem's favour

Women unite for progress