Grumpy loser: CoA blasts Mupane bidder

Nova and liquidator, Kopanang Thekiso, have been battling Ulsan since last year, over a creditors’ decision to approve the sale of the country’s sole gold mine to Nova. The battle to take over Mupane raged from last August after the Nova Africa joint venture, with an offer of $21 million, got the green light from creditors. Rival joint venture, Ulsan Botswana, offered an upfront $500,000 and up to P10 million upon further assessment of the mine.

In October, Ulsan secured a High Court interdict of the award to Nova, claiming several technical irregularities. In a scathing judgment issued last week on Thursday, a CoA bench set aside with costs the interim interdict secured at the High Court and upheld the appeal filed by Thekiso and Nova.