High Court reverses Pula Steel P18m sale

Friday, October 11, 2024 | 1660 Views |

Feeling blue: Pula Steel’s sale has been dogged by challenges over the years, including a bid won by South African scammers

It’s back to the drawing board for liquidators involved in Pula Steel after the High Court struck down an P18 million sale sealed last year for the country’s pioneering steel plant.

In a recent ruling, Justice Zein Kebonang of the Gaborone High Court upheld arguments that the deal had improperly favoured the winning bidder, Sherashiya Pty Ltd. The case was brought against the liquidator, John Hinchliffe and Sherashiya by VRI Metals, a subsidiary of Vision Ridge, which also owns the Ikongwe iron ore mine near Shoshong.

VRI won a previous bidding round in 2022 for Pula Steel, but failed to settle the P16 million price tag, leading to another bidding process in 2023 won by Sherashiya. Both VRI and Sherashiya are Indian origin firms that specialise in steel manufacturing.

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