Guest Contributor | Feb 21, 2024 | 0
Purity buyer stalls liquidation
There is a real chance that the Purity Manganese mining operation will in due course get a new owner according to law firm Koep and Partners who are representing Pupkewitz in its liquidation battle versus Purity Manganese owner and probable ghost, Borris Bannai. The lawyers this week briefly updated the Economist on the progress of the liquidation order.
Responding to a query by the Economist, Partner at the law firm Josias Agenbach said that various operators were looking at purchasing the now defunct manganese operation but could not provide any detail on the interested parties. This, he said, was according to the liquidators David Bruni and Ian McLaren of Investment Trust Company. “According to the liquidators, there are interested parties who are currently conducting their own due diligence and investigations and negotiations with the liquidators. We are not at liberty to disclose the parties involved at the time,” Agenbach explained.
Added Agenbach, “once the High Court grants a final liquidation order the mine’s licenses with the Ministry of Mines and Energy will lapse. In order to facilitate the sale of the mine with its existing licenses, the return date for the provisional [liquidation] order was thus first extended to 29 October 2015 and thereafter again to 7 March 2016.”
A farmer in the Otjiwarongo district recently made the claim that the farm on which the Purity Manganese mine is situated, was never transferred to Bannai or Purity Manganese, forcing the Economist to pay the chaotic Deeds Office a visit. Multiple searches on different occasions yielded no results in the search for the true owners of the land on which the mining property is located.
When this was brought to the attention of newly appointed Pupkewitz Holdings Managing Director Dougie Truter, he explained that Pupkewitz are only interested in the moveable assets located on the Purity Manganese property. Said Truter in response to the Economist, “the liquidation order is against the mine, its assets and operations, the land was never included. It is very common that the extractive rights to minerals and/or other elements are awarded to someone other than the landowner. Thus the original application never cited the landowner.”
Truter added that the liquidators would provide Pupkewitz with a report and recommendation in due course.