Pamodzi’s ultimatum

raise r11m by monday or no deal - liquidators.

pamodzi (jse:pzg) liquidator enver motala has given the gold miner's management an ultimatum: raise r11m by monday or else no deal.

motala confirmed late on friday that he has met with the management of pamodzi and given them until the end of business on monday to raise r11m to pay for the care and maintenance of pamdozi's president steyn mine in the free state.

if managers can achieve this they will have bought the china africa development fund 30 days to conclude its due diligence for its proposed r626m investment.

accusations over the management of the president steyn mine have been coming out of the (run down) ivory shed that is called the president steyn "office".

a member of the provisional liquidators, johan engelbrecht, has been accused of pulling a "jobs for pals" at president steyn mine.

it is alleged that engelbrecht is good friends with mark right, who was head of protea guarding division which was appointed to guard the mine despite pamodzi having its own guards. according to a concerned member of the welkom public, protea coin has been inept at guarding the mine, making zero arrests versus pamodzi's 19 over the same period guarding the same assets.

these allegations were proposed to engelbrecht who began a fiery tirade against the general manager of president steyn mine, fanie van staaden.

engelbrecht did go on to say that "i proposed [protea security]" to the provisional liquidators but "i don't know mr mark right from a bar of soap". right himself says "[i've] never met the man." he says that he acted to rapidly secure the president steyn mine on behalf of the liquidators.

on the issue of motala being appointed on a discretionary basis by the master of the high court, ben nel, whose personal attorney made up to seven applications to liquidate pamodzi, engelbrecht says "i can't comment on how motala was appointed". moneyweb then commented that motala had in fact commented himself so engelbrecht didn't have to.

engelbrecht responded "that's his problem".

asked about the terrible arrest record, engelbrecht says "i'm not aware of this". "it is a joint security force so to say one crowd has done this and the other hasn't is pure speculation."

it was also alleged that protea removed the existing guards' firearms, thus leaving them totally unable to defend themselves or do their jobs. engelbrecht responds "this is totally untrue".

it seems as though the truth must be somewhere in between this handbag fight.

chris blaine