Bakubung group obtains order stopping administrator’s appointment

The Bakubung ba Ratheo conventional group has welcomed a excessive court docket judgment which suspended North West premier Job Mokgoro’s choice to nominate an administrator for the group.

The premier had made the choice, efficient from December 1, to nominate Moatlhodi Dilotsotlhe as administrator.

A few of Dilotsotlhe’s duties included investigations into the monetary affairs of the group and its business and financial automobiles.

The choice by Mokgoro got here after the group pleaded poverty in June as common dividend flows from its R500m funding in monetary advisory agency Musa Group dried up.

The 30,000-strong Bakubung ba Ratheo’s land, close to Rustenburg, sits on high of substantial platinum deposits.

The group utilized to the North West excessive court docket to interdict and droop the implementation of the choice of Mokgoro to put the group below administration and the appointment of an administrator.