A 100% black-owned Port Elizabeth construction company faces liquidation, with the resultant loss of 300 jobs, following claims that the Nelson Mandela Bay Municipality owes it R117-million.
The Port Elizabeth High Court has provisionally wound up Masakeni Construction (Pty) Ltd, ordering a commission of inquiry in terms of the Companies Act.
Masakeni director Khwezi Blose made the application on behalf of his company after business rescue proceedings were terminated.
In an affidavit before court, Blose said it was imperative that a liquidator be appointed to investigate the municipalitys reluctance to settle its alleged debts.
The failure by the municipality to effect payment has caused Masakeni to suffer severe cashflow c…
Read the full article at: http://www.heraldlive.co.za/news/2017/05/02/firm-facing-liquidation-claims-city-owes-r117m/
