African Rainbow Minerals (ARM), the mining group led by South African billionaire Patrice Motsepe, has suffered another setback in its attempt to liquidate two distressed mining companies as it seeks to recover an outstanding claim of R55.34 million ($3.32 million), plus interest and costs.
The Johannesburg High Court postponed ARM’s applications against Technology and Mineral Holdings, known as Mintech, and TAM Holdings after their business rescue practitioner and another creditor sought permission to intervene and file further opposition. The court gave them 15 court days to submit their affidavits, leaving the liquidation applications postponed indefinitely.
ARM is the largest independent creditor of both companies. It wants…