RE:RE:TradesGreat Western also had legal problems. They were not resolved until 3 years after the bankruptcy and sale of the assets. The voided contracts referenced in this article were awarded in 2011 and 2012.
From the court judgment, Rareco alleged "...that both these contracts were awarded to Eres, as a result of the bribery of Mora by Eres and Dreyer. With regards to the main contract, Rareco alternatively averred that Eres failed to complete the main contract and that the work that was completed was of poor quality and not fit for purpose..."
Rareco was the Great Western subsidiary who were trying to develop the Steenkampskraal mine.
Judge rescinds Steenkampskraal contracts But the main reason Great Western went bankrupt is that they borrowed US$90 million at 8% and despite the fact that they had revenues from a British subsidiary, they eventually could not refinance and defaulted on the interest payments. The two promoters, as I call them (Billingsley and Engdahl) bailed around 2012 before the collapse in 2015. At least Ucore has not dug themselves such a deep hole by borrowing to this extent.