Yekani liquidation suspended pending hearing

26 February 2020 News

The outcome from latest court appearance is that the process to liquidate Yekani Manufacturing has been suspended pending hearing on the business rescue application. The next court date will be confirmed in due course pending court processes. This yet again confirms that the Yekani matter is sub-judice.

In a statement from a Yekani spokesperson, they said “this outcome allows Yekani to re-affirm its commitment of protecting and saving the jobs of its 500 skilled workers. Yekani takes full responsibility for its current state and is grateful for the efforts made by the following organisations to save the company and its employees’ jobs: Department of Trade and Industry (DTI); the Eastern Cape Office of the Premier; Office of the Executive Mayor: Buffalo City; East London Industrial Development Zone (ELIDZ) and the Eastern Cape Department of Economic Development.

“Any matters pertaining to the company's business and financial processes including pending or secured business deal are not only sensitive, but confidential as well. In some cases, Yekani has had to sign non-disclosure agreements. All these matters are at the heart of the matter before Court and therefore providing details on these would not only mean that Yekani is disclosing sensitive and confidential information, but also that it is interfering with the processes in the pending court proceedings and its outcome. Yekani is still not able to provide any further details or comment on any rumours around this matter.”

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