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RCC under liquidation

Thu, 7 September 2017 23:05
by Online Writer
News Flash

The Highest Cabinet Committee chaired by President Hage Geingob has made its decision to seek placement of the beleaguered Roads Contractor Company (RCC) under judicial management or liquidation, SOEs Minister Leon Jooste said today.

“The RCC Act requires parliamentary endorsement to place RCC under Judicial Management. Therefore, approval will be firstly sought from Parliament and thereafter the Master of the High Court will be approached to sanction the Judicial Management,” said Jooste.

He said the company’s creditors will have their claims settled while salaries will be paid as RCC goes through liquidation.