09 March 2020 - NW90
Cuthbert, Mr MJ to ask the Minister of Trade and Industry
(1)Has he been informed of the pending liquidation of a certain company (Yekani Manufacturing) based in East London; (2) whether the specified company is a recipient of financial and operational support from his department; if so, what are the full relevant details of the support; (3) what steps does he intend to take to avoid the closure of the company in order to avoid further job losses?
The Office of the Director General had been advised of the challenges faced by the company and the effort to place the company in liquidation. The company has been placed under business rescue, and I am advised that it has presented a turnaround plan in attempt to save the company and protect a number of jobs. Once approved, this court-sanctioned process will enable the company to restructure its operations.
The company received financial support from the dti amounting to R50million from the Black Industrialists Programme in November 2018. The company occupied a top-structure erected at the East London Industrial Development Zone.