15 June 2021 - NW1113
Schreiber, Dr LA to ask the Minister of Agriculture, Land Reform and Rural Development
Whether her department, as the majority shareholder in the Solms-Delta farm, has placed the farm in the Stellenbosch municipal area under business rescue; if not, what is the position in this regard; if so, (a) on what date was it placed under business rescue, (b) who are the business rescue practitioners and (c) what amount has been paid to the business rescue practitioners since the farm was placed under business rescue; (2) whether the business rescue practitioners produced a business rescue plan; if not, why not; if so, will she furnish Dr L A Schreiber with a copy of the plan; (3) (a) what is the current financial position of the farm and (b) how has the financial situation changed since the business rescue practitioners were appointed?
1. No. The Department of Agriculture, Land Reform and Rural Development is not a shareholder in the business of Solms Delta.
a) The Department did not put the Solms-Delta farm under business rescue. The shareholders are the ones who resolved to put it under business rescue on 27 July 2017. Ms Timme (first BRP appointed) was subsequently replaced by Tayfin Forensic and Investigative Auditors on 01 November 2018), when the former applied to the high court to place the business under liquidation. In response to Ms Timme’s action, the beneficiaries themselves approached the Department for assistance and intervention. This led to an out of court settlement between, the interested parties, which resulted in the appointment of Tayfin Forensic and Investigative Auditors on 01 November 2018
b) The business rescue practitioners were Price Waterhouse Cooper (PWC), represented by Ms Alison Mary Timme and Tayfin Forensic and Investigative Auditors, represented by Mr Mahier Tayob. The former resigned following the out of court settlement.
c) The amount of R1 120 293.00 was paid to the business rescue practitioners since the farm was placed under business rescue.
2. Yes. If the Business Rescue Practitioner agrees.
(3)(a) The current position of the farm is that the business is operating, even though not at full capacity partly due to the Covid-19 pandemic.
b) The financial situation has not changed much and that is why there is a meeting of stakeholders scheduled for 18 May 2021 to try to resolve the challenges.