03 September 2018 - NW2275
Atkinson, Mr P to ask the Minister of Economic Development
What is the current status of the loan that was awarded to Shiva Uranium by the Industrial Development Cooperation and (b) by what date will the specified loan be paid?
I have been furnished with a reply by the CEO of the IDC, Mr Geoffrey Qhena, to the question, which follows below:
“ (a) This matter is now subject to litigation in an effort to recover IDC’s exposure of R287.5million. The R287 million is made up of R37.5 million remaining capital of the original R250 million loan and R250 million return on the original loan.
(b) There is a litigation process ongoing. We currently await the conclusion of that process. With respect to reference to “litigation” this means that IDC has
instituted legal action to recover the R37,5 million as well as the R250 million in accrued interest. The R37.5 million is the remaining amount of the original
principal amount of R250 million. Oakbay Resources has repaid a total of R212.5 million. The accrued interest remains at R250 million.”