In a Shocking development, the only black female owned mining company in South Africa, Kalagadi, has been taken to court for failing to pay R3 Billion that it owes to the Industrial Development Corporation (IDC).
Kalagadi , the company founded by Executive Chairperson, Daphne Mashile Nkosi, also owes the African Development Bank a further R2. 9 Billion.
The IDC took Kalagadi to court seeking an order to place Kalagadi under business rescue.
However, the High Court ruled against them. IDC say they will seek other avenues to protect their 20% investment in Kalagadi.
The IDC’s application claimed that Kalagadi was unable to service its debts of R3 Billion to IDC and R2. 9 Billion to the African Development Bank.
Daphne Mashile Nkosi said the IDC’s actions are misguided as Kalagadi has approached them with a proposal to restructure the debt.