When in a moment of weakness I’d buy something, I’ll return it a day later, writes Tehillah Niselow. Disaster for investors, triumph for bean-counters, says Chris Bryant.

The premises of VR Laser Services, one of eight Gupta family-owned companies under business rescue, have been gutted, according to the company’s recently departed financial manager Claire Tomsett, with computers, machinery and copper wiring going missing. Creditors this week voted for a controlled winding down of the company under the direction of rescue practitioners Johan Louis Klopper and Kurt Knoop.

This follows an offer from a company called Blain Capital Solutions to inject R11.7m that fell through when Blain failed to come up with a promised goodwill payment of only R500 000. The company “most definitely has no prospects of coming out of its current state”, said Tomsett in a scathing email addressed to VR Laser managers, business rescue practitioners and Irvin Jim, the general secretary of the National Union of Metalworkers of SA.

In her letter, Tomsett recalls visiting VR Laser last week when the electricity was finally cut off after four months of non-payment. “Yesterday, I took a walk through the factory and was devastated to see the state of affairs.

Computers have been stolen, laser computers were also removed, tooling and equipment is obviously missing and even certain cables have been removed for the copper,” she said. VR Laser’s employees have not been paid for three months, but instead of getting retrenched so they can at least collect unemployment insurance, they have all just been sent home unpaid. Read more from fin24.com…

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