Wednesday, April 26, 2006

Kebble’s estate hopelessly insolvent

The Cape High Court has granted an order for the provisional sequestration of slain mining magnate Brett Kebble's estate. Randgold and Exploration claims Kebble owed the company millions of rands. Eyewitness News reports that papers submitted to the court on Tuesday show that Kebble’s estate was hopelessly insolvent, with liabilities exceeding assets by at least 446-million rands. A lawyer for R&E said a trustee could be immediately appointed to find out what Kebble had done with millions of rands he received from the fraudulent sale of shares.

The South African Revenue Services has already submitted a claim against Kebble’s estate of more than 180-million rands. Another mining house, JCI, says it has claims of 300-million rands. The final sequestration order will be heard on the 13th of June.

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