The collapse of Group Five, one of the biggest construction companies in the country, is having a knock-on effect on hundreds of subcontractors
Cape Town - who are owed millions of rand and may have to close down. In 2016 Group Five was one of seven construction companies who were collectively fined R1.4 billion for their collusive practices in the construction of South Africa’s World Cup stadiums.According to Moneyweb, Group Five’s stock, after 45 years of trading on the JSE, was suspended on March 12 after the company filed for bankruptcy protection, making it the fifth local builder to enter business rescue in less than a year.
The company is meeting with creditors, including subcontractors, across the country to explain its situation and get a sense of how many subcontractors it owes money to. Four disappointed Cape Town-based contractors said: “Between us we stand to lose R2million because we are not getting paid this month.
South Africa Latest News, South Africa Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Another Cape Town minibus shooting makes it five deaths in two daysAuthorities believe the Hout Bay shootings were the result of an apparent turf war over routes between two rival taxi associations.
Read more »
Stokvel for dream homesA group of Cape Town women have formed a stokvel to build their dream homes.
Read more »
Maverick Life: Photo Essay: The Jazz Festival’s Roarin’ TwentiesTwo days, five music stages sprawling across the precinct of the Cape Town’s convention centre, 41 individual local and international acts: The Cape Town International Jazz Festival, dubbed ‘Africa’s Grandest Gathering’, celebrated its 20th birthday and managed once again to draw in both the rising stars and the immortal gods of jazz, to put on a performance that delivered on its promise. Al photos by Sahra Heuwel.
Read more »
PICS: Five rescued from yacht after rough seas drama near Durban harbour | Daily NewsFive people escaped unharmed after rough seas slammed a yacht into the south pier of the Durban harbour
Read more »
Bafana likely to be dealt a tough group in Afcon drawThe Confederation of African Football (Caf) have yet to officially announce the pots for the Africa Cup of Nations (Afcon) draw in Cairo on April 12‚ but past history suggests that Bafana Bafana will be in the third-tier of countries‚ providing a difficult path to the next stage.
Read more »
Bafana Bafana likely to be dealt a tough group in Afcon drawThe Confederation of African Football (Caf) have yet to officially announce the pots for the Africa Cup of Nations (Afcon) draw in Cairo on April 12‚ but past history suggests that Bafana Bafana will be in the third-tier of countries‚ providing a difficult path to the next stage.
Read more »
Business Maverick: Friday, April 4: Five Things You Need to Know to Start Your DayThe U.K. Parliament blocks a no-deal Brexit, while Chinese and American trade negotiators meet in Washington. Here are some of the things people in markets are talking about
Read more »
Eskom aiming to avoid load-shedding for next five monthsIn terms of a new plan, if unplanned outages can be kept to less than 9,500MW, there will be no load-shedding
Read more »
IEC gets objections to 30 names on ANC list, including five ministersANC deputy president David Mabuza and the party's national chairperson Gwede Mantashe are among 30 ANC members whose candidacy for Parliament and the provincial legislatures has been objected to by South Africans who cited allegations of state capture, fraud and rape among the reasons for objecting.
Read more »