Johannesburg - Randgold & Exploration has recouped another R4.4 million from Brett Kebble’s estate, taking its income in the six months to June to R6.3 million.
The listed mining and exploration company had its accounts pillaged by the now deceased Kebble and was subsequently suspended by the JSE, along with Kebble’s other company JCI, in 2005. This was because the companies did not submit financial statements as plundered assets were being traced.
R&E said in 2010 it would start trading again on June 4.
Kebble was chief executive at both companies until he was booted out in August 2005. Three months after R&E's suspension and a month after Kebble's so-called assisted suicide, a forensic report revealed that a massive fraud had taken place during his reign.
The report found that R&E's entire 48.2 percent shareholding in Randgold Resources had been illicitly disposed of under Kebble, and fellow directors Hendrik Buitendag, John Lamprecht and John Stratton, since 2002.
In last year’s annual report, the mining house said it had proved various claims against Kebble’s insolvent deceased estate, worth more than R2.7 billion.
It noted, in March 2009, R&E and First Wesgold, issued summons against Kebble’s estate out of the Western Cape High Court, Cape Town, claiming damages from it in respect of additional claims.
However, it says it has not taken any further steps since then, but is assessing the matter “from time-to-time”.
R&E has several assets, including 100% of Doornriver Minerals, stakes in gold and in an investment company.
It notes in its interim results that it is “liquid with no interest-bearing debt”.
R&E's total assets consist primarily of cash and cash equivalents and mineral prospecting rights.
It started the current year with cash on hand of R173.9 million, and spent R5.1 million on operations. It invested R2.8 million and ended the period with R171.8 million.
It notes, however, the outlook for the rest of the year depends on how law suits it is involved in go. “Management will continue to approach all legal matters and related expenses in a commercially pragmatic manner.”
The legal matters the company is involved in are either as a result of claims bought by third parties or instituted by them.
These included class action brought by mineworkers arising from silicosis and/or tuberculosis allegedly contracted on gold mines in South Africa.
A recent one involved a settlement agreement between the auditing firm PwC and the Randgold & Exploration Group instituted in August 2008 with the company claiming damages from PwC arising from its alleged failure to properly audit the group.
IOL