RUSTENBURG - Traditional leader of Bakgatla Ba Kgafela in Moruleng outside Rustenburg, Kgosi Nyalala Pilane, knew of the financial strains at the Bakgatla Ba Kgafela Strategic Investment Company (BBK SIC), the Maluleke Commission heard on Thursday.
He said in July last year there was an indication that BBK SIC was heading into financial problems and a plan to retrench more than 1500 employees was put in place.
BBK SIC was reportedly in R300 million debt, Pilane said he expected the BBK SIC to recover from the loss.
"The process of restructuring is currently in place. It is a plan and that depends on how fast it goes. It is still in place, but it depends on investments. People may be interested but would take their time to sign up," he said.
Retrenched employees were still waiting for their salaries since July 2017.