Lingering bad smells

Much has been written about Optimum Coal as one of the most egregious examples of the Guptas’ notorious impression of the pirates of the Spanish Main.

When they come to tally the list of everything the family took from SA, a list to which we can definitely hope to add a series of lengthy custodial sentences in one of our more robust prisons, the accolade of being one of the few outfits ever to strong-arm Glencore out of an asset is one of the more exotic.

The company was placed in business rescue after local banks decided that there wasn’t a barge pole big enough to allow them to keep doing business with the family, and Optimum has been in a perilous state ever since.

The business rescue practitioners — tasked with attempting to sort out some degree of a sensible future from this sorry mess — have been involved in dozens of legal actions as Guptalinked entities tried to frustrate the process at every turn. The latest headlines revolve around the company’s failure to pay its workers and contractors since November.

This must have generated a pretty bleak festive season for all those depending on their pay cheque to provide the turkey and trimmings.

But the rescue practitioners are hoping to get the sale of Optimum and its sister mine, Koornfontein, wrapped up in the next couple of weeks, and if this gets away safely the wage bill will finally be paid.

It’s yet another bad smell lingering around a company that has provided more than its fair share in recent years. Let’s hope it’s the last.