Minister welcomes ruling to place Post Office in business rescue
Acting Communications and Digital Technologies Minister Enoch Godongwana, who also serves as Finance Minister, has welcomed the July 10 decision by the High Court to place the South African Post Office under supervision and in business rescue.
The court ruled that the business rescue proceedings are to commence with immediate effect.
“This decision will give the Post Office the much-needed time and space to restructure its affairs under supervision, and implement the turnaround plan to fundamentally change its business model into a solvent and viable business with broad revenue streams that leads on modern services.
“The challenge is on the Post Office, the department and all stakeholders to live up to the commitments made in the application,” Godongwana said.
The decision of the court in support of the application brought by Communications and Digital Technologies Minister Mondli Gungubele confirms that the Post Office is a strategic government asset that provides vital services throughout the country, especially in remote areas where it is often the main link between residents and the outside world.
“The Post Office further uses its countrywide footprint to render such services as the distribution of social grants at its branches, distribution of medication to those in need, various national and international postal services, among others,” Gogongwana said.
Further, Anooshkumar Rooplal and Juanito Martin Damons have been appointed as joint interim business rescue practitioners in respect of the business rescue proceedings, subject to approval by the Registrar of Financial Services and ratification by the majority of the Post Office's creditors.
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