NPA settlement agreement over Optimum Coal Mine saves jobs

More than 500 jobs are to be spared after the National Prosecuting Authority (NPA) and Liberty Coal negotiated a R462-million forfeiture settlement over mining rights at the former Gupta-owned Optimum Coal Mine (OCM) in Mpumalanga.

Under the settlement deal, signed into a court order on Thursday, Daniel McGowan, whose Templar Capital controls Liberty Coal, gains ownership of Optimum Coal Mine (OCM) and its important export arm, the Optimum Coal Terminal.

McGowan acquired equity in OCM after the Guptas failed to pay debts owed and, in the settlement, it is accepted that he was unaware of the Guptas’ criminal activities when he became a creditor to OCM.

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