IDC hires private security to guard equipment at BT Industrial

THE Industrial Development Corporation (IDC), which had anticipated a South Gauteng High Court judgement to liquidate empowerment company BT Industrial Group (BTIG) for an R136 million debt has had to hire private security to guard equipment at the company's premises amidst fears they have already begun asset stripping.

- BANELE GININDZA

The legal matter has been postponed sine die following the late filing of an application to oppose the liquidation order. This is as the matter had been set for Thursday for a final judgement by the Gauteng High Court, which had been expected to grant the IDC authority to dispose of the moveable property of the BTIG to recover the debt.

The court could not confirm the order after the BTIG, through its attorneys, filed a notice to oppose, requiring the matter to be set for a hearing at a future date.

Sources close to the matter have said the IDC, in fear of losing out on expensive equipment, which could recapture some of the debt, had hired a private security firm to maintain a presence outside of the BTIG's facilities.