Mowana Mine set to bounce back on Dutch deal

This week, documents seen by BusinessWeek indicate that Max Power Limited, a company run by Dutch wealth manager Gregory Elias, has laid an offer before Mowana Mine’s creditors that involves full and part payment for creditors according to their classification. Smaller trade creditors with proven claims of less than P250,000 will get full payment, while those with higher claims will get 25 thebe of every pula owed above P250,000.

Employees who worked up to the judicial management and those who worked under the care and maintenance period that followed will also have their outstanding amounts settled. Previously, BusinessWeek reported that Mowana Mine’s workers were owed a collective P7.2 million for unpaid salaries dating back to October 2018, as well as historical bonuses.