Judgement was reserved on Tuesday in the Johannesburg High Court on an application for an interdict to prevent Gencor unbundling its shares in Impala Platinum Holdings (Implats).
The applicants, allegedly suffering from Asbestos-related diseases, contend that Gencor should not be allowed to unbundle unless it has made adequate provision for their claims.
Judge Philip Burochowitz gave no indication as to when judgement might be delivered. Gencor’s lead counsel, Michael Kuper told the court that Gencor
sought certainty that it could unbundle as soon as possible.
He submitted to court a draft order which could be made in the event of the court rejecting all of Gencor’s other arguments.
The draft order suggested that an amount of R300-million be set aside as security against claims and legal costs for asbestos-related diseases arising from negligence legally attributable to Gencor.
The security would provide for claims lodged until 2008 or until the amount of the security was exhausted.
Lead counsel for the claimants, Jeremy Gauntlett, said in his closing argument that R300-million, would not be sufficient, and that the unbundling should not proceed until adequate security was provided.
The court also heard argument by advocate John Peter, on behalf of claimants in the Cape Plc case in England, that these claimants should be allowed to join the application for an interdict, pending the outcome of the English litigation.
Co-counsel for Gencor, Piet Louw said that Gencor would not submit to the jurisdiction of the English court and that South African courts almost certainly would not enforce an English judgement against Gencor. – Sapa