Embattled Faritec has appointed a liquidator, after the court provisionally granted its request to fold its largest unit last month.
The company, which battled for several months to raise R60 million in cash to keep operating, asked the Johannesburg High Court to provisionally wind up its business unit, Enterprise Solutions, in May.
CEO Fanie van Rensburg says the liquidator, Antrust, is expected to give an opinion in the next few days as to whether the company's other operating units will be affected by Enterprise Solutions' liquidation.
Enterprise Solutions accounted for R678 million of Faritec's R731 million turnover during the last financial year to June.
Having applied to liquidate its biggest unit, Faritec is now left with a business unit called ICP, or Inter-Company Processes, which turned over R9.3 million; Farimed, which made R10 000; and its E-business group, which accounted for R52 million in revenue in the last financial year.
Van Rensburg says the other units are still operating, although only with a handful of staff. In addition, he expects the company to remain listed on the JSE, unless the liquidator has specific reasons for Faritec to be delisted from the bourse.
However, despite Van Rensburg's assurances, Faritec's Web site has disappeared from the Internet, and staff members were told they would not receive their May salaries. The head office phone number is fielding calls, but only as a support centre.
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