South Africa: According to Bloomberg, vertically integrated steel and vanadium slag producer Evraz Highveld Steel and Vanadium's business rescue practitioners (BRPs) have appointed non-executive director Andrew Phillip Maralack as acting CFO of the company, with immediate effect. Maralack is a qualified chartered accountant with extensive experience in finance, auditing, business turnarounds, corporate recovery, consulting, the retirement fund industry and corporate governance.
Further, a business rescue plan will now be published on 31 August 2015. In April 2015 Evraz Highveld initiated voluntary business rescue proceedings, citing an inability to meet its short-term obligations as a result of historical operating difficulties and sustained financial losses within a capital-constrained operating environment. Mazars business rescue services director Daniel Terblanche and Matuson & Associates director Piers Marsden were appointed as BRPs.
