RANDGOLD & Exploration (R&E), a company that was once run by the late Brett Kebble, spent R22m on legal fees in its 2017 financial year and said the pattern of expenditure was likely to continue for the current year.
The company sold a mineral prospect for R9m and earned R13m in interest on cash in the bank, but legal and personnel costs resulted in a R7m loss for the year. Cash on hand fell to R160m from R170m previously.
R&E is defending claims from entities who were allegedly defrauded by Kebble who sold assets held in R&E in order to finance business activities elsewhere, notably in JCI, the company of which he was CEO.
