South African Court Grant's Receiver's Request for Legal Recognition

On November 18, 2008, the Receiver's attorneys appeared in the High Court of South Africa (Pretoria) to seek a court order recognizing the Receiver's authority to participate in the liquidation proceedings involving Wextrust affiliate Pure Africa Minerals (Pty), Ltd. ("PAM"). The court granted the Receiver's application. (For the order click here.) The first meeting of the creditors of PAM is scheduled for November 24, 2008. The Receiver's representatives will participate in the meeting. The Receiver has filed claims in the amount of approximately $30 million, representing amounts transferred to PAM by various Wextrust affiliates.