Johnathan Paoli
Rea Vaya bus operating company PioTrans has confirmed on Wednesday that it has been placed under business rescue.
This follows a South Gauteng High Court order, which ordered PioTrans to be placed under business rescue, after two creditors failed to receive the outstanding debt owed to them.
The company has been operating one of Johannesburg’s biggest bus lines since 2010 when the City of Johannesburg partnered with local taxi drivers to create a bus operating company.
Business rescue practitioner Mahier Tayob said immediate steps were being taken to turn around the company’s finances and would ensure bus operations would continue uninterrupted.
The Rea Vaya board has been dissolved, after what Tayob said was the discovery of evidence suggesting corrupt governance and criminal activity at the bus operating company.
“It appears the company finds itself in this predicament because of fraud, maladministration, mismanagement of company assets, poor governance, a
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