ICM placed in provisional liquidation

There’s been a strong whisper
running round the freight industry
that the multi-company ICM Group
was in serious financial trouble.
This was confirmed to FTW by
group MD Kriba Naiken last week.
“We’ve been placed in
provisional liquidation,” he said.
“But that’s not final yet. We’re not
sure what’s eventually going to
happen, but there should be more
clarity about the situation in the
next two weeks.”
The group of companies claimed
to be one of the largest logistics
service providers in SA, with a
speciality in providing clients
with a mine-to-furnace solution to
destinations around the world.
The group was the agent for
shipowner, TBS, which has 50 bulk
ships sailing around the globe.