Boustead Beef blocked Kudenga from accessing CSC books


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At the creditor’s meeting Dube said Kudenga should be disqualified because there was a conflict of interest in that he and the Minister of Lands, Anxious Masuka, sat on the boards of Hippo Valley and Mutilikwi Boards which were both subsidiaries of Tongaat Hulett.

He said Tongaat Hullett had shown interest in acquiring assets in Masvingo belonging to the CSC.

A ministry representative, however, argued that it was not Masuka who was under corporate rescue but the CSC. The issue of Tongaat Hulett did not fall into play.

The ministry also queried why Boustead had filed a claim as a creditor when it was an investor because the joint venture agreement had not been cancelled.

Boustead Beef is reported to have filed a claim for S3.5 billion, becoming the CSC’s largest creditor.

According to the minutes, the CSC was placed under corporate rescue after Boustead Beef had approached the government for the way forward because it had failed to operate.

The government was therefore confident that the corporate rescue practitioner would map the way forward towards the CSC recovery and dealing with claims by creditors.

“Government’s focus was on ensuring that all creditors were paid off,” the minutes say.

Kudenga was, however, disqualified with Boustead Beef suggesting Phibion Gwatidzo of Obram Trust.

Dube nominated Vonani Majoko who was seconded by the National Social Security Authority.

Majoko was given 45 days to deal with all the claims and issues raised at the creditor’s meeting.

(90 VIEWS)

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Charles Rukuni
The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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