CSC books not audited for the past 8 years


The Cold Storage Company’s books have not been audited for the past eight years, according to the latest report from the Auditor-General’s office.

The report on State-owned enterprises and parastatals for the year ending 13 December 2021 states that the auditor-general is still working on CSC books for the years 2013-2017.

CSC accounts for the years 2018 to 2021 have not yet been submitted to the Auditor-General.

The government entered into an agreement with Boustead Beef, which said it is a British company but is owned by a former Marondera farmer, to revive the ailing state-owned enterprise in 2019 but reports say proper due diligence was not carried out.

According to the agreement signed by then Agriculture permanent secretary Ringson Chitsiko and Boustead Beef director Nick Havercroft on 22 January 2019, Boustead Beef should have shown the government proof of funds  to the tune of US$130 million four months after signing the agreement. 

Under the joint venture agreement signed in 2019, Boustead Beef was supposed to:

  • raise and invest a minimum of US$130 million into CSC over five years, being for both capital expenditures and working capital for the business;
  • pay off CSC financial debts totalling US$42 530 597;
  • pay rentals of US$100 000 per annum during the first five years of the concession agreement;
  • take over and run the management of the following CSC ranches for an initial period of 25 years: Maphaneni; Dubane; Umguza; Chivumbuni; Mushandike; Willsgrove; and Darwendale;
  • take over and run the management of the following abattoirs for an initial period of 25 years: Bulawayo; Chinhoyi; Masvingo; Marondera; and Kadoma; and
  • take over and manage for an initial period of 25 years, the Harare, Gweru and Mutare distribution centres and residential properties of CSC.

It was also supposed to:

  • increased capacity utilisation at CSC ranches and abattoir plants;
  • increased prospects for restoration of the enterprise’s viability and higher throughput;
  • stemming of further deterioration of equipment which is currently lying idle, and the growth of the local livestock and beef industry.

It never did.

Continued next page


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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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