This is “totally ridiculous” because the government signed a US$130 million joint venture agreement with the government in 2019, which included a US$33 million legacy debt, an insider said.
The CSC was officially re-opened by Vice-President Constantino Chiwenga last Thursday with reports that Boustead Beef had pumped US$24 million into the business.
Documents provided to The Insider show that it was impossible for Boustead Beef to have pumped that kind of money into the CSC as it had failed to meet all its obligations from January 2019 to the end of 2020.
Besides, the turn-around strategy for the Bulawayo abattoir required less than US$7 million with plant repairs requiring only US$500 000.
According to the CSC turn-around programme for 2015-2019, which was approved by the government but was later abandoned in favour of the Boustead Beef agreement, the CSC required only US$49.1 million for its turn-around but US$24.6 million of that amount was for its legacy debt and US$11 million for cattle restocking.
Continued next page
(192 VIEWS)
Page: 1 2
The Zimbabwe Gold, ZiG, continued to firm against the United States dollar ending the week…
Zimbabwe will be issuing 7.5 kg of grain a month to each of the six…
The stability of Zimbabwe’s local currency, the Zimbabwe Gold (ZiG), is critical if the country…
More than half of Zimbabwe’s population will need food aid between this month and March…
Zimbabwe’s currency, the ZiG, kicked off the week on a positive note after firming to…
Twenty-five white Zimbabwean farmers who took their R2 billion land damages claim to the South…