No christmas cheer for CSC as Boustead Beef finds another lame excuse for failing to revive operations

“Our decision to invest was consolidated by Boustead’s inspirational president, Mr. Nick Havercroft, a successful farmer, entrepreneur and operational executive who has spent his entire career in Zimbabwe and Africa, acquiring, building to scale and successfully operating farming enterprises. We are absolutely delighted at Ethos to be expanding our investments further into Africa and in particular, Zimbabwe for the first time.”

Havercroft, responded: “Boustead Beef is exceptionally pleased to receive the financial backing of Ethos Asset Management in support of Boustead’s mission to privatize, refurbish and restart a critical component of Zimbabwe’s infrastructure – its national beef industry.

“Boustead is fortunate to have a partner like Ethos, a financial powerhouse in both public markets and project finance, led by its visionary CEO, Carlos Santos, whose project finance initiatives are making the world a better place for millions of people”.

Ethos refused to respond to questions on how it had entered into an agreement with a company under corporate rescue when there was no substantive rescuer and how it had done so in view of the United States sanctions on Zimbabwe since the CSC is a State-owned enterprise.

Though Majoko was removed as corporate rescuer in July, a decision he is contesting in court, the company remains under corporate rescue, though without a rescue practitioner.

The Ethos-Boustead Beef statement did not disclose the quantum of the investment, but the Zimbabwe Independent said US$100 million was involved and the first US$20 million was supposed to be disbursed this month.

Majoko said yesterday that he was not aware that police were investigating him and only learnt this from the Independent reporter who contacted him for comment.

He said he had not refused to hand over books of accounts of the CSC but was waiting for the financial report for rentals collected by Boustead Beef so that he could submit a consolidated account.

“I was appointed corporate rescuer in March 2021 but I did not collect rentals for April, May, June, July, August, September and October. These rentals were being collected by Boustead Beef,” Majoko said.

“I only started collecting rentals in November after opening an account for this. Boustead Beef wrote to the tenants telling them not to pay rent to me but I managed to convince most of the tenants especially in Harare, Chinhoyi and Marondera, but Boustead still collected the bulk of the rentals. 

“When I was removed in July and asked to submit the accounts, I asked Boustead Beef to account for the rentails it had been collecting so that I could submit consolidated accounts but they have not done so up to now,” he said.

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