- Creditors Scheme Of Arrangement (High Court Case no 3099/17)
We are only aware that the LJFCP states that “…the LJFCP shall take over and retire the entire Book Debt of the CSC as per High Court decision under case number 3099/17, so as to fulfill the Scheme of Arrangements to meet the various CSC Creditors who have already agreed to a Payment Plan”
Furthermore “…any Joint Venture Agreement shall allow Boustead Beef to buy any outstanding current Legacy Creditors Liabilities/Debt, thus affording the formed Joint Venture Company further relief and Balance Sheet Restructuring.”
Does the agreement have a separate arrangement for legacy debts?
Boustead Beef says it will not pay employment costs outstanding before its arrival. In our view, this clearly violates the labour laws of the country
The RTGS$ is fast losing value and employees need their outstanding salaries registered at High Court in 2017 to be paid using the interbank rate. Nick Havercroft promised to bring in US$130m revised to US$400m. However, it does not seem like he has that kind of funds as monthly salaries are always delayed, something Boustead Beef blames on late collection of rentals from CSC properties.
There is also the issue of the Scheme of Arrangement terms as Boustead Beef has not started paying any outstanding instalments to creditors.
The issue of pensions transferred from Old Mutual on demutualization to Marsh Insurance remains unresolved while pensioners are struggling.
Continued next page
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