The legal challenges include the unprocedural removal of Majoko as corporate rescuer, the illegal retrenchment of CSC workers whose illegality was confirmed by the Retrenchment Board, as well as the legality and validity of the agreement between the government and Boustead Beef.
Under the agreement, Boustead Beef was supposed to:
It was also supposed to:
None of this was implemented.
Under the agreement, signed by 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 but this was never done.
Boustead Beef just announced that Ethos Asset Management is injecting Millions into the CSC with the first tranched coming in next month.
Havecroft told the Sunday Mail: “The amount Boustead has secured from Ethos is substantial, but remains confidential. The first drawdown from this facility will be available in December, but practically Boustead will most likely draw down commencing January 2023.”
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This post was last modified on November 13, 2022 6:51 am
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