Zim Now Writer
The CSC-Boustead Beef Bulawayo abattoir closed last week as a result of the company’s failure to pay its electricity bill of about ZWL$24 million, which translates to US$24 000 or US$27 220 at the official and parallel rate respectively.
At re-opening last year, Boustead Beef claimed it had invested US$24 million into the Cold Storage Company plant.
The company’s power was cut off on Monday.
Boustead Beef entered into an agreement with the government to revive the Cold Storage Company in 2019 but could not provide proof that it had US$130 million that was required for capital expenditure and working capital for the first five years.
The agreement had also stated that the company would invest US$45 million in the first year, an obligation it failed to honour.
CSC was placed under corporate rescue in December 2020 by government after realising that Boustead Beef had failed to fulfil its part of the agreement.
Boustead Beef, however, remained mainly at the Bulawayo abattoir and claimed that it had refurbished the plant.
The company also claimed it had also secured US$36 million for a feedlot and grazing purchase scheme for communal farmers at the re-opening.
Munyaradzi MashiriZim Now Court CorrespondentStanley Ziyera, 24, of Braeside, has appeared before Harare magistrate Isheunesu Matova on allegations of defrauding US$5,000 from Tamuka Derembwe in a f..
ZimbabweOscar J. JekeZim Now ReporterZimbabwe experienced a severe drought during the 2023/2024 cropping season, triggered by the El Niño phenomenon, which prompted the government to declare a National Stat..
ZimbabweZim Now ReportersZimbabwe enters 2025 at a crossroads. Economic analysts predict a 6% growth for the country, based on factors including revitalized agricultural output, enhanced power generation, a..
Zimbabwe
Leave Comments