Business / Companies
TelOne recovers $20 million
24 Oct 2013 at 05:17hrs | Views
STATE-OWNED Telecommunications Company TelOne has so far recovered $20 million out of the targeted $50 million through a debt collection campaign which started in August this year.
TelOne managing director Chipo Mutasa said the company was aiming to recover the remaining $30 million by year-end.
"We have recovered $20 million so far since we started the exercise of debt collection. Our debts are being collected from residents and part of the debts being collected are also from private businesses and the government," Mutasa said.
Mutasa said the recently-announced $80 million debt relief to customers would not affect the $50 million target for the debt collection campaign.
"The $50 million is still our target and the $80 million bill relief was targeted for long-standing bills which backdated 2009 - which were deemed irrecoverable," Mutasa said.
She said the long outstanding bills which backdated to 2009 totalled $100 million and the company decided to write off $80 million from the bill. Mutasa said for the remaining $20 million, consumers should now be able to settle their remaining balances.
Last week, TelOne announced a debt relief strategy of $80 million to its customers in view of cash flow challenges currently facing consumers across the market. The bill relief will be effected on October 2013 statements.
The debt relief strategy by TelOne follows a move by government to write off all city council bills which include the debt cancelling of rentals, unit tax, development levy, refuse charges, water and sewer fees, while Zesa Holdings announced a debt relief of $160 million per household.
In a statement by Telone, each residential account will be credited with $257,82, giving a total relief of $80 million to the market.
"In view of the cash-flow challenges currently facing our clients across the market, TelOne is pleased to announce a relief package granted to all its clients."
TelOne, however, urged its customers to settle their remaining balances promptly to ensure uninterrupted services.
TelOne managing director Chipo Mutasa said the company was aiming to recover the remaining $30 million by year-end.
"We have recovered $20 million so far since we started the exercise of debt collection. Our debts are being collected from residents and part of the debts being collected are also from private businesses and the government," Mutasa said.
Mutasa said the recently-announced $80 million debt relief to customers would not affect the $50 million target for the debt collection campaign.
"The $50 million is still our target and the $80 million bill relief was targeted for long-standing bills which backdated 2009 - which were deemed irrecoverable," Mutasa said.
She said the long outstanding bills which backdated to 2009 totalled $100 million and the company decided to write off $80 million from the bill. Mutasa said for the remaining $20 million, consumers should now be able to settle their remaining balances.
Last week, TelOne announced a debt relief strategy of $80 million to its customers in view of cash flow challenges currently facing consumers across the market. The bill relief will be effected on October 2013 statements.
The debt relief strategy by TelOne follows a move by government to write off all city council bills which include the debt cancelling of rentals, unit tax, development levy, refuse charges, water and sewer fees, while Zesa Holdings announced a debt relief of $160 million per household.
In a statement by Telone, each residential account will be credited with $257,82, giving a total relief of $80 million to the market.
"In view of the cash-flow challenges currently facing our clients across the market, TelOne is pleased to announce a relief package granted to all its clients."
TelOne, however, urged its customers to settle their remaining balances promptly to ensure uninterrupted services.
Source - newsday
