Business / Companies
Rainbow Tourism Group $2m locked in closed bank
19 Jun 2015 at 03:03hrs | Views
HOTELIER Rainbow Tourism Group (RTG) has close to $2 million of its funds locked up in closed Capital Bank.
The development will delay refurbishment of its Rainbow Towers to mid next year.
RTG chief executive Tendai Madziwanyika told the Zimbabwe Independent that $1,9 million is stuck in Capital Bank which was closed in June last year.
"Had it not been for that we would had have completed the refurbishments but we are aiming to complete the exercise by 2016."
The group has so far carried out refurbishments which include 230 rooms as well as the Jacaranda and committee meeting rooms at a cost of US$5,6 million from the US$7,5 million facility they had received from Afrieximbank," he said.
Source - Zim Ind
