News / Local
BCC risk losing Tower Block and Revenue Hall to Kingdom Bank
14 Apr 2012 at 10:56hrs | Views
Bulawayo City Council is in a fix as it risk losing Tower Block and Revenue Hall over a more than $4 million debt it owes Kingdom Bank.
BCC borrowed the cash to fund several projects with the bulk channeled towards buying state of the art vehicles for senior management and countless services cars.
According to a confidential report, council is struggling to service the debt and has begged for 12 month extension to clear it. But the bank is demanding title deeds for both Tower Block and Revenue Hall. But council says it has no clue as to where the documents are kept.
On Thursday evening councillors held an emergency crisis meeting over the matter.
BCC borrowed the cash to fund several projects with the bulk channeled towards buying state of the art vehicles for senior management and countless services cars.
According to a confidential report, council is struggling to service the debt and has begged for 12 month extension to clear it. But the bank is demanding title deeds for both Tower Block and Revenue Hall. But council says it has no clue as to where the documents are kept.
On Thursday evening councillors held an emergency crisis meeting over the matter.
Source - Byo24News
