News / Local
Delma Lupepe at war with Judicial Manager
08 Dec 2015 at 07:07hrs | Views
Delma Lupepe, the major shareholder of struggling Bulawayo-based textile firm Merlin, has accused the judicial manager of "lying" to the nation that the company was struggling to attract investors.
Lupepe accused judicial manager, Cecil Madondo of Tudor House of insinuating that Merlin was failing to attract investors.
Lupepe said as shareholders, they had managed to secure a Japanese investor (Marubeni Tekmatex Corporation), who had agreed to pour in more than $30 million into the business, but Madondo was dragging his feet.
Recently, Madondo said that Merlin was still struggling to raise about $1,2 million required capital even though he had made frantic efforts.
As such, he said they had engaged financial institutions with the view of helping them secure investors for Merlin. But Lupepe said Madondo was the only stumbling block towards the revival of the company. He said the investor could not put the money while the company was still under judicial management.
Lupepe also said since Merlin was placed under judicial management in 2010, they had never had a meeting with Madondo.
Lupepe accused judicial manager, Cecil Madondo of Tudor House of insinuating that Merlin was failing to attract investors.
Lupepe said as shareholders, they had managed to secure a Japanese investor (Marubeni Tekmatex Corporation), who had agreed to pour in more than $30 million into the business, but Madondo was dragging his feet.
Recently, Madondo said that Merlin was still struggling to raise about $1,2 million required capital even though he had made frantic efforts.
As such, he said they had engaged financial institutions with the view of helping them secure investors for Merlin. But Lupepe said Madondo was the only stumbling block towards the revival of the company. He said the investor could not put the money while the company was still under judicial management.
Lupepe also said since Merlin was placed under judicial management in 2010, they had never had a meeting with Madondo.
Source - newsday
