Govt dissolves Cottco Holdings board

Government has dissolved the Cottco Holdings board. Sources interviewed by The Herald said that Government, is in the process of taking over the country’s largest cotton company through a debt equity swap, did not provide reasons for the dissolution.

The Herald reports that Government was unhappy with the performance of the board after failing to turnaround the business despite being given support in the form of inputs. The paper also reports that were divisions within the Cecilia Paradza chaired board concerning the issue of acting managing director Mr Chris Murove, who is facing allegations of financial abuse and the manner the proposal by Olam International to manage the company was handled.

More: Herald