Speaking to journalists after the Parliamentary Portfolio on Mines and Mining Development resolved to hold back on cross-examining him, British businessman Nicholas van Hoogstraten, says he is going to challenge the reconstruction of Hwange Colliery Company Limited (HCCL).
Van Hoogstraten holds a 31 percent shareholding in HCCL. In October, Government placed Hwange Colliery Company Limited under reconstruction in terms of the Reconstruction of State-Indebted Insolvent Companies Act. Under the Act, the responsible minister has powers to issue a reconstruction order if it appears to him that by reason of fraud or mismanagement, a State-indebted company is unlikely to be able to make any repayment of a credit made to it from public funds. Said Van Hoogstraten:
We have been advised by our lawyers, and initially we will put in an objection to this reconstruction, which is something new to me. So we need to put in a formal objection . . . that’s in the short-term. Medium-term, I suppose the interested parties need to sit around the table and sort something out. That can’t include anybody that’s tainted or corrupt or that has any previous history with Hwange. The situation at Hwange has gone from bad to worse and that has escalated over the past three years.
Hwange Colliery Company Limited (HCCL) located in the Matabeleland region of Zimbabwe is the country's biggest coal mining firm. It has a number of mining claims specialising in the extraction and production of the "black diamond" in Zimbabwe. The company specialises in the extraction, procession... Read More About Hwange Colliery Company Limited
Nicholas van Hoogstraten is a British businessman and real estate magnate whose business interests include Zimbabwe. Van Hoogstraten is known for his business empire as well as his controversial life story: in 1968, he was convicted and sent to prison for paying a gang to... Read More About Nicholas van hoogstraten