Chinese Investor Pulls Out Of US$1 Billion ZISCO Deal

A Chinese company, R and F, has informed the government that it was pulling out of a deal to acquire a stake in the Zimbabwe Iron and Steel Company (ZISCO).

The Herald was told by its sources that the government wanted to renegotiate the deal, agreed on under the previous administration. The publication quotes its source as saying:

R and F wrote to the Government advising that it was no longer interested. The parties could not agree after the new dispensation ordered the deal to be re-looked into.

There are several issues the Government was not happy with. It is not like the Government wanted to side line the investor, but wanted a win-win situation.

Under the deal, R and F would have acquired ZISCO’s majority shareholding, thus paving the way for the resuscitation of the iron and steel plant at a cost of US$1 billion.

Reports suggest that there were a number of unfavourable terms in the deal, so much that the deal was literally as good as mortgaging the country to the Chinese company.

More: The Herald


Quick NetOne, Telecel, Africom, And Econet Airtime Recharge

If anything goes wrong, click here to enter your query.

News On WhatsApp

Tap to join WhatsApp Group(no discussions)
https://chat.whatsapp.com/EYWuiN8E9RZIMDkVwgPPDt

If you find the group full, please notify us on +263 777 784 119 or +263 732 464 000.

Comments

Back to top

2 comments on “Chinese Investor Pulls Out Of US$1 Billion ZISCO Deal

  1. Maherald is this true news? Or you have woken up to reality. Yes the Chinese are after our country while your ZanuPf sleep on the job. For once you have said what is happening and hope you don’t get sacked for saying so by your bosses ZanuPf.

Write a Comment

Your email address will not be published.