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Bank Lending Ban: Wholesale Beef Suspends Credit Facility

As businesses respond to the bank lending ban by President Emmerson Mnangagwa over the weekend, Wholesale Beef (Pvt) Ltd has announced the suspension of debtors’ accounts with immediate effect.

A statement released by the company’s Director Dale Saudan on Wednesday, 11 May 2022, read:

RE: SUSPENSION OF WHOLESALE BEEF DEBTOR’S ACCOUNTS WITH IMMEDIATE EFFECT

In the wake of recent directives put in place by Government barring the extension of loans to all public and private enterprises, please be advised that Wholesale Beef (Pvt) Ltd has suspended all ongoing and new customers’ debtors accounts with immediate effect (11 May 2022).

During this indefinite period, all account holders with outstanding invoices are requested to clear all outstanding balances.

In an effort to limit inconveniences, Wholesale Beef (Pvt) Lid will also avail credit facilities to account holders who DO NOT have any outstanding invoices.

Going forward, accounts will be accessible on the condition that your account is up to date and there are no unpaid invoices i.e., one unpaid invoice at a time.

Wholesale Beef (Pvt) Ltd would like to apologise for any setbacks caused, as well as express its sincere gratitude to you all for your cooperation and continued support during this uncertain period.

We would like to assure you that this is a temporary measure, which will be reviewed once stability returns to the market.

In accounting, a debtor account is when the client owes money to a business for purchasing its goods or services on credit.

More: Pindula News

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