Zimbabwe scouts for investors to bail out CSC

via Zimbabwe scouts for investors to bail out CSC February 10, 2014 By Victoria Mtomba NewsDay

GOVERNMENT has started scouting for investors to bail out the cash-strapped Cold Storage Company (CSC), Deputy Agriculture minister Paddington Zhanda told Parliament last week.

Zhanda told the House of Assembly that discussions with some possible suitors had started to operationalise the defunct CSC depots in Masvingo, Kadoma, Marondera and Chinhoyi. Currently, the CSC only has one functional branch – Bulawayo.

“The Cold Storage Company was not given money for it to function properly. So, we are looking into the issue so that the Cold Storage Company gets some funding. We are even looking to outside donors who are interested so that it will start functioning,” he said.

Zhanda was responding to questions raised by members in the House of Assembly on what measures the ministry had introduced to curb vandalism taking place at CSC branches as some farmers who were owed money by the company had reportedly resorted to asset stripping to recover their money.

“What I can say about what is happening in Kadoma is that there is vandalism and stripping of property. Let me say that we have not been quiet on this issue. “Since I started in this ministry, I have had two meetings with the board of the Cold Storage Company, debating on what can be done to resuscitate the fortunes of the Cold Storage Company.

“Again this week, I am going to meet the board in Bulawayo so that we can look for ways and means of solving the Cold Storage Company problems,” he said.
The CSC is one of the parastatals earmarked for restructuring under the government restructuring programme.

The programme was however stalled midway due to government red tape.


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14 comments on “Zimbabwe scouts for investors to bail out CSC
  1. John Thomas says:

    Wanted stupid investor. 49% of the business, but 100% of the problems

  2. CHINDUNDUMA says:

    CSC does not need investors only to function properly. This is a simplistic approach to problem solving. What we have here is mismanagement and that is the reason why company is on its knees. You need a forensic audit first and then streamline remuneration packages.Put properly qualified people not retired army personnel from ZNA. Mugabe has been planting his cronies all over and that has been the problem. This demented 90 year old has destroyed everything

  3. Mlimo says:

    Another to add to my list of failures how many ? Can someone go through all the failures and add them up ?

  4. Mlimo says:

    I se the government is looking to find 27billion from the Chinese . Haha two times national budget. You can’t spend money you don’t have fools. The new master is china haha

  5. Tiger Shona says:

    And where are they gona get cattle from to put through there??
    Thee is not enough to go around, and unless they outlaw the private Abattoirs, they will be beaten all the time because of state inefficiency.
    They are wasting their time.

  6. DL says:

    That darned government red tape! It always causes projects to stall halfway! No other reason, plainly.

  7. Mixed Race says:

    Where is the hard working minister of transport who said he was sending 100 beasts a week for sale at CSC?We are used to this empty talk by these looters.What happened to Botswana involvement with CSC? They must have realised that we are not sincere partners,so they pulled out.
    The farmers are right to attach CSC property to get their money back.Why have a board with nothing to control? I guess Mwana Wekumusha should be given a job from where he or she can loot.Now all the loots are finished so they will start killing each other for structures remaining.

  8. munzwa says:

    There you have it then, Govt. red tape!!!!!!! sort out the Govt. and a lot of these problems will begin to solve themselves with simple good governance and common sense….

  9. Mlimo says:

    All the beasts is slaughtered for mugabe s birthday no more left

  10. Mukanya says:

    Is there need for resuscitating this extinct entity?

  11. Chess player says:

    Murimi wanhasi…we are waiting to hear from you. Things fall apart..thanks to Zanu Gangsters.

  12. chekenyere says:

    Aaaahhhh My Zimbabwe !!! Can someone show me anything positive achieved by zanu ???? the ” uchida ,usingadi ” mantra ndiyo yaurayo nyika.

  13. The downfall of Zanu pf is their failure to listen.I think all of us might agree the way forward for CSC is to disband and allow the Private sector to take over. Forget about this 49 51%. It has not worked and will not work. CSC was destroyed by Patronage. If I invest I would want the best man for the job. I would be overruled by Zanu who might appoint Cuthbert as the CEO because they would have 51%. That = invested money down the drain.. sorry in Cuthbert’s pocket.

  14. Harper says:

    Finding an overseas investor who is prepared to loose 51% of his investment on day one will be difficult.

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