CSC loses 400 cattle: 300 beasts auctioned over debts - Chronicle
THE troubled Cold Storage Company (CSC) had more than 300 of its cattle herd auctioned in Bulawayo over unpaid debts to different creditors. The company’s property worth millions of dollars and more cattle are also set to go under the hammer this week over unpaid debt to creditors that include the Bulawayo City Council. Sources within the company said 344 head of cattle have so far been auctioned under a court sanctioned sale to pay workers’ outstanding salaries from a possible 420 animals, which accounts for about two thirds of the company’s estimated 600 beasts. In a recent notice, Hollands Auctioneers from Mutare indicated plans to auction CSC industrial property such as drilling machines, cutters and ammonia compressors. Other property includes computers, desks and chairs in a case pitting the company against Bulawayo City Council. “About 344 cattle were sold between Thursday and Friday last week but altogether they are supposed to be 420. Others should be sold this week. The sale is expected to raise $450,000 to clear arrears to workers that amount to close to $1 million since 2009,” said the source. The sale also includes three houses for top managers and two vehicles – Mazda B1800 trucks. Source: www.chronicle.co.zw
