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Rwanda: Liquidation of Rwandex Not Soon - Coffee Authority
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The New Times (Kigali)
15 May 2008
Posted to the web 15 May 2008
Gertrude Majyambere
Kigali
Rwanda Coffee Development Authority (RCDA) says Rwandex is still fatigued with debts. The coffee regulators say because of these debts Rwandex's liquidation now hangs in balance.
Alex Kanyankole, Director General, RCDA said that the liquidation process is complex and that it may take many years before the file is disposed off.Rwandex unceremoniously closed business late February because of financial woes. Commercial banks are demanding Frw3 billion from Rwandex. But as it appears, the debtors will have to wait for years before they are cleared.
Kanyankole however castigated the company for taking hasty decisions to close saying they would have sought advise from stakeholders.
Best business plan
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When government was selling its 51 per cent shareholding in Rwandex, the Belgian investor, Hasson Robert presented the best business plan promising to invest billions of francs to revive it. The company had promised to inject $300, 000 (about Frw163m) in roasted coffee and also $150,000 (about Frw81m) in improving the quality of green berries. According to their business plan, Rwandex was to spend over $1.4m (about Frw762m) in four years.
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