Agriculture Minister, Dr Anxious Masuka confirmed that the
deal crumbled due to Boustead’s inability to meet the terms of the agreement,
resulting in CSC terminating the transaction.
The Chronicle reports that in June, Mutapa Investment Fund
(MIF) chief executive officer, Dr John Mangudya, noted that crucial facets of
the deal had not been met. Consequently, CSC took legal action against Boustead
Beef after it failed to meet the requirements of the deal.
Although the partnership was meant to last 25 years and
promised to rebuild the company with a US$135 million investment, crucial
conditions were not met, providing grounds for CSC’s legal action against
Boustead.
“We have sought to disengage from that process, and that
process is now a legal process. So that’s why I say that this is a subject of
some discussion elsewhere,” said Dr Masuka.
The partnership led to a rebranding of CSC as Boustead Beef
— Cold Storage Company of Zimbabwe, reigniting hope for thousands of families
who relied on the once-thriving company.
CSC was being run in a joint venture between the Government
and Boustead Beef (Pvt) Ltd in 2019 under the Rehabilitate, Operate and
Transfer (ROT) Agreement.
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