IDC loses $71m in glass-making deal

Date: 27 September 2013
Source: www.southerneye.co.zw

Date: 27 September 2013

THE Industrial Development Corporation (IDC) has failed to recover $71 million from the Romanian government 14 years after the Zimbabwe partnered the European country in a glass-manufacturing deal that failed to materialise, an official has said.

Business ReporterIDC and Romsit, a Romanian parastatal, entered into a deal to manufacture glass sheets.IDC spokesperson Derrick Sibanda in an interview yesterday, said the $62 million was for the expropriation of the company’s rights while $9 million was for interest charges.Read more here.THE Industrial Development Corporation (IDC) has failed to recover $71 million from the Romanian government 14 years after the Zimbabwe partnered the European country in a glass-manufacturing deal that failed to materialise, an official has said.  

Business Reporter

IDC and Romsit, a Romanian parastatal, entered into a deal to manufacture glass sheets.

IDC spokesperson Derrick Sibanda in an interview yesterday, said the $62 million was for the expropriation of the company’s rights while $9 million was for interest charges.

Read more here.
600450 IDC loses $71m in glass-making deal glassonweb.com

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