McDowells
Business Reporter
McDowells International (Pvt) Limiteds provisional liquidator Winsley Militala is pushing for the companys final liquidation as it has no prospects of becoming a successful concern after losing its money lending licence to the Reserve Bank of Zimbabwe.The company is currently under provisional liquidation after its money lending licence was cancelled by the RBZ in 2012 for unlawfully taking deposits from the public.
Using the deposits, McDowells had acquired properties in Masvingo, Bulawayo and South Africa.
It was established the firm owed creditors in excess of $14 million after its closure and its subsequent placement under provisional judicial management by the High Court in 2013.
Subsequent meetings with credi…
Read the full article at: http://www.herald.co.zw/mcdowells-pushes-for-final-liquidation/