Mon Oct 24 14:38:34 SAST 2016
R212m missing from East Cape health coffers

Millions intended to be spent on the health needs of Eastern Cape residents have gone missing from d.

Firms in debt face closure

By unknown | Mar 19, 2008 | COMMENTS [ 0 ]

Alex Matlala

Alex Matlala

Several emerging businesses will be shut down today for failing to honour debts of R98 million with the Limpopo Economic and Development Enterprise (Limdev).

The money is for unpaid loans and rentals to Limdev.

The managing director of Limdev, Stan Mathabatha, said yesterday the businesses that owed Limdev would be shut down in an effort to recover the money.

Mathabatha said only those who were in arrears for more than 90 days would be shut down from today, while those whose arrears were below 90 days would be given a chance to make payment arrangements.

"We have sent many letters to the businesses asking them to pay the outstanding arrears but all in vain.

"These are big businesses in town that are making good money every day but they still ignore the call," he said.

"We will leave no stone unturned in this as our mission is to stimulate economic growth in the province through supporting emerging businesses."

Mathabatha said Limdev was committed to creating sustainable jobs for the jobless and to facilitate access to meaningful commercial and social opportunities for the people of Limpopo.

The organisation said the non- payment of outstanding debts was denying opportunities to the people of the province who wanted to make it in the business sector.

Limdev management's debt recovery strategy might see some of the businesses being closed or liquidated, while others could face eviction from Limdev's premises.


Login OR Join up TO COMMENT