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Mozambique: Momade Rassul loses vegetable oil factory – AIM report
7:35 CAT | 03 Sep 2019
For illustration purposes only. [Picture: Social Media]
The Nampula Provincial Court in northern Mozambique has seized a vegetable oil factory from the prominent businessman Momade Rassul in order to pay a debt of 19.4 million US dollars to the Hong Kong based company, Set Way Industries, according to a report in Monday’s issue of the independent newssheet “Carta de Mocambique”.
The debt arose from an agreement under which Set Way Industries supplied equipment and raw materials to Rassul’s oil refining plant in the city of Nacala between 2012 and 2015. Rassul’s company, S & S Refinarias, produced edible oil and soap.
Rassul officially recognised the debt on 8 August 2017, and promised to pay it, in full, by 25 February 2018. Rassul issued a cheque for the full amount, drawn on Mozambique’s second largest commercial bank, the BCI.
But there was not enough money in the account, and so the cheque bounced. Set Way told the Nampula court that this caused the company additional losses. These, plus default interest, pushed the amount owed up to 22.5 million US dollars.
Set Way sued S & S Refinarias, and the Nampula court found in favour of Set Way. It ordered the seizure of S & S Refinarias in order to pay off the debt.
READ ALSO: South Africa: PIC defends [Mozambique palm oil refinery] deal with links to Nhlanhla Nene’s son
Source: AIM
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