February 9, 2021 Owen Khamula - Nyasa Times 3 Comments
State produce trader Agricultural Development and Marketing Corporation ( Admarc) has rebuffed agriculture commodity trader, AHL to retrench 40 percent of its staff as one way of restructuring.
Kusamba-Dzonzi: Has asked AHL to fix the financial mess at Malawi Leaf first where money amounting to K42 billion is said to have gone missing
Lately, AHL has been sailing through turbelent financial waters.
This led to the company failing to pay salaries of its workers for four months triggering waves of protests.
However, AHL proceeded to obtain a K6 billion bail out from Admarc to be used in servicing all outstanding debts as well as to embark on restructuring process.
Admarc headquarters in Blantyre
The Agricultural Development and Marketing Corporation (ADMARC) has come under heavy criticism from indigenous traders who have accused the State owned buying Company for playing with lives of while busy bailing out employees of Auction Holdings Limited (AHL) with billions of kwachas.
“Last year Admarc was authorized by the Minister of Finance to borrow about K22 billion from commercial banks to buy farm produce from farmers and not to bail out a company that is independent and makes it’s on profits within it’s product lines,’ said one trader who spoke on condition of anonymity.
January 3, 2021 Owen Khamula- Nyasa Times 8 Comments
Financially struggling State produce marketer Agricultural Development and Marketing Corporation (Admarc) has given a bail out of K6 billion to cash strapped trader Auction Holdings Limited (AHL).
Dzonzi: Confirmed Admarc has released K6 billion meant to support AHL in settling the salary arrears.
The money will help AHL, a subsdiary of Admarc, pay salary arrears for its employees who had gone over four months without pay.
The Auction Holdings Limited is experiencing financial challenges.
Alexander Kusamba Dzonzi , Admarc board chairperson confirmed the grain trader has released K6 billion meant to support AHL in settling the salary arrears.