RCC, Chinese deal declared invalid

Government has declared an agreement between the Roads Contractor Company (RCC) and Chinese firm Jiangsu Nantong Sanjian invalid and unenforceable by law. The RCC recently arranged off-balance sheet financing from Jiangsu to the tune of N$580 million, which would have seen the Chinese company raking in over N$2 billion in contracts for an initial loan outlay of N$580 million. Works minister John Mutorwa said shortly ago that the contractual relationship between RCC and the Chinese should immediately cease, following advice from the attorney-general.
STAFF REPORTER