RCC's future still under discussion
31 July 2018 | Local News
Ministry spokesperson John Ngwedha said more work still needed to be done on the bill before it is tabled in parliament.
According to him, there are many aspects that will need to be taken into consideration before the bill is tabled; hence the delay.
He added the delay in no way meant the bill would not be tabled, which will see the RCC placed under a new manager appointed by the High Court, once the process has been concluded.
It was reported last week that works minister John Mutorwa was advised by attorney-general Albert Kawana to change aspects of the bill.
Mutorwa previously said it will still be business as usual for the RCC, as its stakeholders wait for the tabling of the bill.
Under judicial management, the board of the RCC will be disempowered.
Public enterprises minister Leon Jooste, when announcing previously that the RCC would be placed under judicial management, said: “The RCC has many creditors who will, while the company is under judicial management, have to wait to see their claims against the company settled.
“The judicial manager will proactively seek ways to restructure the debt of the company and respond to the financial demands of the company.”
Jooste said further the judicial manager will be empowered to make far-reaching decisions on the company's business transactions, covering all aspects of its operations, human resources and financial management.