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IDC loses $71m in glass-making deal

Post Time:Sep 27,2013Classify:Industry NewsView:70

THE Industrial Development Corporation (IDC) has failed to recover $71 million from the Romanian government 14 years after the Zimbabwe partnered the European country in a glass-manufacturing deal that failed to materialise, an official has said.  

Business Reporter

IDC and Romsit, a Romanian parastatal, entered into a deal to manufacture glass sheets.

IDC spokesperson Derrick Sibanda in an interview yesterday, said the $62 million was for the expropriation of the company’s rights while $9 million was for interest charges.

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Source: http://www.glassonweb.com/news/index/20257/Author:

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