Marvo placed under judicial management

0
52

BULAWAYO – Struggling Bulawayo firm, Marvo Stationery Manufacturers has been placed under judicial management after the High Court accepted its application, stopping the attachment of its property by workers over unpaid wages.

Chrispen Mwete of C Mwete and Company was appointed the judiciary manager by Bulawayo High Court judge Justice Martin Makonese.

Managing director Saul Mashamba confirmed on Tuesday that Marvo has been placed under judicial management but workers had challenged the move.

“Yes, the company has been placed under judicial management, but we are still in the process of finalising the issue.

“We owe workers a lot of money which I cannot disclose to you at the moment,” Mashamba said.

Workers had successfully applied to the High Court to attach the company’s properties in restitution, but Marvo then opted for judicial management.

“We engaged the Deputy Sheriff and paid him to attach the property at Marvo as per High Court order, but were told that the company is now under judicial management,” a workers’ committee official told The Source.

The company has struggled lately because of obsolete machinery and competition from cheap imports and its troubles continued despite receiving $758 000 in 2012 under the Distressed Industries and Marginalised Areas Fund last year.

It owes 103 workers, who have gone for 20 months without pay, in excess of more than $200 000.

In June, the workers received payments of $10 each.

The company was established in 1966 and at its peak, employed 600 people.

– The Source