Delays in the finalisation of a settlement agreement between government and Meikles Limited have resulted in the Zimbabwe Stock Exchange (ZSE)-listed concern failing to publish its financial results on time.
The debt accrued in 1998 from transactions related to the group’s dual listing on the ZSE and the London Stock Exchange.
It stood at $25 million in 1998 but shot up to $47 million at the end of 2013 after the inclusion of interest.
It has since ballooned with government, which must repay the debt, negotiating soft terms with Meikles.
In a statement, Meikles’ company secretary Thabani Mpofu revealed that the group had to delay releasing its audited financial results for the year ending March 31, 2018 as they believed finalisation of the settlement agreement with government was to be concluded before the end of last month.
“Regrettably, the company is unable to include the amount due from government in the financial statements for the financial year ended 31, March 2018. The audited financial statements are now being finalised and will be published within two weeks,” said Mpofu. Daily News.