Mauritius | Manufacturing & Services

September 12, 2013

RS Denim Put the Key Under the Mat

Collapsing under the weight of its debts, RS Denim , the company of former MP Ram Mardaymootoo closed its doors. A meeting to approve the liquidation of the account books of the company at 9 am Thursday, September 12 at the headquarters of PriceWaterhouseCoopers in Ebony.

It `s this is the fall of` a textile giant that has a lot about him in the past.

The government has invested a lot of money in this business to try to save the sinking. On 21 September 2005, the Board of Directors of the State Investment Corporation (SIC) has agreed to invest Rs 75 million in the company to become a shareholder. Done in March 2006. The same month, through the National Equity Fund, Rs 80 million are invested.

But this is insufficient. In December 2008, the debts of the company is Rs 930 million. Through the Mechanism for Transitional Support to Private Sector Scheme, RS Denim receive a financial support of Rs 76 million. Tens of millions of rupees will also be injected into RS Fashion, a sister company of RS Denim, between 2008 and 2010.

Ram Mardemootoo stated in the edition of Daily Challenge August 12, the CIS has recovered "when they invested the assets of the company were sold. If anyone has lost money, it's me. "

And clarify that he had been ousted when the money was injected between 2008 and 2010. But again, despite the support of the Stimulus Package, nothing works. The company will be under voluntary administration in January 2010 and finally put into administration by the response to the request of the Development Bank of South Africa, the main creditor of RS Denim.

On June 30, a company, namely FM Denim redeem the machines for a little less than Rs 100 million. In January 2011, she also buy the building for Rs 150 million.

Ram Mardemootoo advance that he was a pioneer in his field, but he did not have the necessary support when he really needed. "Without RS Denim, all companies that sell clothing jeans have closed, because there would be no tissue to feed. "And to emphasize that FM Denim made huge profits with assets of RS Denim.

 

 

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