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*Rainbow Tourism Group is insolvent and should be placed under judicial management* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?st British tycoon, Nicholas van Hoogstraten who holds 36 percent shareholding in the Rainbow Tourism Group (RTG) has called for the firm to be placed under judicial management. Van Hoogstraten wants RTG to be placed under judicial management because the company is insolvent. This comes after shareholders rejected RTG’s plan to seek a US$25 million injection, aimed at boosting the leisure firm’s operations. Van Hoogstraten was supported by the National Social Security Authority (NSSA) which owns 40 percent of RTG. Said Van Hoogstraten: ---------- *Latest itel S24 now available on Pindula* $124 Cash on Delivery in Harare & Bulawayo. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- > I have no plan to support them > My view is that we should go for judicial management because the company is insolvent. All these injections are a way of getting money out of RTG. But the company has been destroyed. Borrowing money is not the solution. This is what this company has failed to realise, > The only debts that they have paid were the cheapest debts. They repaid them so that they will borrow more from the banks. They have made the mistake of telling me that this is what they are doing. So I will not approve any new proposal. They were stupid enough to tell me that they repaid the debts because they wanted to borrow more money, More: Financial Gazette _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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