adminfine green beans mainly for export, went into liquidation after succumbing to the effects of sanctions imposed on Zimbabwe.
The company was owned by the Industrial Development Corporation.
Chartered accountant Mr Cecil Madondo was appointed the liquidator.
As at March 31 2011, Bonnezim’s liabilities stood at US$1,83 million, with total assets at US$1,6 million.
In a court application, Bonnezim directors said the company had not been able to do business since its technical partner PAKCO of South Africa had pulled out.
Bonnezim had entered into an agreement with the SA firm under which it would provide capital and technical expertise.
PAKCO’s pullout also saw Bonnezim losing access to key markets.
“The markets, the company’s mainstay, vanished, effectively closing the doors for exports, resulting in an inability to settle its debts timeously,” said Bonnezim.
“It was not possible to resuscitate the European markets, as there was an embargo on the country’s agricultural produce for so-called contested land.
“As a result, the company is unable to pay it debts and has failed to pay its workers and statutory and other creditors, resulting in closure of the factory and ceasing operations.”
One of its properties in Chegutu was attached due to failure to pay debts to the Rural District Council.
Freight agency, Manica Africa also took legal action to recover more than R400 000 owed for freight charges.
Bonnezim employed hundreds of workers.
It was involved in growing and processing green beans at its factory in Chegutu.
Online Reporter