Palmalac to be liquidated

Rwanda’s sole cooking oil company, Palmalac, is set for liquidation after failing to pay an outstanding debt of Rwf700m to Rwanda Development Bank’s (BRD).The loan, which was initially Rwf600m but rose due to interests, was acquired in 2009 by businessman, Omar Nzamwita, together with a business partner with whom he owned the company during its initiation.
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Ivan R. Mugisha