Ruliba in financial trouble

KIGALI - Briqueterie Rwandaise Ruliba a roofing tiles and brick laying factory has been put under receivership over a non paid loan amounting to Rwf 1.7bn owed to Banque Commerciale du Rwanda (BCR). The factory belongs to city businessman Jean Murenzi.When The New Times visited the factory a notice on its perimeter wall read, “this factory is temporarily closed and will reopen on 19th October 2009.” A source at BCR speaking on condition of anonymity said that the bank petitioned the Registrar General after trying to recover the money with less success. He added that the court process is long and time consuming. Under the Insolvency Act, the Registrar General can put a company under receivership with a view to determine its solvency – to pay its loans. Efforts to speak to Registrar General Eraste Kabera were futile. The proprietor, Jean Murenzi, said the decision was taken in his absence. An employee at the factory confirmed that no goods are allowed to leave the factory. Murenzi puts the value of his facility at Rwf 6bn. Ends