Econet’s Struggle To Repatriate Funds Causes More Problems For Kwese TV
The telecoms firm Econet Wireless is experiencing trouble in its mission to repatriate funds from Zimbabwe. This situation has caused it not to pay creditors and therefore, created significant challenges for the already troubled Econet Media-owned Kwese TV.
The CEO of Econet Media, Joseph Hundah, told the press recently that the group’s inability to take money out of Zimbabwe has had a massive impact on the business.
Hunda noted that no other business in Strive Masiyiwa’s Econet Global Group had been affected by Kwese TV’s administration process.
He added that negotiations would soon begin with Kwese TV’s creditors in an effort to rescue the business, adding that a team of accountants from Ernst & Young had been appointed to manage the entire process.
Two years after its 2016 launch, Kwese TV closed down its subscriptions model in 2018 and discontinued its third-party channels leaving only free-to-air platforms consisting of news, religious content and some sports.
In the two years that it operated, Kwese TV gained many subscribers across more than 12 African countries.
The pay-TV company still owes its service providers millions of US$.
Several other businesses providing essential support services to Zimbabwe’s economy have also been struggling to repatriate their funds.
However, the Zimbabwean government has responded with a list of policy measures that have just create a more challenging environment for investors.
Credit: This article originated from www.newzimbabwe.com