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News Bad loans written off at ARM Cement further devalue company

Bad loans written off at ARM Cement further devalue company

Written by Global Cement staff 06 November 2018
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Kenya/Tanzania: The administrators of ARM Cement have written off loans worth around US$210m to Maweni Limestone, a subsidiary in Tanzania. The decision by the PricewaterhouseCoopers (PWC) administrators has significantly reduced the cement producer’s assets to US$140m from US$362m, according to the Business Daily newspaper. In a report PWC alleges that ARM Cement had treated its debt to Maweni Limestone as a performing loan, despite the fact that the subsidiary had repeatedly defaulted on it, effectively misleading investors as to the value of the company. The write-off has left ARM Cement’s creditors, including the UK government-backed CDC Group, in negative equity to a value of around US$24m.

Other irregularities that have been discovered amount to US$1.5m. These issues include alleged outstanding director pay, payments to mystery customers and a payment of US$0.4m for ‘fixtures and fittings.’

ARM Cement owns an integrated cement plant at Tanga and a grinding plant in Dar es Salaam that is currently not in operation. It is also building a grinding plant in Tanga that remains unfinished. The cement producer was placed into administration in late August 2018.

Last modified on 07 November 2018
Published in Global Cement News
Tagged under
  • Kenya
  • Tanzania
  • ARM Cement
  • administration
  • PricewaterhouseCoopers
  • Loan
  • Plant
  • grinding plant
  • CDC Group
  • GCW378
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