RTG still to recover $5m in RMB

Rainbow Tourism Group is still to recover over $5 million trapped in ReNaissance Merchant Bank (RMB) more than six months after its placement under curatorship.

The funds were part balance of a loan secured by the hospitality group to refurbish its flagship Rainbow Towers Hotel.

“RTG continues to engage the relevant stakeholders in this matter and we are positive that we have shall have a break through soon on the matter,” Finance Director, Paschal Changunda said.

The Reserve Bank of Zimbabwe placed RMB under curatorship in June last year after its investigators found high cases of mismanagement and gross violation of banking laws.

RTG manages a total 1 180 hotel rooms in Zimbabwe and Zambia.

Its portfolio includes Rainbow Towers and Ambassador Hotel in Harare,Kadoma Hotel & Conference Centre, Bulawayo Rainbow Hotel, Victoria Falls Rainbow Hotel and A’Zambezi River Lodge.

In its half year to June 2011, the company reported an operating profit of $1,2 million compared with a loss of $40 000 prior year.

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RTG still to recover $5m in RMB

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