Marvo Stationery secures new investor
BULAWAYO-based Marvo Stationery Manufacturers has secured a new investor which has committed to clear salary arrears and revive operations.
The stationery-making firm was placed under judicial management in 2014 after the High Court accepted its application, stopping the attachment of its property by workers over salary arrears.
Chrispen Mwete was appointed the judicial manager and has been managing the firm since then.
In a notice to stakeholders and workers last week, Marvo Stationery Workers’ representatives confirmed the development.
A notice signed by workers’ committee members read: “We the undersigned Marvo Stationery workers’ representatives officially issue this notice as per our agreed resolution as Marvo employees at our meeting on May 18. We want to update all the stakeholders concerned.
“We confirm that Marvo’s judicial manager Mwete has found an investor who will pay us our unpaid salaries on condition that he ‘the investor’ buys all the remaining Marvo Assets equivalent to creditors’ bills as per the court agreed position with all parties involved.
“We would like also to confirm that the new investor has already made the initial payment through the judicial manager and our legal representatives Majoko and Majoko Legal Practitioners.”
The notice also confirmed that the judicial manager had used the initial payment to pay contributions to the workers’ pension fund, including the National Employment Council and Old Mutual as well as reconnecting electricity to Marvo Stationery that was disconnected close to 10 years ago.
“We are solidly in support and behind the judicial manager and the new investor, we agree with his payment plan as well as his intention to reopen Marvo Stationery as he rehires us. We are the majority creditors collectively as Marvo workers and our voices should be considered.”
The workers’ representatives declined to name the new investor.
Mwete was unreachable for comment. — NewsDay