IDC probes R180m loan as steel firm fails to repay

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According to the IDC, which invested about R180 million in DHT in 2018 (including R75 million worth of shares for the workers), the company has been unable to repay the IDC loan in line with contractual obligations. Picture: iStock/ Panida Wijitpanya
According to the IDC, which invested about R180 million in DHT in 2018 (including R75 million worth of shares for the workers), the company has been unable to repay the IDC loan in line with contractual obligations. Picture: iStock/ Panida Wijitpanya

BUSINESS

State-owned development finance institution the Industrial Development Corporation (IDC) has launched an investigation into Turkey-owned company DHT Holding Africa, which bought Cape Town Iron and Steel Works (Cisco) following allegations of financial impropriety.

According to the IDC, which invested about R180 million in DHT in 2018 (including R75 million worth of shares for the workers), the company has been unable to repay the IDC loan in line with contractual obligations.

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