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LNDC RESCUES ENRICH FROM ITS DEBTS
LNDC rescues enrich from its debts
01 December 2023 | 10:07

The independent Basotho store that became popular in the country of Lesotho, Enrich, after finding itself in crisis and at risk of collapsing due to bad management, the government through its main parastatal, Lesotho National Development Corporation, is about to save this business from collapse.

This business was seen as one of the businesses that will contribute to the country's economy and combat unemployment among others. However, bad news related to the lack of money that caused the debts and its collapse emerged about it.

Among others, Enrich was reported to have been owing rent, and the owner of the building to which Enrich hired, opened a case about this matter, and the court ruled that the creditor should auction Enrich’s assets which included cars and training equipment.

Moreover, the auctioning was supposed to happen today, of Enrich’s but LNDC intervened by writing a letter to the creditors assurring them that they will intervene to help enrich pay its credit.

This matter of LNDC, intervening came after the management of enrich asked for a loan of 25 million from LNDC, which according to one of the board members Mr Morolong, LNDC agreed to help them but the money will be given to Enrich in installments of at least 15 million.

Moreover, LNDC has shown that it has not yet given this estimated amount to Enrich as they are still in communication with the expert to advise them if it would be wise to give Enrich that amount of money.



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