Iranians with 83 percent shareholding, jointly own Modzone, which has two subsidiaries Travan Blankets and Irazim Textiles, together with the Government, through Industrial Development Corporation (IDC) with 13 percent.
IDC general manager Mike Ndudzo said the Iranian shareholders, who are a pension fund, felt they were not benefiting from the investment.
“Our partners have said since we invested in Zimbabwe in 1997, we have never gotten a cent,” he said.
“When we made profits, exchange controls did not allow us to remit dividends then and we have never got anything. We are a pension fund and our policy holders want the money back. We are not reinvesting,” Ndudzo quoted the Iranians saying.
It could not immediately be established how much the Iranians had invested in the textile manufacturer.
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