Tongaat Hullet injects $300k into Masvingo Share Trust

LOWVELD sugarcane grower and processor giant, Tongaat Hullet in Chiredzi has injected $300 000 into Masvingo’s Community Share Ownership Trust (CSOT) to be shared among the seven districts in the province, an official has confirmed.

In an interview, the Ministry of Youth, Indigenisation and Economic Empowerment Masvingo provincial head Mr June Mbizvo praised the sugarcane firm’s gesture and said the contribution will go a long way in promoting development in the province.

“We are happy as a ministry that Tongaat Hullet in Chiredzi has contributed $300 000 to the CSOT which will add value to the province’s development strides. This is plausible considering that the gesture is over and above the corporate social responsibility the company is already doing in communities.

“Two districts will receive 20 percent each and 12 percent will go to the five remaining districts. Chiredzi and Mwenezi will get $60 000 each while Bikita, Chivi, Zaka, Gutu and Masvingo districts will receive $36 000 each,” said Mr Mbizvo.

He said the trust has also received money from Murowa Diamonds ($290 000) while Bikita Minerals has so far deposited $50 000 into the Bikita CSOT account.

Mr Mbizvo said most companies operating in the province have contributed to the CSOT save for Rio Zim’s Renco and Lenox Mine in Mashava.

“The companies are responding well and it shows that we are moving together on development. However, we have some companies that have not yet contributed to the CSOT . Lenox Mine in Mashava is now defunct while Renco Mine is reluctant to contribute as they claim that they are a subsidiary of RioZim which is already contributing to the trust. We still have problems with the company and have taken the issue to the higher office,” he said.

The Government launched community share ownership trusts in 2012 as part of the empowerment and indigenisation policy. The CSOT money is meant for development initiatives within the community which include construction of schools, clinics, dip tanks, among others.