Saturday, February 24, 2024

Accountant general finally releases Daisy Loo money

The Daisy Loo marathon case seems to have come to an end after the multi-million cheque was finally cashed and the Botswana Unified Revenue Service (BURS) received, through the Accountant General (AG), what it was owed.

The Appeals Court had ruled in favour of Daisy Loo which now pockets about P19 million out of the 36 million after BURS docked P17 million from the check.

In addition to having been indebted to the tax man, Daisy Loo is indebted to twenty-three creditors and the debts are said to be very high.

Last week, the Accountant General finally handed over a cheque of P19 million to Daisy Loo ÔÇô the change from the cheque the AG had been withholding since 2007 as per High Court instructions.

Both Daisy Loo and BURS were in disagreement as to what amount of tax Daisy Loo should pay.

BURS had instructed the Accountant General not to release the cheque to Daisy Loo before an agreement on payment of tax had been reached. BURS demanded that the payment be deducted from the P36 million and Daisy Loo to be then given the balance.

Observers foresee closure of Daisy Loo in the near future as the company is likely to face difficulties in generating funds, considering outstanding debts.

John Hinchliffe, the judicial manager assigned to administer the affairs of Daisy Loo, confirmed to Sunday Standard that BURS was paid about P17m last week.

Hinchliffe added that though they still believe that BURS calculations might be wrong, they are hopeful that the matter will be resolved amicably.

He stated that last Monday they met again with BURS officials and made some proposal to them.

“We made our proposals to BURS and we await their response sometime this week,” he said.

However, Hinchliffe would not disclose what they put before BURS regarding the reconsideration of the tax amount.

He revealed that Daisy Loo owes about twenty-three creditors who also need to be paid.

“I am not in a position to reveal how much the company owes its creditors as yet but I will only be able to disclose the amount sometime this week,” Hinchliffe said.

He indicated that as the judicial manager he really wants this matter to come to finality as it has taken a long time. He added that once the matter is resolved, he will handover the company to its shareholders.

“I am not in a position to say anything,” said Daisy Loo Director, Moemedi Dijeng, when contacted for comment. “Talk to my lawyer, Mr Unoda Mack or the Judicial Manager.”

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