Teetering OK draws up internal corporate rescue plan

STRUGGLING retailer, OK Zimbabwe (OK) owes its creditors, mostly suppliers, a whopping US$30,34 million as government’s induced exchange rate distortions doubled the firm’s US dollar obligations.

In its trading update for the quarter ended December 31, 2024, OK revealed that the volatile nature of the ZiG caused its US dollar obligations to double.

Hence, suppliers began demanding upfront foreign currency payments from retailers and wholesalers.

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