$7M investment saves South African citrus producer
The Limpopo farm in South Africa was once one of the biggest citrus producers in the southern hemisphere.
A cash injection of US $7,402,427 from a Russian investor has helped to rescue a disastrous land restitution venture from collapse, saving hundreds of jobs and providing a financial lifeline to a poor community.
The growing success is a beacon of hope in the area of land restitution in South Africa, where more than 80% of commercially used land returned to its indigenous owners since 1994 has failed to stay economically active and provide a living for them.
With the investment, Zebediela Citrus Farm in Limpopo is now finally on the road to recovery, according to its occupants.
This comes after the Russian investor – a company known as Eight Mile – swooped in to try to save the ailing establishment following a series of legal skirmishes involving an EFF-aligned lawyer, the community that owns the land and other investors.
Publication date: 9/29/2017
© 2017 FreshPlaza. All rights reserved.