Malesu impressed with Phikwe Co-op progress

 Malesu was speaking during a special general meeting with members of the society last week. The minister took a decision to close the business after it was caught up in debts of more than P2 Million.

She pointed out that since 2005, the business has been running at a loss. In 2010, the business experienced a P499, 471 loss and in 2011 it stood at an increased P699, 000. She said that her office had to come up with ways to salvage the business after an investigative audit was conducted by the Department of Cooperatives.  She explained that during the audit it was discovered that the internal controls were poor and there were stock leakages.