Hardware companies that have not performed well in their deliveries for the Help for Homes Initiative will have to pay an interest rate of 4 percent to the Government.
This was highlighted by the Acting Prime Minister and Attorney General Aiyaz Sayed‑Khaiyum in a press conference yesterday afternoon.
Sayed‑Khaiyum says that Vinod Patel and R.C Manubhai are two of the companies who have not performed well and they will not be included in Phase 2 of the Help for Homes Initiative.
They can only be in included in Phase 2 if they complete the delivery of Phase 1.
He says that they have had a discussion with the companies and they have agreed to the terms.
The Acting Prime Minister says an official letter would be issued soon.
Sayed‑Khaiyum says the government will also penalise the companies for not delivering the service as expected.
Sayed‑Khaiyum says that this penalty charge may be higher and it will depend on the outstanding amount of the companies.
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