New Govt. finds Hope Coconut Industries in poor financial position

— only $116,072 in account

The Hope Coconut Industries Limited (HCIL) has been left in a poor, financial state by the APNU+AFC Coalition administration. This was revealed earlier today during a virtual press conference held by Minister of Agriculture, Hon. Zulfikar Mustapha.

“The estate is presently in a poor financial position with only $116,072 in its account. This is due mainly to a drop in demand for coconut seedlings and the low rate of land rent collection. Presently, only 41 of 333 farmers have paid their rent for 2020,” he relayed.

Moving forward, the Agriculture Minister will task a competent Board with reforming and managing the affairs of the Hope Coconut Industries Ltd.

“The Ministry will appoint a Board that is capable of reforming and re-orienting the estate’s agricultural activities to make it a sustainable and profitable industry.”