Lesotho: LNDC Pulls Plug On Enrich Bailout

THE Lesotho National Development Corporation (LNDC) has abandoned its much-publicised M15 million bailout of Enrich Holdings, citing the company’s failure to meet critical loan conditions.

Enrich’s failure to put together a rescue structure and signs of deep-seated mismanagement also contributed to LNDC’s pullout.

A detailed LNDC evaluation report, seen by the Lesotho Times, paints a picture of internal contradictions, leadership instability and risks of possible fraud within Enrich — all of…