Auto Tyres Zimbabwe dissolves pension fund
HARARE, Auto Tyres Zimbabwe (formerly) Dunlop, due to viability challenges dissolved the Auto Tyres Pension Fund and is now inviting contributors for final valuation inspection.
The company said has been facing viability challenges for the past two years, resulting in the Board of Trustees agreeing to dissolve the fund and distribute the Fund’s assets to Members.
“The Auto Tyres Zimbabwe Pension Fund (formerly) Dunlop invites all ex-members who were contributing or those that might have a claim against the Fund to inspect the final valuation schedule of benefits payable and make their claims to the Principal Officer at Auto Tyres within which 14 days from the date of the notice,” said the company.
Auto Tyres Zimbabwe stopped operations in 2016 and retrenched its entire staff after it failed to recapitalise the company.
Auto Tyres, which closed in November 2016 due to foreign currency shortages, had been reportedly seeking assistance from several financial institutions, including NSSA.
At some point in 2017, the company was engaged in an ex-employee registration exercise in anticipation of high trading volumes in 2018.
In July last year, the company reportedly acquired modern tyre-making equipment which was envisaged to widen its range of tyres.
