Published: 12 September 2013

Embattled CAPS Holdings boss, Fred Mtanda, has made an offer to stop the auctioning of the pharmaceutical company's assets to settle debts owed to financial institutions.

Mtanda is reportedly negotiating with FBC Bank to defer the sale and had promised to settle the outstanding $1.5 million FBC debt in full by September 30.

FBC has reportedly accepted the proposal although the bank's legal counsel had expressed doubts over Mtanda's ability to fulfil his pledge.
- fingaz

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