Less than twenty-four hours to the December 30 deadline it set for settling all outstanding payouts, H O Corn, the agro-investment platform which promised investors a 50 percent return on investment, have set a new timeline for repayment, BusinessDay can report.
The company in a mail it sent to investors on Tuesday, 29 December, said it was unable to make payments as it had earlier planned due to financial and time constraints. The company also said it now has a comprehensive schedule detailing the exact date of the payment of investors’ principal and accrued benefits. The comprehensive schedule will guide all subsequent payment arrangements.
“Payment is ongoing as was mentioned in the penultimate correspondence, and will continue until December 2021,” the statement said.
The latest postponement is the third time in 2020 the company has moved its deadline for payout to thousands of investors. The first time it moved the deadline, it blamed the COVID-19 pandemic and the lockdown which affected movement of workers and farm production. It then promised to pay in October. At this point, the investors had began to agitate to take legal action.
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After keeping thousands of investors waiting, HO Corn issued a letter announcing the payment exercise will run from 30 October to 30 December 2020.
Details later…
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