InterChem Pharma Placed Under Receivership

InterChem Pharma Ltd, the Moshi-based pharmaceutical firm owned by media mogul Benjamin Mengi, has been placed under receivership over a large debt accrued from Barclays Bank Tanzania Ltd., The East African reported. The firm, which three years ago acquired a $6 million loan for setting up an anti-retroviral (ARV) drug manufacturing plant in Tanzania, will go under the hammer next year. Bank sources told The East African in Dar es Salaam last week that the firm acquired additional investment from Barclays under a debenture agreement and mortgaged its plant in Moshi to the bank. According to receivers appointed by Barclays Bank Tanzania, the firm’s assets and business are being offered for sale by competitive tender to recover the loan. The company was incorporated in 1983. It manufactures liquids, tablets, capsules, creams, ointments, dry powders, external preparations and veterinary medicines. Read more.