THE Registration, Insolvency and Trusteeship Agency (RITA) has announced the liquidation of DOVETEL (T) Limited popularly known as ‘Sasatel’ and Hydrox Industrial Services Limited after confirming that the duo were unable to operate and settle debts they owe.

Speaking in Dar es Salaam yesterday on the decision to liquidate the two companies, RITA Chief  Executive Officer of RITA, Frank Kanyusi, said that the move was  aimed  to protect the rights of shareholders, partners, creditors and employees and  ensure that all government  taxes and  dues were  duly paid.

"I would like the general public to understand that apart from registering births, deaths, marriages, divorces, and adoptions, RITA also oversees Corporate Insolvency and Personal Insolvency, as well as the registration of Boards of Trustees, management of unclaimed property, drafting and safe keeping of wills, and the administration of estates," Kanyusi stressed.

He said  RITA has been authorized by  Court to liquidate or rather privatise the two companies in which the agency has already issued public notice  to inform the public on sensitivity of the issue especially for those with interests in these companies, to come forward  before the process was completed.

"The work of insolvency in the country is guided by various laws depending on the type of business being conducted by the company being liquidated,” the RITA boss explained.

Kanyusi further added that RITA was committed to fulfilling its responsibilities professionally, yet meeting the expectations of the sixth phase government led by President Dr Samia Suluhu Hassan, through her philosophy of the 4Rs: Reconciliation, Reform, Resilience, and Rebuilding.

“These laws including the Insolvency Act Chapter 25, the Companies Act of 2012, the Banking and Financial Institutions Act Chapter 342, the Cooperative Societies Act Chapter 211, the Insurance Act 394, the Public Corporations Act, the Deeds of Arrangement Act, and the Trustees Incorporation Act Chapter 318,” he said.

Kanyusi noted that liquidation of the two companies was a crucial step since if they were not liquidated, their assets could disappear and the mentioned groups would also lose their legal rights.

DEVETEL or Sasatel was established to deal in the communication business while Hydrox Industrial Services Limited was involved in the production and sale of water purification chemicals and drugs.