Government books in total shambles: Auditor-General

By Tendai Kamhungira State-owned enterprises and parastatals continue to incur shocking financial losses, with high chances of ceasing operations, Auditor-General Mildred Chiri has warned. ZESA Megawatt HQ in Harare State-owned enterprises and parastatals are losing millions of dollars, according to Chiri’s latest 2017 report, with fears that some might be declared insolvent due to the losses. Among the companies experiencing dreadful losses are Zimbabwe Consolidated Diamond Company (ZCDC), Zesa Enterprises (Private) Limited (Zent), Zimbabwe Electricity Transmission and Distribution Company (ZETDC) and Small to Medium Enterprises and Development Corporation (Smedco). Related…

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Debt-ridden AirZim invites investors

On Nov 13, 2018 18,776 0 By Pauline Hurungudo Air Zimbabwe is inviting tenders from interested parties to invest in the stuttering airline. File picture of an Air Zimbabwe plane In a notice published yesterday, Air Zimbabwe Holdings administrator Reggie Saruchera said that interested bidders were to lodge their bids with Grant Thornton Chartered Accountants. “Tenders are hereby invited from interested parties to invest in Air Zimbabwe. Parties interested in investing are required to register their interest with the Air Zimbabwe administrator…” he said. Related Articles This comes after the…

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NetOne demands $100k from ex-employee

By Tendai Kamhungira Netone Cellular (Private) Limited (NetOne) has filed a $100 000 lawsuit against its former employee who failed to return money she reportedly expropriated from the mobile network operator. Cynthia Mapeza According to court papers, the former employee, Cynthia Mapeza was employed by the organisation as a supervisor and was based in Gweru. “The defendant (Mapeza) was at all material times an employee of the plaintiff (NetOne) stationed at plaintiff’s Gweru retail shop as a supervisor. Among other things, (she was) the custodian of all stocks meant for…

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Parastatals incur huge losses

By Pauline Hurungudo There is material breakdown in government’s internal control financial systems and procedures, inadequate accounting processes, and significant weaknesses and misstatements of financial reports, Auditor-General (AG) Mildred Chiri has said. Auditor-General Midred Chiri (AFP Photo) In a report presented to Parliament, Chiri reported that government ministries failed to provide comprehensive financial information due to inefficient accounting systems, with some transactions grossly violating public funds use. She said there was a need for “extraordinary corrective measures” to be taken to rescue the situation in government finances. Related Articles Government…

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Air Zim wet leases aircraft in reconstruction drive

On Nov 13, 2018 17,693 1 By Pauline Hurungudo Air Zimbabwe is “wet leasing” one if its aircraft in a fundraising drive that is part of its reconstruction strategy. Air Zimbabwe A wet lease agreement is a contractual arrangement covering the hire and servicing of aircrafts, and the provision of a flight crew to the leaseholder. In a notice, the airline notified prospective bidders that it is wet leasing a Boeing 767-200ER registration Z-WPE. Related Articles “Bidders are free to witness the tender opening immediately after the closing time,” Air…

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Zim gets $3,6m cyber security grant

By Nokuthaba Nkomo Zimbabwe yesterday received a $3,6m grant for cyber security equipment to curb the increase in cyber crimes. Minister of ICT Kazembe Kazembe and Finance Minister Mthuli Ncube with the Japanese Ambassador Iwado at the Zimbabwe-Japan signing ceremony for the investment in new cyber security equipment for Zimbabwe by the Japanese government. The grant was inked by Finance minister Mthuli Ncube and Japan ambassador to Zimbabwe Toshiyuki Iwado at a signing ceremony at the ministry offices. Iwado said the main aim of the project was to improve the…

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Inflation races to 20.85 percent, highest since 2008

HARARE – Zimbabwe’s October inflation raced to its highest since 2008 following a surge in prices of cooking oil, flour and sugar, the statistical agency Zimstat said on Tuesday, as the country faces a dollar shortage. Zimbabwe adopted the U.S. dollar in 2009 after dumping its hyperinflation-wrecked currency, which saw inflation fall to single digits. Some businesses are now demanding cash U.S. dollars only and have raised prices by more than three times for the majority who pay in bond notes and RTGS. Inflation shot to 20.85 percent year-on-year in…

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Steward Bank declares $2million interim dividend

By Oliver Kazunga Steward Bank has declared a $2 million interim dividend for the six months ended August 31, 2018 based on the financial institution’s performance and the desire to strengthen its capital position. ECONET subsidiary Steward Bank During the period under review, the bank, which is Econet Wireless Zimbabwe’s subsidiary continued on a strong financial footing recording double digit growth. The bank’s profit after tax for the period under review amounted to $19 million compared to $8,5 million during the comparable period last year. Related Articles “The board has…

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The missing link for Matabeleland beef farmers

By Judith Moyo At the turn of the century Zimbabwe was exporting about 40 000 tonnes of beef per annum to the European Union, with most of that coming from Matabeleland region. The Cold Storage Company (CSC) That figure has since been reduced drastically to almost zero by year 2007 and since then there hasn’t been any significant beef exports. This has been attributed to droughts, disease outbreaks and economic challenges that led to high input costs. Matabeleland region has for a long time been known to be a place…

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Stolen receipts storm rocks Zesa

By Andile Tshuma Some Zimbabwe Electricity Transmission and Distribution Company (ZETDC) officials have flown into the eye of a storm after receipts mysteriously disappeared from a banking hall in the Southern Region. A demonstration against Zesa in Bulawayo in 2012 Five coded receipts are reported to have been stolen by suspected ZETDC employees at one of the banking halls in Bulawayo sometime last week. Officials who spoke on condition of anonymity said manual receipts are usually issued for large cash transactions. Related Articles The parastatal has warned that it will…

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