'No dodgy take-over of State firms'

HARARE - Finance minister Mthuli Ncube has said there will be no room for corrupt politicians and dodgy businessmen in the privatisation of struggling State-owned companies, part of wide-ranging reforms set in motion by President Emmerson Mnangagwa since he came to power.

A former banker, Ncube has been tasked with turning around State companies that have plunged public finances into crisis in recent years, with most of them on the brink of bankruptcy.

Responding to parliamentarians who had asked what safeguards he had put in place to guard against the take-over of the firms by politically-connected individuals, he said the privatisation would undergo a thorough due diligence.

“We do not intend to embark on 100 percent privatisation because we are pursuing partial privatisation which will see government retaining its shareholding stake and continue to be part of the strategy.

“Government will not allow any shenanigans to take over the parastatals,” he said.

Under the State enterprise reform exercise, NetOne, TelOne, POSB, IDBZ and Agribank will be partially privatised along with subsidiaries of other State entities. —

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