Articles tagged 'parastatals'

Privatisation of parastatals takes shape 6 March 2019 Finance minister Mthuli Ncube says government will appoint transaction advisors to spearhead the privatisation of five key State-owned enterprises (SOEs).
Parastatals incur huge losses 13 November 2018 HARARE - 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. In a report presented to Parliament, Chiri re...
Govt courts global investors for State firms privatisation drive 8 October 2018 HARARE – Government is seeking global investors to engage in the privatisation of struggling State-owned companies as part of wide-ranging reforms set in motion by President Emmerson Mnangagwa since he came to power, the Finance and Economic Planning minister Mthuli Ncube has said. A former ba...
Distressed firms splash costly ED adverts 29 August 2018 HARARE - Distressed companies, some of which are on the verge of collapse, have dug deep into their nearly empty pockets to join the bandwagon and congratulate President Emmerson Mnangagwa who was sworn in as the country's president on Sunday. Most of the government owned parastatals are in th...
Parastatal reform crucial in a new Zimbabwe 15 August 2018 HARARE - Among the plethora of problems that will face the new government when it is sworn in and starts work, is the urgent issue of reform of the 105 State-owned enterprises (SOEs) that are currently managed by line ministries on behalf of taxpayers who are the owners or shareholders. Few ot...
'Parastatals audit a nightmare' 30 April 2018 HARARE - Internal government auditors, who are charged with ensuring public money is spent properly, say auditing the public service is a nightmare. The secretary for corporate governance unit in the Office of the President and Cabinet Stuart Comberbach said he was aware of government employee...
Parastatals reduced to Zanu PF soup kitchens 14 March 2018 HARARE - The acting general manager (GM) at the Minerals Marketing Corporation of Zimbabwe (MMCZ) revealed on Monday that the parastatal was pressured to dish out money to the ruling party, in what constitutes fresh evidence of the conflation between Zanu PF and the State. Giving oral evidence...
Has Mugabe finally opened his eyes? 10 September 2017 HARARE - President Robert Mugabe's admission that government has been carrying the burden of most parastatals that were under-performing must have been surprising for many. Mugabe disclosed during an interface meeting with business at State House on Thursday where he also said Cabinet had deci...
Govt ditches loss-making parastatals 8 September 2017 HARARE - Government has decided to shut down loss-making parastatals and State enterprises, President Robert Mugabe said yesterday. Mugabe made the announcement yesterday while addressing a high level interface meeting with industrialists at his official residence in Harare yesterday. He sa...
The circus goes on, but who cares! 2 July 2017 AUDITOR General (AG), Mildred Chiri, has tabled reports in the National Assembly that make for sad reading. A perusal of the voluminous documents produced by the AG, who must be commended for her courage in telling it like it is, confirms what we had long feared; that there is a complete break...
ZimStats fails to account for $28m: AG 29 June 2017 HARARE - A report by Auditor-General (AG) Mildred Chiri has exposed serious loopholes at the Zimbabwe National Statistics Agency (ZimStat) which failed to account for $28 million used during the 2012 national census — amid concerns over veracity of suppliers' invoices and suspicious registers of ...
'15 parastatals face collapse' 27 June 2017 HARARE - The Auditor-General Midred Chiri (pictured)has warned about the ability of 15 State-owned enterprises to continue as a going concern. In her State Enterprises and Parastatals Report of 2016, the government auditor named Zesa Holdings (Zesa) and its subsidiaries; TelOne, Grain Marketin...
It's time govt acts on AG expose's 27 June 2017 HARARE - The Auditor-General (AG) Mildred Chiri has once again shaken the birdcage, as she unveiled yet more reports exposing the rot in President Robert Mugabe's government  and State-run institutions. According to the 2016 reports, financial indiscipline — gross misappropriation and abuse of...
Govt pumps $200m into ailing parastatals 18 April 2017 HARARE - Zimbabwe's cash-strapped government has pumped nearly $200 million into the country's struggling parastatals. This comes as calls have been getting louder for the cash-strapped country to restructure its loss-making parastatals to make them attractive for foreign investment and recapi...
Zim to reform parastatals 3 December 2016 HARARE - Zimbabwe has crafted a new framework for the appointment of board members and chief executives at public enterprises in a move aimed at fighting corruption and improve corporate governance. Vice President Emmerson Mnangagwa this week told Parliament that an agent was set up to maintai...
'Vet key parastatal appointees' 16 October 2016 HARARE - Appointment of board members to State-owned enterprises must be subjected to vetting by Parliament to avoid nepotism and incompetence, National Assembly speaker Jacob Mudenda said. Curiously, his remarks come on the back of an outrage over the appointment of President Robert Mugabe's ...
Govt warned over debt assumption 8 July 2016 HARARE - National Assembly speaker Jacob Mudenda has warned the government against warehousing State enterprise debt as this was burdening hard-pressed taxpayers. Mudenda said there was need for new laws to hold management at parastatals accountable for the accumulation of debts. “Governmen...
Will Air Zim ever be a viable airline? 7 July 2016 HARARE - Recently and over a period of time, questions have come up about whether Air Zimbabwe is ever going to make it as a viable airline or not. Not so long ago, the airline appeared before a Transport Parliamentary Portfolio Committee and one major thing that was raised was the need to rei...
Act on Chiri's findings 27 June 2016 HARARE - Last week, Auditor-General, Mildred Chiri, once again exposed the sickening rot and malpractices in most public institutions and authorities. She presented shocking reports that divulged corruption and gross misgovernance in State-run institutions and local authorities. In her repo...
Massive looting at parastatals exposed 25 June 2016 HARARE - Auditor-General Mildred Chiri says Zimbabwe has been prejudiced of tens of millions of dollars in corruption scandals taking place at the country's parastatals. The depressingly familiar news comes at a time when the country is struggling to make ends meet, with the government continu...
Grace allies facing arrest 6 June 2016 HARARE - Politicians and businesspeople targeted by a current government anti-corruption blitz say it is nothing more than “a sham and factional hatchet job” targeted at perceived political opponents of Vice President Emmerson Mnangagwa. This comes in the wake of a hotly-disputed campaign by t...
Political interference destroying parastatals 13 February 2016 HARARE - In his book, The Politics of Africa's Economic Recovery, renowned author, Richard Sandbrook, makes the undeniable point that political interference in the running of parastatals tends to be extreme in sub-Saharan Africa, of which Zimbabwe is part. In principle, parastatals should oper...
Zim tightens screws on parastatals 7 July 2015 HARARE - Zimbabwe is moving to plug leakages and reduce corruption in State-owned companies through various measures proposed under the Public Debt Management Bill. Finance minister, Patrick Chinamasa, last week said parastatals would be obliged to report their liabilities twice per year, to p...
Govt firms owe $2,2bn 20 May 2015 HARARE - Zimbabwe's cash-strapped parastatals and town councils are currently saddled with unsecured debts amounting to $2,2 billion owed to various service providers, Finance ministry's permanent secretary Willard Manungo revealed yesterday. He said that the obtaining depressed macro-economic...
Zim to list struggling parastatals 30 March 2015 HARARE - Zimbabwe is planning to list its struggling parastatals on the stock exchange in an effort to raise capital and unlock value, Finance minister Patrick Chinamasa has said. Chinamasa said parastatals were sitting on idle assets whose potential and value could be unlocked through listing...