Bernard Mpofu

FINANCIALLY troubled national carrier Air Zimbabwe is reported to have extended its begging bowl to British business tycoon Nicholas Van Hoogstraten asking for close to US$2 million in a desperate bid to save the collapsing airline.

Van Hoogstraten’s conditions seem to be in response to Finance minister Tendai Biti’s prominent remarks that some struggling local banks were at the mercy of “two loan sharks — one of Indian descent and one British”.

Biti told a press conference a fortnight ago that the two businessmen had assumed the role of lender of last resort on the market.

“I have, during the past few years, made relatively small short term emergency loans to Air Zimbabwe on an interest free basis,” said Van Hoogstraten.
“It is correct that I have been asked by their London office for a US$2 million loan which I have agreed to subject to Minister Biti personally signing the acknowledgment of debt agreement.”

However, Air Zimbabwe acting CEO Innocent Mavhunga pleaded ignorance on Van Hoogstraten’s claims.

Mavhunga said: “That’s news to me. I don’t know anything on that.”

Van Hoogstraten, whose assets are in property, agriculture and hotels, is estimated to be worth over £700 million. His assets domiciled in Zimbabwe are estimated to be worth over U$250 million

“I should add that I have been a long time supporter of Air Zimbabwe which has excellent staff and services. The airline has been weakened by the Zimbabwe dollar and incompetent senior management. It should be put to bed and its operations handed over to an international airline as happened with Kenya Airways,” Van Hoogstraten said.

Last year, government brokered a deal with a Chinese company to acquire two Airbuses by June, but that now hangs in the balance owing to pressing financial commitments.

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