HomePoliticsNews agency blames govt for crisis

News agency blames govt for crisis

NEW Ziana has blamed government for pushing it to the brink of collapse by compelling it to embark on loss-making ventures for political reasons and failing to recapitalise it for four years.

Appearing before the parliamentary portfolio committee on Transport and Communica

tions chaired by Zanu PF MP for Makonde Leo Mugabe on Monday, New Ziana chief executive officer, Munyaradzi Matanyaire, said the decision to increase community newspapers from four to the current 10 as well as the intended launch of a radio station and satellite television service had not been made by the board or management but by their “principal”.

The radio station and television satellite service are meant to target Zimbabweans abroad.

“There are 10 titles, not because the board or management deemed them viable. It was a requirement given by our principal,” said Matanyaire.

“Because some of them are political imperatives we went in fully aware that we could not make money,” he said.
Matanyaire also said he was of the opinion that a bid to secure funding from the Reserve Bank of Zimbabwe would not succeed because they would not generate any profit.

He said when New Ziana unbundled into three business units government failed to provide grants in 2005 and this year as envisaged.

Matanyaire submitted a turnaround report in which the news agency said it requires $250 billion to be sourced from the RBZ and treasury. — Staff Writer.

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