STRUGGLING coal miner Hwange Colliery Company has appointed Mimosa Holdings executive chairman Winston Chitando as new chairman after immediate-past acting chairperson Jemister Chininga together with other non-executive directors stepped down last month.
“Hwange Colliery Company would like to announce the stepping down of Mr. Jemister Chininga as acting board chairman on May 13, 2016 and the stepping down of Mr. Shingirayi Norman Chibhanguza and Ian Chamunorwa Haruperi as non-executive directors effective February 29, 2016,” the company said on Wednesday.
Seasoned mining engineer Wenceslaus Tarugarira Kutekwatekwa and consultant geophysicist Ntombizodwa Masuku were also appointed as non-executive directors.
Last week the Zimbabwe Independent reported that the country’s capital markets regulator Securities and Exchange Commission of Zimbabwe (SECZ) has ordered the Zimbabwe Stock Exchange (ZSE) to carry out an investigation to determine the impact an auction of Hwange Colliery Company Limited’s (HCCL) assets is likely to have on the company’s balance sheet and operations.
According to court papers filed early this year, the company is currently indebted to statutory creditors amounting to US$119 604 483. Outside these normal statutory payments, trade creditors are owed US$37 249 720. Added to these, there are loans owing to the PTA Bank and India Exim Bank of US$3 717 819 and US$31 717 819, respectively.-Staff Writer