Archive | Business

Finance Minister Patrick Chinamasa

Govt officials loot US$500m in loans

ZIMBABWE’s broke Treasury has failed to account for nearly US$570 million disbursed to unnamed beneficiaries in the form of loans, exposing bad governance, gross mismanagement of public funds and systematic […]

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‘Army commanders now trust me’

MDC-T leader Morgan Tsvangirai says the military no longer views him with suspicion and will not stand in the way of democratic change despite being a stumbling block in previous […]

The MMCZ building in Msasa, Harare.

Audit exposes US$2,8m embezzlement at MMCZ

AUDITOR-GENERAL (AG) Mildred Chiri has exposed massive misappropriation of funds at the Minerals Marketing Corporation of Zimbabwe (MMCZ) where huge sums of money exceeding the legally permissible threshold were spent […]

world bank

World Bank warns Zim over US$1,2bn arrears

THE World Bank has warned Zimbabwe’s debt-ridden government against using vulture funds to clear the country’s arrears with multilateral financial institutions as Harare engages international lenders to access fresh capital.

diamond

Millions in diamond proceeds siphoned

ANJIN Investments, a joint venture between the Anhui Foreign Economic Construction (Group) Co Ltd (Afec), and Matt Bronze Enterprises — a front for the Defence ministry and the Zimbabwe Defence […]

The bond notes were introduced last year to help ease cash shortages.

Cash crisis set to persist

ZIMBABWE’S cash crisis, which began two years ago, is set to persist due to excessive government borrowing. This comes amid growing concerns the central bank’s interventionist measures could crowd out […]

Auditor-General Mildred Chiri

Parastatal losses double annually

STATE-OWNED enterprises and parastatal (SEPs) losses have practically doubled since 2011, with the majority requiring public subsidies and becoming a major drain on the fiscus. This comes as executive compensation […]

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