By Citizen Reporter
A forensic audit report on the Hwange Colliery Co and its subsidiary is out and the findings would have been shocking had it been in other countries. But in Zimbabwe we are now “shock proof”.
The forensic audit was carried out by Welsa International Chartered Accountants, shows massive siphoning of Colliery funds to the tune of US$200m externalised in China from Jan 2009 to May 2013.
The key culprits are now two deputy ministers, former Board Chair Tendai Savanhu and immediate past MD Fred Moyo. The two have been accused of getting board fees when they left the Colliery a long time ago.
The problems are centred on a subsidiary of the Colliery called Hwange Coal Gasification CO (HCGC) were $200 million has been externalised with the Colliery never getting a cent from the investment.
Dig this. The Chinese sign a investment deal with the Colliery with a non existent company, invest US$3 million only but claim they have invested US$40 million. They then drain $200 million from the venture within 2 years!
Brilliant investment, probably the best investment return in the world!
You only put $3 million and get $200 million in 2 years. Even wall street in New York will glee at such returns. Then Savanhu had his medical bills paid for at St Annes clinic in Harare from April 2 to April 5 2013.
HCGC paid $5 000. But he was no longer a Board member. Fred Moyo is still a signatory to the bank account! The Chinese are brilliant. It never rains but pours for colliery workers! Money is there but….
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