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Auditors for Zimre Holdings Limited (ZHL) a Zimbabwean-based diversified investment holding company, have issued an adverse opinion on the company’s financial statements for the year ended December 31, 2023, citing significant accounting issues.
Grant Thornton, the independent auditors for Masimba Holdings Limited, issued a scathing audit report on the company’s 2023 financial statements, expressing an adverse opinion due to “material non-compliance” with International Financial Reporting Standards (IFRS).
The Zimbabwe National Roads Authority (ZINARA) has confirmed it paid US$70 million to a shadowy consultancy company to secure a US$206 million from the Development Bank of Southern Africa (DBSA) which was granted about seven years ago.
After investigations, Nehanda Radio established that the City of Harare dribbled past the Procurement Regulatory Authorities of Zimbabwe (PRAZ) and appointed Grant Thornton a South African consultancy firm to do a feasibility study of the project. A source close to this publication revealed that it was July Moyo who ordered the city to choose Grant Thornton and then corruptly write to PRAZ in order to legalise the deal. But PRAZ refused.
The Tendai Biti-led Parliamentary Public Accounts Committee (Pac) yesterday accused Zimbabwe National Roads Administration (Zinara) management of attempting to frustrate the committee’s efforts to unravel shocking misappropriations of funds.
The Zimbabwe National Roads Administration (Zinara) paid out over half a million United States dollars to a non-existent company between 2012 and 2013 under its “special projects arrangement”, investigations have revealed.
The credibility of a report compiled by a committee appointed by former Transport and Infrastructural Development Minister Dr Joram Gumbo to study the findings of an audit by Grant Thornton on the operations of the Zimbabwe National Road Administration has been questioned after some investors implicated in it disputed its findings.
A hearing for the suspended Zimbabwe National Road Administration chief executive Engineer Nancy Masiyiwa has opened a can of worms as it emerged that the parastatal is refusing to release an audit report by Grant Thornton which exposed the rot at the State enterprise.
President Emmerson Mnangagwa is now in receipt of a forensic audit report exposing a host of shenanigans at Zinara, which could have prejudiced the roads authority of several millions of dollars.
An Indian investor is set to inject $100 million into ferrochrome producer, ZimAlloys under an equity structure secured by judicial manager Grant Thornton and Camelsa.