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Cabinet has confirmed the sale of Petrotrade (NOCZIM) and Genesis in a move that is seemingly a disregard of claims by lawyer Tinomudaishe Chinyoka that over US$103,3 million was corruptly siphoned out at one of the state-owned fuel companies.
Eddie Cross – My own estimate is that up to US$1,5 billion dollars has been skimmed off the top of this complex international scam in the past three years. Given these numbers for visible corruption, the Transparency International estimate is not hard to believe. So, the question is ‘where is the money’?
Government raised nearly $200 million between 2013 and 2016 from a National Oil Company of Zimbabwe (Noczim) debt redemption levy, enough to pay off the parastatal’s legacy debts, but continues to tax consumers and diverting the cash to other expenses.
Government is mulling a merger between the National Infrastructure Company of Zimbabwe (NOIC) and Petrotrade, which could result in the resuscitation of the National Oil Company of Zimbabwe (NOCZIM), unbundled seven years ago to create the two entities. The planned merger was revealed by Energy and Power Development Minister, Samuel Undenge, on Wednesday last week […]
By Phillimon Mhlanga Government has finally approved a business turnaround strategy for the country’s debt-stricken beef processor, the Cold Storage Company (CSC), four years after the company made the proposals, the Financial Gazette Companies & Markets (C&M) can report. The company’s board had presented its strategy to government in 2012. The strategy spelt out the […]
Zimbabwe’s fuel dealers are retailing petrol and diesel at different prices due to the absence of the National Oil Company of Zimbabwe (Noczim), which negotiated the commodities’ procurement rates on behalf of traders.
The price of fuel has gone up by between US5 cents and US10 cents on the back of a surge on the international market. Petrol now costs between US$1,48 and US$1,65 per litre depending on location, while diesel is now selling at between US$1,32 and US$1,45 per litre.
Whoever within the Zanu PF machinery decided to haul Energy Minister Elton Mangoma to court must be commended, though in hindsight he or she must be cursing themselves writes Sanderson Makombe
Energy and Power Development Minister Elton Mangoma is paying a heavy price for stopping corrupt ZANU PF heavyweights from benefitting from the procurement of fuel for Zimbabwe.
The electricity supply in this country is less than demand leading to load shedding. Zimbabwe generates between 1300-1400MW against the national requirement of 2000MW. There has been no investment in new Power generation since the commissioning of Hwange Power Station units.