Govt urged to take Zisco revival seriously
During the late former President Robert Mugabe’s era, government said US$360 million was needed to revive the steel company.
Browsing tag
During the late former President Robert Mugabe’s era, government said US$360 million was needed to revive the steel company.
ZimCoke Private Limited, whose deal with former steel giant, Ziscosteel, was terminated by the Government last year, is seeking compensation from the State for resources “wasted” during their three-year stay at the plant.
Zimbabwe has provisionally shortlisted seven investors for a majority stake in the Zimbabwe Iron and Steel Company (Ziscosteel), Industry and Commerce Minister Dr Sekai Nzenza has said.
The government will soon carry out a forensic audit at the defunct steel giant, Ziscosteel, to quantify and ascertain the losses at the company, acting Ziscosteel board chairperson, Engineer Martin Manhuwa, has said.
The deal between defunct steel giants Ziscosteel and ZimCoke has been cancelled with immediate effect, acting Ziscosteel board chair Engineer Martin Manuhwa has said.
Industry and Commerce Minister, Dr Sekai Nzenza, says the closure of steel giant, Ziscosteel, has forced the country to spend about US$1,1 billion every year importing steel and steel products.
Renowned economist, Gift Mugano has resigned as board chair of the Zimbabwe Iron and Steel Company (Ziscosteel) over attempts to stifle his critical views on government policy. Barely a year after his appointment in September last year, Mugano submitted his resignation on Monday.
By Martin Kadzere
The takeover of some Zimbabwe Iron and Steel Company (Ziscosteel) properties by ZimCoke has reportedly reached the home stretch amid revelations the investment vehicle fronted by former Bulawayo legislator Mr Mr Eddie Cross is now seeking tax clearance certificates to facilitate the official transfer of the assets.
Through its lawyers, Titan Law, ZimCoke recently wrote to Ziscosteel requesting a representative for interviews at the Zimbabwe Revenue Authority (Zimra), a procedure that is part of the process of transferring the assets.
“Kindly advise on the details of the representative who will attend the Zimra interview as we are under pressure to conclude the transfer,” reads part of the letter addressed to Ziscosteel.
However, the parastatal’s acting board chairperson, Dr Gift Mugano, said there was “no way” the deal could proceed as it was in dispute.
Ziscosteel chief executive officer, Mr Alois Gowo, has retired from the now defunct parastatal after serving the company for 35 years.
Government has said that the $255 million ZimCoke deal is still on as it has not yet received any formal communication from the Zimbabwe Iron and Steel Company (Ziscosteel) board requesting for the termination of the agreement.