ZSE bankrupt

The Zimbabwe Stock Exchange is technically insolvent and operating with only two employees amid accusations the current Alban Chirume led management has bankrupted the local bourse.

Sources close to the developments this week said when the bourse relocated from its Harare central business district offices it had US$7 million in the bank accounts which has since been exhausted under unclear circumstances.

Also at the centre of the controversy is the decision by management to relocate the bourse making it difficult to be accessible for the public.

Meanwhile, the government will come up with measures to enhance the attractiveness of the Zimbabwe Stock Exchange next year after foreign investors deserted the bourse en masse this year.

Finance Minister Patrick Chinamasa yesterday said foreign purchases plunged 51 percent to $55 million in the 10 months to October from $111 million in the same period last year.

He said going forward government's thrust will be on improving competitiveness of the ZSE to attract foreign investments.