News / National
Zanu-PF blamed for destroying Zimasco
23 Jan 2013 at 06:07hrs | Views
Mbizo MP Settlement Chikwinya (MDC-T) has accused Zanu-PF and Indigenisation minister Saviour Kasukuwere of being directly responsible for the demise of the chrome-smelting giant, Zimasco in Kwekwe.
Chikwinya, a senior employee at the company which has shut down 2 of its furnaces, forcing most of its 3 000-strong workforce to be on half salary, blamed the company's woes on the indigenisation policy championed by President Mugabe and superintended by Kasukuwere.
Chikwinya said Zimasco's majority shareholder – Sinosteel– had bought 72% of the company on the strength of guarantees that Chinese banks would bankroll its operations but because of the Empowerment Act, these banks have now refused to fund Sinosteel operations in Zimbabwe resulting in a serious liquidity crisis hitting the operations of the company.
Chikwinya said Zimasco's majority shareholder – Sinosteel– had bought 72% of the company on the strength of guarantees that Chinese banks would bankroll its operations but because of the Empowerment Act, these banks have now refused to fund Sinosteel operations in Zimbabwe resulting in a serious liquidity crisis hitting the operations of the company.
Source - newsday
