News / National
Zimra lifts Ziscosteel garnishee
17 Apr 2019 at 16:25hrs | Views
The Zimbabwe Revenue Authority (ZIMRA) has lifted the garnishee order it imposed on the accounts of the now defunct steelmaker, Ziscosteel bringing relief to the steel company ex-employees who were now failing to get their outstanding monthly salary payouts.
Ziscosteel, which switched off its fourth and last furnace at the height of economic challenges in 2008 which left it saddled with a $2 billion debt has been struggling to court new investors to resume production. Government inherited the Ziscosteel debt in 2017 under the Debt Assumption Act and agreed to stagger the employees' outstanding salaries amounting to $38 million.
Ex- Ziscosteel employees chair Mr Abraham Dube, however, said the employees were still unable to access their monthly payouts, which were being garnished by the taxman every time Government deposits something into the Ziscosteel accounts.
Ziscosteel, which switched off its fourth and last furnace at the height of economic challenges in 2008 which left it saddled with a $2 billion debt has been struggling to court new investors to resume production. Government inherited the Ziscosteel debt in 2017 under the Debt Assumption Act and agreed to stagger the employees' outstanding salaries amounting to $38 million.
Ex- Ziscosteel employees chair Mr Abraham Dube, however, said the employees were still unable to access their monthly payouts, which were being garnished by the taxman every time Government deposits something into the Ziscosteel accounts.
Source - the herald
