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Zimbabwe's Banking Sector and No Arrests Years Down the Line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 20:15hrs | 296 | by Engineer Jacob Kudzayi Mutisi
Zimbabwe's banking sector and no arrests years down the line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 09:07hrs | 606 | by Eng. Jacob Kudzayi Mutisi
Top private school put under corporate rescue
Top private school, Knowstics Academy, has been placed under corporate rescue as part of efforts to revive its operations and restore its reputation in Zimbabwe's competitive education sector....Published: 26 Nov 2024 at 08:16hrs | 737 | by Staff reporter
Ramaphosa's goons go after Dali Mpofu over 'unpaid personal tax'?
The taxman is knocking on the door of South Africa's well-known legal eagle, advocate Dali Mpofu, demanding more than R2-million from him in unpaid personal income tax.News that the South Afri...Published: 28 Oct 2024 at 07:57hrs | 8249 | by Staff reporter
Setback for Ramaphosa as another major retailer in South Africa closes its doors
Jumia Technologies, the Africa-focused e-commerce retailer that operates popular online retailer Zando, says it will be exiting the South African business by the end of the year to sharpen its focus o...Published: 19 Oct 2024 at 12:31hrs | 9610 | by Staff reporter
Mnangagwa's adviser says ZiG is 'doomed', warns RBZ Governor
Local economist and adviser to President Emmerson Mnangagwa, Eddie Cross, has issued a stark warning to Reserve Bank of Zimbabwe (RBZ) Governor John Mushayavanhu, cautioning that the country's new Zim...Published: 15 Oct 2024 at 18:10hrs | 5665 | by Staff reporter
Late businesswoman's family pushed for top lawyer's arrest
The family of the late businesswoman Jane Maisiri is calling for the arrest of prominent lawyer Wilson Manase, accusing him of mismanaging her estate since her death in 2002. Manase, appointed as the ...Published: 08 Sep 2024 at 15:16hrs | 1903 | by Staff reporter
RBZ makes U-turn
The Reserve Bank of Zimbabwe (RBZ) has announced that holders of non-negotiable certificates of deposit (NNCDs) will now receive tradable government bonds. This decision comes in response to pressure ...Published: 03 Sep 2024 at 15:45hrs | 27524 | by Staff reporter
Cyril Ramaphosa's 'plot' to kill the ANC
SOME senior ANC leaders have accused President Cyril Ramaphosa of working with external parties to collapse the governing party and replace it with a centre-right coalition led by him after the 2024 g...Published: 17 Jul 2024 at 09:09hrs | 1725 | by Staff reporter
Plot to hide ex-CIO boss's vast wealth
Allegations have surfaced that the widow of the late Maynard Muzariri, deputy director general of the Central Intelligence Organisation (CIO), deliberately underestimated the value of his assets, pote...Published: 26 May 2024 at 13:44hrs | 19 | by Staff reporter
Zimbabwe's structured currency launch on Friday
IN a bid to address currency volatility and exchange rate-driven inflation badly battering the economy amid arbitrage, the Zimbabwean government will next week launch a "structured currency" which the...Published: 31 Mar 2024 at 20:50hrs | | by Staff reporter
Lithium mining company fined for smuggling
BULAWAYO High Court judge Christopher Dube-Banda has fined local lithium mining company Silver Bern International (Private) Limited US$10 000 following its conviction for smuggling 96 000 metric tonne...Published: 10 Mar 2024 at 06:51hrs | 3 | by Staff reporter
Medical scheme in graft accusations
Medical Aid Society Central Africa (MASCA) has been accused of mismanagement amid indications its reserved funds were sitting at zero.It is said that three top management officials are accused...Published: 28 Nov 2023 at 14:19hrs | 150 | by Stephen Jakes
Ex-RBZ advisor arrested for fraud
FORMER Reserve Bank of Zimbabwe advisor Munyaradzi Kereke has been arrested for fraud.The former Zanu PF Bikita West legislator is jointly charged with suspended Harare Municipal Medical Aid S...Published: 09 Nov 2023 at 21:13hrs | 8 | by Staff reporter
South Africa Parliament imposes sanctions on Floyd Shivambu
South Africa’s Parliamentary Joint Committee on Ethics and Members' Interests has ruled that EFF’s Deputy President for failing to disclose that he had received R 180 000 from the now defunct Vend...Published: 02 Oct 2023 at 14:08hrs | | by Mandla Ndlovu
Mutapa looting machine
PRESIDENT Emmerson Mnangagwa is full of surprises.He wants to be seen to be doing something and, in many instances, creates new offices that in reality are as clear as mud.Mutapa Inves...Published: 23 Sep 2023 at 21:34hrs | | by Paidamoyo Muzulu
Forex rate premium falls
THE parallel market exchange rate premium has fallen below 50 percent, as policy interventions by the Government continue to drive appreciation of the Zimbabwe dollar, but pockets of resistance remain...Published: 02 Jul 2023 at 07:37hrs | 9 | by Staff reporter
Zimbabwe central bank resorts to market determined exchange rate
THE Reserve Bank of Zimbabwe has announced a range of measures to stabilise the exchange rate which include using a market-determined rate to trade foreign currency.The RBZ will from this Wedn...Published: 06 Jun 2023 at 20:05hrs | | by Staff reporter
Mthuli Ncube announces further measures to contain runaway inflation
FINANCE Minister Mthuli Ncube has announced a new series of measures to stabilise the economy amid hyperinflation fears.This comes barely two weeks after the Treasury boss scrapped duty on all...Published: 30 May 2023 at 06:53hrs | 2 | by Staff reporter
Master of High Court backs Telecel rescue
THE Master of the High Court has backed the application by the Communications and Allied Workers Union (CAWUZ) seeking to place the cellular services company, Telecel Zimbabwe, under corporate rescue,...Published: 26 May 2023 at 06:31hrs | | by Staff reporter
Telecel denies corporate rescue proceedings
EMBATTLED telco, Telecel Zimbabwe (Pvt) Ltd (Telecel) has dismissed its placement under "corporate rescue proceedings" first announced in a notice in the Government Gazette dated May 12, 2023....Published: 24 May 2023 at 06:02hrs | | by Staff reporter
Zimbabwe police move to raid Tetrad Bank directors
THE Criminal Investigation Department (CID) Asset Forfeiture Unit has obtained a warrant of search and seizure against Tetrad Investment Bank (TIB) management and directors in a case of fraud and mone...Published: 09 Dec 2022 at 17:53hrs | 4 | by Staff reporter
Shareholders fight directors over Tetrad Bank control and assets
TETRAD Investment Bank (TIB) shareholders are locked in a heated row with its directors for the control of the defunct financial institution's US$13 million assets. TIB has properties and othe...Published: 12 Oct 2022 at 18:49hrs | 2 | by Agencies
Telecel set for corporate rescue
Telecel Zimbabwe, the smallest of the three mobile phone operators in the country, is set to be placed under corporate rescue, a form of bankruptcy protection, due to serious financial distress....Published: 11 Oct 2022 at 06:03hrs | | by Staff reporter
Big energy users to import 500MW
Zesa is set to import more power to meet demand from the country's biggest energy consumers — the Intensive Energy Users Group (IEUG) — who require more than 500 megawatts (MW) to run their operat...Published: 09 Oct 2022 at 07:50hrs | 1 | by Staff reporter
Mnangagwa's son-in-law captures Trevor Ncube's media group
PRESIDENT Emmerson Mnangagwa's son in-law Gerald Mlotshwa - a prominent lawyer married to the ruling Zanu-PF leader's daughter Farai - has now formally bought a significant equity stake at the private...Published: 02 Oct 2022 at 09:19hrs | 4 | by Staff reporter
ZB directors mull liquidation and surrendering licence
With three months left before year-end, it is now crunch time for ZB Financial Holdings (ZBFH), which is currently under increased pressure to recapitalise its building society within the grace period...Published: 02 Oct 2022 at 08:58hrs | 3 | by Staff reporter
Zimbabwe tycoon set to get US$139 million refund from Bank of Zambia
THE HIGH Court of Zambia has ordered the country's central bank to pay back US$139, 191, 386 seized in 1998 to Zimbabwean business tycoon, Jayesh Shah, and his company Al Shams Building Materials Limi...Published: 30 Sep 2022 at 06:23hrs | 1 | by Staff reporter
Huge appetite for Zimbabwe gold coins
ZIMBABWE'S central bank has registered an overwhelming uptake of the Mosi-oa-Tunya gold coin after local financial institutions, pension funds, insurance companies and individuals bought the bulk of t...Published: 31 Jul 2022 at 17:51hrs | | by Staff reporter
Zimbabwe gold coins start circulating
THE Reserve Bank of Zimbabwe (RBZ) yesterday released the first batch of 2 000 Mosi-oa-Tunya gold coins into the market to provide a store of value alternative to the US dollar in a development expect...Published: 26 Jul 2022 at 06:36hrs | | by Staff reporter
Ramaphosa's 'plot' to kill the ANC
SOME senior ANC leaders have accused President Cyril Ramaphosa of working with external parties to collapse the governing party and replace it with a centre-right coalition led by him after the 2024 g...Published: 30 Jun 2022 at 19:46hrs | 10 | by Staff reporter
Zimdollar tanks to $308,5 against USD at forex auction
THE Zimbabwean dollar further weakened against the United States dollar at the weekly forex auction system on Tuesday where it traded at $308,5 to the green back.Last week the local curr...Published: 02 Jun 2022 at 06:43hrs | 3 | by Staff reporter
Brawl over CSC turns nasty
A nasty brawl between new investor in Cold Storage Company (CSC) and the judicial manager, which threatens to scupper current initiatives to revive the once-vibrant meat processor, has emerged, The Su...Published: 01 May 2022 at 11:05hrs | 2 | by Staff reporter
Honeymoon over for Zambian leader
Almost six months after the high expectations created by his historic landslide victory over Edgar Lungu and his promises of fundamental reform, Zambian President Hakainde Hichilema's halo has begun s...Published: 18 Feb 2022 at 05:30hrs | | by Staff reporter
Telecel's monumental collapse
TELECEL Zimbabwe's troubles have continued to mount with indications that the telecoms firm is now recruiting graduate trainees to plug the staff exodus necessitated by the company's unsustainable deb...Published: 04 Feb 2022 at 21:30hrs | | by Staff reporter
'National Blankets out of the woods'
NATIONAL Blankets Ltd in Bulawayo requires a capital injection of US$1,5 million to operate optimally.The company's business development manager Shepherd Nyambirai said this during a tour of t...Published: 12 Dec 2021 at 19:35hrs | 7 | by Staff reporter
'Banks cash in on civil servants bonus'
SOME local banks are reportedly cashing in on civil servants' United States dollar bonuses through compulsory liquidation of their 13th cheque into local currency.This comes at a time when the...Published: 04 Dec 2021 at 07:21hrs | 8 | by Staff reporter
Knives out over Shiri estate
THE Zimbabwe Anti-Corruption Commission (Zacc) has launched an investigation into the alleged illegal sale of part of the late national hero and Lands and Agriculture minister Perrance Shiri's estate....Published: 30 Nov 2021 at 05:41hrs | 9 | by Staff reporter
IDC throws out bids for Deven
TWO local companies seeking a shareholding in Deven Engineering had their bids thrown out after they failed to offer the "best value for money" for the coach builder.Deven's core competence is...Published: 22 Nov 2021 at 05:50hrs | 8 | by Staff reporter
ZBC hikes licence fees
Cabinet received an update in respect of Zimbabwe's Covid-19 response as presented by the Honourable Vice President Dr. CGDN Chiwenga as chairperson of the Ministers' National Committee.The na...Published: 10 Nov 2021 at 05:31hrs | 11 | by Staff reporter
National Blankets bounces back
BULAWAYO'S giant textile firm, National Blankets Limited, has resumed operations and is now producing as per order while pushing towards ramping up output. The company has managed to dodge liq...Published: 29 Oct 2021 at 08:44hrs | | by Staff Reporter
Sustainable reforms now key to foreign exchange market
The Reserve Bank of Zimbabwe (RBZ) recently announced that it is on course to clear the backlog of foreign exchange auction allotments which date back to as far as three months and amounting to about ...Published: 08 Oct 2021 at 19:03hrs | 10 | by Victor Bhoroma
Inclusivity vital for pension policy formulation
VENDORS Initiative for Social and Economic Transformation (Viset) takes note of the disclosure of diminished contributions by the National Social Security Authority (NSSA) deputy director Tambudzai Jo...Published: 21 Sep 2021 at 06:16hrs | | by Viset Information
Why I wrote Mnangagwa book
Former MDC politician Eddie Cross says he could not turn down an opportunity to write President Emmerson Mnangagwa's autobiography because he was impressed with his attitude.Cross (EC), the au...Published: 19 Sep 2021 at 08:34hrs | 1 | by Staff reporter
SA businessman arrested in Zimbabwe over presidential solar plant project dispute
A South African businessman was arrested last week on his arrival in Zimbabwe, and now can't leave the country because of a contractual dispute involving $1m (R14.66m) and material for the constructio...Published: 14 Aug 2021 at 07:17hrs | | by Staff reporter
Zimbabwean cargo transportation firms have collapsed
SEVERAL Zimbabwean cargo transportation firms have collapsed under the weight of punitive taxes and fees charged by State agencies manning trunk roads, as hundreds of northbound foreign haulage trucks...Published: 06 Aug 2021 at 07:50hrs | | by Staff reporter
When South Africa sneezes Zimbabwe catches a cold
HISTORY tells us we owe it to Klemens von Metternich, the distinguished 19th-century Austrian statesman and diplomat, one of the most famous phrases about the global economy and its dynamics.I...Published: 17 Jul 2021 at 15:25hrs | | by Staff reporter
CSC investor starts abattoir refurbishment
UNITED Kingdom-based Cold Storage Commission (CSC) investor, Boustead Beef Limited, last week began refurbishing the company's abattoir in preparation for its re-opening, Southern Eye can reveal....Published: 12 Jul 2021 at 07:42hrs | 2 | by Staff reporter
Illicit financial flaws daunt RBZ
THE central bank is facing a gigantic task in curbing illicit financial flows with exporters having devised complex ways of evading high retention thresholds as swap deals top the list of their illega...Published: 09 Jul 2021 at 12:09hrs | | by Staff reporter
Mineral output forecast to jump 11%
Mining companies expect an 11 percent growth output in the second half this year, after seeing production fall across key minerals in the first quarter, the Chamber of Mines of Zimbabwe (CoMZ) has sai...Published: 08 Jun 2021 at 06:30hrs | 2 | by Staff reporter
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