The former majority shareholder of Telecel Zimbabwe, Vimpelcom, which sold its stake to the government for $40 million this month, is reportedly in talks to pay about $775 million to settle United States allegations that it paid bribes in Uzbekistan to win business.
The Zimbabwe government overspent by 25 percent in the eight months to August, with the cost of foreign travel skyrocketing, while revenue collection missed targets due to poor economic performance, a report by a think tank has shown.
The Member of Parliament for Mazowe South Fortune Chasi, a former Deputy Minister of Justice, says directors of banks that collapse should be charged because they are essentially looting ordinary people’s money and getting away with it.
The Administrative Court has barred Econet, the country’s largest mobile phone operator, from increasing tariffs from the current 15 cents a minute to 21 cents.
Zimbabwe’s telecoms regulator says mobile money transfers have grown nearly 30 percent to $512 million in the three months to September while revenue in the sector dropped three percent.
NMB Bank says it has received lines of credit for $60 million from six different funders this year and is negotiating for another $40 million to bolster its lending capacity.