Gono takes over Financial Gazette

Commercial Bank of Zimbabwe managing director Gideon Gono was rumoured to have taken over the Financial Gazette, one of the most respected papers in the country.

This emerged after the resignation of editor Francis Mdlongwa who had failed to put together a consortium of investors to take over the paper from Elias Rusike.

The paper had been taken over by an anonymous group which included Gono.

Though he admitted playing a role in the purchase of the paper, Gono said he was not the sole source of financing.

Full cable:

Viewing cable 02HARARE2616, INDEPENDENT WEEKLY GETS NEW EDITOR

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This record is a partial extract of the original cable. The full text of the original cable is not available.

UNCLAS HARARE 002616

SIPDIS

DEPT FOR AF/PD, AF/S, AF/RA, AF/PDPA

NSC FOR JENDAYI FRAZER

LONDON FOR GURNEY

PARIS FOR NEARY

NAIROBI FOR PFLAUMER

E.O. 12958: N/A

TAGS: PREL KPAO ZI

SUBJECT: INDEPENDENT WEEKLY GETS NEW EDITOR

¶1. The privately owned weekly “Financial Gazette” has na

Nqobile Nyathi, 29, as editor. Nyathi replaces veter

journalist Francis Mdlongwa who led the “FinGaz” from

1997 to 2002. Nyathi is the first woman and the

youngest editor-in-chief of an independent newspaper

Zimbabwe.

¶2. Nyathi joined the “FinGaz” in 1997 after completing a

certificate in journalism at the Harare Polytechnic,

Zimbabwe’s primary media training institution. Befor

becoming editor-in-chief she was the paper’s news

editor, a position she had held since mid-2001. In

other staff changes at the “FinGaz” Abel Mutsakani, 3

becomes Deputy Editor-in-Chief; Sydney Masamvu, 30,

Assistant Editor; and MacDonald Dzirutwe, 24, Busines

News Editor. All four are promotions from within and

are journalists with solid records of editorial

independence.

¶3. The staffing changes at the “FinGaz” were precipitate

by the sudden resignation of former editor-in-chief

Francis Mdlongwa. Under Mdlongwa’s leadership the

“FinGaz” became one of the most respected papers in

Zimbabwe, a paper with complete editorial independenc

His resignation was the result of change of ownership

and a failed attempt by Mdlongwa to put together a

consortium of investors to buy the “FinGaz.” Ownersh

of the newspaper has passed to an anonymous group of

investors, one of whom is rumored to be Gideon Gono,

chairman of the government-associated Commercial Bank

Zimbabwe. Gono has acknowledged playing a role in th

purchase of the paper but denies being the sole sourc

of financing. Regular readers of the “FinGaz” will b

watching for editorial changes under the new owners.

SULLIVAN

(76 VIEWS)