The Insider

Zimbabwe has ruled out shutting down companies failing to comply with its indigenisation law, opting for engagement but admits failing to enforce the legislation with some firms ignoring it completely, a junior minister told Parliament today.

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British tycoon Nicholas van Hoogstraten planned to give global commodities giant Glencore Plc a management contract to turn around Zimbabwe’s struggling Hwange Colliery Company as part of a $50 million rescue package in 2013, a local financial newspaper reported today.

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Zimbabwe’s foreign direct investment leapt to $545 million in 2014 – less than 5 percent of the country’s GDP —  from $400 million in the previous year, driven by interest in mining, infrastructure and services but still lags regional rivals, the latest United Nations world investment report has shown.

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Zimbabwe has marshalled nearly $400 million towards water and sanitation since the introduction of the multiple currency system in 2009 but huge funding gap remains, with $4 billion required to upgrade infrastructure, Treasury secretary Willard Manungo said yesterday.

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Zimbabwe’s Agricultural and Rural Development Authority (Arda) says it requires $25 million for recapitalisation and to purchase new machinery to revive operations at its estates.

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The major shareholder of the collapsed Allied Bank, Trebo & Khays, overvalued and failed to transfer assets pledged as part of the purchase transaction, the bank’s liquidator said today.

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Former Zimbabwe African National Union-Patriotic Front Secretary for Administration Didymus Mutasa’s threat to spill the beans about the 2008 elections could backfire on him as well because he was not an innocent bystander.

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Zimbabwe’s oldest coal miner Hwange Colliery Company, which has slipped into second place in terms of production, says it will embark on an aggressive drive to grow its market in the region and expects to return to profitability in the third quarter.

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Zimbabwe’s state-owned meat processor, the Cold Storage Company (CSC), says it has secured an investor to inject $80 million into its struggling business but government is withholding approval, demanding a forensic audit to ascertain the state of the company.

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Government officials travelling on business should fly economy class in order to limit expenses as the country is struggling to pay the salaries of diplomats on foreign missions, Treasury was told today.

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