The Insider

Creditors of the collapsed Interfin Bank, who are owed $155 million, yesterday unanimously voted to institute legal proceedings against the bank’s directors for the prejudice they suffered, the High Court heard.

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Zimbabwe’s largest gold producer Metallon Corporation has appointed Ken Mekani as the new chief executive, the company announced.

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A delegation of the World Bank group’s private sector lending arm will arrive in Zimbabwe this evening for a series of meetings with government, business leaders and the bankers association, as the country seeks long-term, inexpensive funding for its undercapitalised firms.

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Resources group Mwana Africa chief executive Kalaa Mpinga has left the company he founded a day after a crunch extraordinary general meeting which saw the ouster of his allies on the board as Chinese shareholders flexed their muscle and the company’s future direction in the air.

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Former Hurungwe West legislator Temba Mliswa, who was expelled from the Zimbabwe Africa National Union-Patriotic Front resulting in his seat being declared vacant, has lost his battle to have polls in the constituency postponed because of alleged intimidation of voters.

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The Commercial Farmers Union (CFU) has asked Parliament to consider lowering electricity tariffs for the agriculture sector by at least 50 percent next season to improve production after drought this year reduced output by over 30 percent.

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United States Deputy Assistant Secretary in the State Department’s Bureau of African Affairs, Shannon Smith, who was in Zimbabwe last month has painted a bleak picture of the country with both the ruling Zimbabwe African National Union-Patriotic Front and the opposition in disarray and the economy  failing.

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Zimbabweans Ngoni Kudenga and Herbert Mashanyare were today ejected from Mwana Africa’s board of directors at the resources group’s extraordinary general meeting in London, which saw most resolutions requisitioned by minority shareholders of the company carrying the day.

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African heads of state and government will tomorrow launch the continent’s largest free trade area in Egypt as the region seeks to boost intra-regional trade and improve competitiveness.

(364 VIEWS)