The Insider

The provisional judicial manager of the troubled Tetrad Investment Bank (TIB) has opposed a court bid by the holding company’s directors to dismiss him and maintains that the bank must be liquidated after failing to secure an investor to salvage the business.

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Zimbabwe’s largest company by revenue, Innscor Africa limited has announced plans to re-enter the Nigerian market and expand its logistics and distribution unit as the conglomerate seeks to minimize its portfolio risk, chief executive officer Toni Fourie has said.

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Zimbabwe’s literacy rate, often said to be the highest in Africa, has been questioned. Africa Check which is based at the University of Witwatersrand in South Africa says studies show that Zimbabwe’s literacy rate is actually lower than that of Equatoriak Guinea, South Africa, Seychelles, Gabon, Mauritius, Swaziland, Burundi, Botswana and Cape Verde.

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Seven senior members of the Zimbabwe African National Union-Patriotic Front, all believed to be loyal to ousted former Vice-President Joice Mujuru, were expelled from the party yesterday in a purge that poses a challenge to the group to form their own party.

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Telecel Zimbabwe, which is currently embroiled in a legal battle with government over its licencing and compliance with the indigenisation law, yesterday declined to appear before a parliamentary committee because its case was before the court.

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Resources group, RioZim’s bid to raise $10 million through a rights offer got a shot in the arm after it received exchange control approval from the Reserve Bank of Zimbabwe for major shareholder GEM RioZim Investments Limited to underwrite the issue, the company said today.

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Econet Wireless Zimbabwe Limited, the country’s biggest telecommunications firm, yesterday reported a 41 percent decline in after-tax profit for the year-ended February 2015, as a government-decreed voice tariff cut and taxes on airtime and mobile handsets ate into revenue.

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Zimbabweans are so desperate for jobs that when Parliament advertised for the post of Clerk of Parliament in February, almost half of those who applied did not qualify because they were too young.

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State-owned meat processor Cold Storage Company (CSC) is making a loss of $6 million every year, stretching over the past ten years, an official has said.

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