Business

HARARE – The Zimbabwe Revenue Authority (Zimra) says disciplinary hearings for suspended Commissioner General Gershem Pasi and five other executives have begun. Zimra director for legal and corporate services Florence Jambwa, last week said Pasi’s cross-examination was being handled externally. “The hearings are going on, you know disciplinary hearings are very complicated and can take…

HARARE – Government must negotiate the Lima deal to avoid a “cliff edge” cash crisis forcing banks to limit amounts to individuals and companies, leading Zimbabwean commercial banks have said. Finance minister Patrick Chinamasa has said he is forging ahead with formal negotiations with international creditors such as the Washington-based World Bank and the Abidjan-based…

HARARE – Zimbabwe’s national tax collector has hailed the media for exposing corruption and contributing in the formulation of economic solutions. The Zimbabwe Revenue Authority (Zimra) acting Commissioner-General, Happias Kuzvinzwa, said his organisation was implementing various strategies to fight corruption, one of the major challenges negatively affecting the economy. “In 2016, the authority dealt with…

HARARE – Zimbabwe Information and Communication Technologies (ZICT) is betting on government’s benevolence to grant it land that can be used to set up an innovation hub in the country. ZICT executive Daniel Rusike said his organisation has put forward a request for 200 hectares of land to develop the country’s Silicon Valley at the…

HARARE – Zimbabwe’s largest banking group, CBZ Holdings (CBZ), has won a $2 billion infrastructure bond tender to refurbish the country’s tertiary institutions. This comes as the institutions critically need investment in infrastructure rehabilitation. “CBZ has been selected as the successful bidder and the duly contracted lead financial advisor for the ministry with effect from…

HARARE – One of Zimbabwe’s leading agricultural concerns, Ariston, says it is planning to give its employees a 20 percent ownership stake in the company. Ariston’s company secretary Rufaro Chinamo yesterday said the agriculture-focused firm is currently seeking shareholder approval to establish an employee share ownership trust (Esot) to benefit its workers. If approved, Ariston…

HARARE – Barclays Bank Zimbabwe (BBZ) said it has facilitated deals worth over $300 million in various sectors of the economy. The bank’s managing director, George Guvamatanga, yesterday said the financial institution had participated as funders or advisors in six key transactions of national relevance last year. “We facilitated over $257 million in terms of…

HARARE – Zimbabwe’s largest cigarette manufacturer, British American Tobacco (BAT), is failing to pay over $5 million in dividend to its offshore major shareholder due to cash challenges. BAT finance director, Lucas Francisco, last week told the businessdaily that his company was negotiating with its major shareholder and local banks to salvage the situation. The…

HARARE – South African supermarket retail chain, Pick n Pay, has completed a $25 million refurbishment exercise at its Borrowdale unit. The revamp is part of the group’s refurbishment programme, which aims to spruce up six more stores across Zimbabwe using the same format, mainly in larger supermarkets. Pick n Pay has a 49 percent…

HARARE – Zimbabwe’s largest platinum producer, Zimplats, has recorded a $16,1 million profit in the half year to December 2016 compared to a loss of $0,6 million registered in the previous corresponding period. The group’s chief executive, Alex Mhembere, last week attributed the record profits to a $6,6 million export incentive and the reversal of…