Business

HARARE – AfrAsia Bank Limited (ABL) says its Zimbabwean banking unit, AfrAsia Bank Zimbabwe Limited (ABZL), collapsed after negotiations with an international investor fell through at the last minute. The Mauritius-based group voluntarily surrendered ABZL’s banking licence to the Reserve Bank of Zimbabwe in February, paving way for the bank’s liquidation. James Benoit, ABL’s chief…

HARARE – The International Monetary Fund (IMF) says Zimbabwe must first clear its more than $150 million debt to the Bretton Woods institution before the country can access any new loans. Domenico Fanizza, the IMF head of mission to Zimbabwe, told Parliament’s Finance committee on Wednesday that the southern African country must pay overdue payments…

HARARE – Reserve Bank of Zimbabwe (RBZ) has introduced new regulations for money transfer agencies and bureaux de change, with foreigners barred from having shareholding in the institutions. Morris Mpofu, the central bank’s exchange control director, said under the new framework, registered Zimbabwean operators shall be designated as limited authorised dealers and will be allowed…

HARARE – Meikles Limited (Meikles) has come out “guns blazing” against the Securities Exchange Commission of Zimbabwe (SEC) over transparency issues related to Mentor Limited (Mentor), with the group threatening to petition government over the unending saga. This comes as the diversified group – with a market capitalisation of $31 898 723 – has slapped…

HARARE – NMB Bank Limited (NMB) has acquired a 40,16 percent stake in Zimre Holdings Limited (ZHL) after taking up nearly 82 percent unsubscribed shares in the insurance group’s $15 million rights issue. The bank underwrote the rights issue — aimed at raising funds to strengthen ZHL’s capital base and finance business growth — which…

HARARE – The Zimbabwe Revenue Authority (Zimra) has threatened to “descend” heavily on all tax defaulters who ignore the granted amnesty to regularise their outstanding tax bills. Gershem Pasi, the Zimra commissioner-general said the national tax collector was “very disappointed” by the amount of applications received, as most defaulters did not respond to the amnesty….

HARARE – Empowerment Corporation (Private) Limited (EC)’s shareholders have unanimously agreed to restore Brainworks Capital Management (BCM)’s bid for their 40 percent share in Telecel Zimbabwe (Private) Limited (Telecel), businessdaily has learnt. Patrick Zhuwao, the company’s managing director, confirmed the decision, which was taken up at a quiet extraordinary general meeting (EGM) in Harare and…

HARARE – Zimbabwe Platinum Mines Limited (Zimplats) says the collapse of its Bimha Mine in August last year cost the company nearly $23 million. Alex Mhembere, Zimplats chief executive said the mine collapse resulted in the damage and inaccessibility of certain underground infrastructure and equipment with a net carrying amount of $22,9 million — which…