Mnangagwa’s Ziscosteel ‘Lies’ Laid Bare With Essar Deal Collapse

Mnangagwa’s Ziscosteel ‘Lies’ Laid Bare With Essar Deal Collapse

PUMPED UP and feeling anointed to succeed after the Zanu PF congress, Vice President Emmerson Mnangagwa toured the collapsed Ziscosteel in December 2014 and declared that the company – closed since 2009 – would soon resume operations. Addressing a campaign rally in his then Chirumhanzu constituency, the Midlands political godfather declared: “Very soon, production will resume at New Zimsteel (Zisco’s new name) and this will go a long way in reviving the economy.” The suffering…

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Ziscosteel Workers Contracts, Terminated And Zim Gvt Takes Over Firm’s US$700m Debt

Ziscosteel Workers Contracts, Terminated And Zim Gvt Takes Over Firm’s  US$700m Debt

GOVERNMENT will, with effect from December 1 this year, terminate all contracts for Ziscosteel workers on three months’ notice and absorb its wage liabilities in a bid to attract investors to resuscitate the company, Finance Minister, Patrick Chinamasa has said. The development confirms the collapse of the Redcliff steelmaker’s much-vaunted takeover by an Indian company despite vice president Emmerson Mnangagwa insisting in February this year that plans to restart the closed company were at an…

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‘Mugabe And President Teodoro Obiang Nguema Mbasogo Shadowy Cash Deals’

‘Mugabe And President Teodoro Obiang Nguema Mbasogo Shadowy Cash Deals’

President Robert Mugabe seems to be increasingly relying on Equatorial Guinea President Teodoro Obiang Nguema Mbasogo for financial bailouts that are not always in the public domain, but have been filtering in the media of late. According to The Independent, Nguema has been bankrolling the Mugabe regime for sometime, often helping him out in critical times. There are reports that Mugabe and Nguema could have joint businesses in various sectors of the economy as they…

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RESERVE BANK OF ZIMBABWE RATE S$ $175, 000, 000, 000,000, 000 to US$ 5

RESERVE BANK OF ZIMBABWE RATE S$ $175, 000, 000, 000,000, 000 to US$ 5

Zimbabweans who lost savings at the height of the hyperinflation in 2009 which saw the collapse of the Z$ and unofficial adoption of a multi currency system with the use of the South African Rand and US$ will be able to exchange their Z$ account balances from Monday until September 2015 at a rate of Z$175 quadrillion to US$5. This exercise was pre empted by the intriduction of Bond coins into circulation valued at US$10million…

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