Zimplats – newzimbabwevision

Innscor & Zimplats Named In Millions Of Leaked Panama Documents On Alleged ‘Illegal Transactions’

Posted on May 10, 2016May 10, 2016 by newzimbabwevision

Another high-profile Zimbabwean company has been named in the Panama Papers for payments and other transactions to directors which are viewed as illegal. The Panama Papers is a tranche of millions of leaked financial documents detailing a trove of billions sheltered in tax havens, and pocketed by political power players around the world. Innscor Africa has been named in the leaked documents as having engaged Panama law firm Mossack Fonseca to process payments to two…

‘Impala Platinum (Implats), The Second-largest Miner , Named In Panama Financial Exposure’

Posted on April 5, 2016 by newzimbabwevision

Impala Platinum (Implats), the second-largest miner of the precious metal, was yesterday battling to contain a potentially bitter fallout with Harare after documents showed the company’s unit in Zimbabwe had used an offshore company to pay employees, the Business Report reported. Zimplats is the largest mining company in Zimbabwe and a significant contributor to the country’s fiscus. Together with other foreign companies in Zimbabwe, Implats is facing fresh demands that it gives up majority…

Desperate Gvt Orders Army, Police Power Cuts, & 25 % For Big Mining Companies

Posted on October 7, 2015 by newzimbabwevision

IN a surprise move for a government which believes it is under siege from foreign enemies, a cabinet minister has ordered power cuts on army and police bases as the country struggles with a debilitating electricity supply crisis. “Security cantonments (ZNA and ZRP) shall be requested to voluntarily load shed non-critical and residential loads as army and police institutions so as to share the burden,” energy minister Samuel Undenge told Parliament Tuesday. Unable to produce…

Kasukuwere awarded Brainworks gvt advisory, $100m deal , without tender

Posted on June 21, 2015 by newzimbabwevision

PRIVATE equity group, Brainworks Capital, expected to earn a healthy $100 million when it was contracted to advise the government in its bid to force foreign mining companies to comply with the country’s indigenisation laws. The company was awarded the deal by a department in the empowerment ministry then headed by Saviour Kasukuwere without going to tender. “It’s not our duty to know whether there was supposed to be tenders or not,” Brainworks’ chief executive,…

‘Only 1 indigenisation transaction concluded, & all major mining deals ‘abandoned’,

Posted on June 19, 2015 by newzimbabwevision

ADVISORY firm Brainworks Capital on Thursday said only one indigenisation deal had been consummated by government, while transactions worth over $1 billion with major platinum mining firms Anglo American Platinum, Impala and Aquarius had been abandoned. Zimbabwe’s Indigenization Act — enacted in 2008 — requires foreign owned companies valued at over $500,000 to cede 51 percent to black locals. The local ownership law has been cited as a major impediment to foreign investment in an…