The Zimbabwe Independent
Volatile tax regime sparks corporate rebellion ... as legal battles mount
ZIMBABWE’S volatile fiscal environment is fast morphing into a corporate crisis, with major companies not only publicly condemning government’s “highly-complex and punitive” tax laws, but also launching a wave of legal challenges against the...
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ZSE Holdings plots third bourse to oil battered firms
The Zimbabwe Stock Exchange Holdings (ZSE Holdings) is finalising plans to establish a new equities market as it diversifies under a strategy aimed at boosting capital mobilisation, according to details seen by the Zimbabwe Independent. The Zimbabwe...
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Anti-money laundering: Four banks in firing line
Zimbabwe’s Financial Intelligence Unit (FIU) slapped four banks with fines of up to US$30 000 each last year after exposing lapses in anti-money laundering (AML) and counter-terrorist financing (CFT) protocols, the Zimbabwe Independent can reveal. The...
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Economy fails to lift millions in first half ‘boom’
Two weeks. Two glossy blueprints. One glowing portrait of a Zimbabwe supposedly in one of its finest economic spells. Last week, the Reserve Bank of Zimbabwe (RBZ)’S mid-term monetary policy statement beamed with confidence: inflation, which rampaged...
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Nssa GM selection sparks fresh outrage
The government has sparked fresh outrage at the National Social Security Authority (Nssa) after snubbing two top-performing candidates for the general manager (GM) role and settling for the third lowest applicant. The Zimbabwe Independent can...
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RBZ unearths looting in real estate industry
THE Reserve Bank of Zimbabwe (RBZ, pictured) has unearthed large-scale illicit financial flows (IFFS) in real estate and motor vehicle dealerships, exposing industrial-scale looting beyond the long-known minerals sector. In its 2024 Financial...
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Mutapa’s new revival scheme for NRZ
THE Mutapa Investment Fund (MIF) is pushing a lean, scalable revival plan for National Railways of Zimbabwe (NRZ), with chief executive officer John Mangudya insisting that gradual repairs and leases — not massive new purchases — will stabilise the...
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Ousted Nssa boss fights expulsion
EMMANUEL Fundira (pictured), the ousted “straight-shooting” chairperson of the National Social Security Authority (Nssa), has mounted a surprise challenge against his dismissal — marking a dramatic twist in the latest controversy engulfing the...
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Government handpicks Agrifora to feed security forces
A MULTI-MILLION-DOLLAR food supply contract awarded to Agrifora Private Limited for the country’s security services, including the Zimbabwe National Army, Zimbabwe Republic Police (ZRP), and Zimbabwe Prisons and Correctional Services, has stirred fresh...
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Ministers, top officials loot broke parastatals
SENIOR government officials, including cabinet ministers, permanent secretaries, and directors, are siphoning millions of dollars from state-owned enterprises by coercing them into funding luxury lifestyles, from high-end vehicles and overseas travel...
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State gem miner ignores safety warnings
THE Zimbabwe Consolidated Diamonds Company (ZCDC) has commenced operations at a potentially high-risk deep diamond processing facility in Chiadzwa, despite internal warnings highlighting grave safety failures that endanger workers, surrounding...
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Tourism industry bleeds US$40M in 90 days
ZIMBABWE’S tourism industry suffered a deadly setback during the first quarter (Q1), haemorrhaging nearly US$40 million in potential receipts as economic headwinds — led by a quiet but brutal investor exodus — hammered one of the few remaining pillars...
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Refineries under threat as RBZ gulps more forex
ZIMBABWE’S largest mining companies last week hinted at the suspension of crucial expansion projects — including refineries worth over US$432 million — weeks after the Reserve Bank of Zimbabwe (RBZ) said it may further tighten foreign currency...
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Chivayo rant amplifies R800 million mystery
FLAMBOYANT businessman Wicknell Chivayo (pictured) this week erupted in a bizarre self-congratulatory rant over growing queries about his deals in South Africa and Zimbabwe, telling this newspaper, “I am not your relative, I don’t owe you...
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Industries rebel against prohibitive policy rate
ZIMBABWE’S industries have quietly mounted a powerful rebellion against the Reserve Bank of Zimbabwe (RBZ)’S January 2025 policy rate, warning that steep borrowing costs of up to 47% are crippling operations and threatening recovery. e revelation,...
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Court summons pile up on contractors doorsteps ... as unpaid govt works take a toll on firms
Government contractors assigned the crucial role of rebuilding Zimbabwe's crumbling highways and other infrastructure are teetering on the brink as unsettled invoices — some stretching back over a year — drive companies into bankruptcy and court...
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Riozim bosses under fire over tax blackhole
EXECUTIVES at listed mining giant Riozim Limited may lose their company-assigned vehicles, as the Zimbabwe Revenue Authority (Zimra) moves to seize assets to recover over US$5,54 million and ZIG8,99 million in unpaid taxes — tightening the noose on the...
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US$200 million wiped off Zim mining industry
ZIMBABWE’S mines produced higher volumes, but funnelled fewer exports into international markets during a 2025 first quarter (Q1) marked by softening mineral prices and logistical gridlocks on a global scale, the Chamber of Mines of Zimbabwe (COMZ)...
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Insurance regulator in firing line over billions
DEFIANT medical insurers this week refreshed the scars inflicted by a US$5 billion pensions bloodbath over a decade ago, as they escalated pushbacks against plans to place them under Insurance and Pensions Commission (Ipec) control. ousands of...
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Liquidity crunch hits stockbroking firms
ZIMBABWE’S stock broking firms stumbled into firestorms last year, as a deadly liquidity crunch tormenting markets battered stock exchanges, clobbering commissions for the 22 dealerships in the sector, official data showed. Anymore Taruvinga, chief...
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Crunch blows up banks
ZIMBABWE’S lenders this week warned markets to brace for tougher times, as they blamed a deadly liquidity crunch, shifts to the reporting currency and exchange volatilities for wiping off billions. Regulatory filings from eight commercial banks and...
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Diamond deception
DIAMOND miners Anjin Investments and the Zimbabwe Consolidated Diamond Company (ZCDC) have failed to remit millions of dollars owed to a trust intended to uplift impoverished communities in Manicaland Province's Chiadzwa diamond fields. In a twist,...
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Debt trap cripples access to Us$160bn EU funding
ZIMBABWE’S failure to service approximately US$13 billion in foreign debt has hampered access to a crucial European Union (EU) funding facility designed to address Africa’s energy crisis and support economic recovery, a top EU diplomat has...
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Big banks hold on to surplus cash
THE Reserve Bank of Zimbabwe (RBZ) this week flagged a critical imbalance in the country’s financial system, revealing that while the market had been flush with excess liquidity since October 2024, surpluses remained concentrated in a few banks. A...
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US$2,2 million payout to Chinese firm raises stink
CHINESE firm Laison Technology, which was selected for a US$138 million water infrastructure project in Harare without going to tender, was paid ZIG72 million (US$2,2 million) last month by the local authority to commence work, the Zimbabwe Independent...
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Chefs besiege foreign investor’s goldfields
ZANU PF bigwigs courted a backlash this week after a resource campaigner claimed gold from concessions recently taken over by a global investor were being looted by “top dogs” in the party’s Manicaland province. Namib Minerals — a partnership between...
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Steward Bank tycoon promises seismic shift
BUSINESS tycoon Tawanda Nyambirai, (pictured) who last week made a dramatic return to Steward Bank — the lender he founded in 2009 before divesting a decade ago — has promised sweeping changes to Zimbabwe’s pioneering tech-driven bank. Speaking...
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Nyambirai in dramatic Steward Bank takeover
ZIMBABWEAN businessman Tawanda Nyambirai (pictured) has staged a dramatic takeover of Zimbabwe Stock Exchange (Zse)-listed Ecocash Holdings Zimbabwe, the parent company of Steward Bank, marking his return to the financial institution he founded over a...
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Banks race to save teetering OK Zim
BANKS have stepped in to rescue OK Zimbabwe Limited, one of the country’s largest retail chains, from the brink of bankruptcy. e 83-year-old giant, a pillar in Zimbabwe’s retail sector, has faced unprecedented challenges after a surge in demand during...
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Mnangagwa-linked gold mine fined over pollution
ZIMCN Investments, a company widely believed to be linked to President Emmerson Mnangagwa's son, Collins, has been fined for breaching environmental regulations at its gold mining operation in Mashonaland East, the Zimbabwe Independent can...
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Zanu PF MP awarded US$138M water deal
HELCRAW Electrical Projects, the private firm awarded a government contract to execute a US$138 million water infrastructure project in Harare, is set to charge ratepayers US$5,50 every month for five to 10 years to recover its investment, the Zimbabwe...
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Tenders sleaze bombshell
THE public tender system has been taken over by cartels of government suppliers, who have diverted substantial funds into the pockets of individuals controlling lucrative State contracts, according to a Zimbabwe National Chamber of Commerce (ZNCC)...
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Minister, residents cross swords over town clerk
VICTORIA Falls and Hwange residents have warned Local Government minister Daniel Garwe of a bruising legal tussle, after he moved to reverse the suspension of the resort city’s town clerk Ronnie Dube. e Victoria Falls boss faced a litany of graft...
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Corrupt Harare chefs behind shocking ecological disaster
TENDER documents issued last year to repair corroded sections of a crucial pipeline now dumping millions of litres of raw sewage into Lake Chivero have mysteriously vanished, triggering a devastating ecological and public health disaster. e Zimbabwe...
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Zim GDP takes Us $12bn knock
ZIMBABWE'S gross domestic product (GDP) plunged to US$35 billion in November, reflecting the impact of a severe drought, rapid currency devaluation, and global commodities market instability. e grim data, released this week, signals deeper economic...
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Zim juggles Us$1bn TBS to avert crisis
PRESIDENT Emmerson Mnangagwa’s cash-strapped administration is restructuring repayment terms for Treasury Bonds (TBS) maturing this quarter and beyond, as it grapples with mounting settlement costs and the threat of default, the Zimbabwe Independent...
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Wat vets demand pound of flesh from Time Bank
A GROUP of veterans of Zimbabwe’s 1970s liberation war have approached a bank that has offered government US$38 billion worth of loans, demanding a share of the funds, the Zimbabwe Independent can report. Led by Douglas Mahiya, national secretary in...
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Chinese debt threatens to switch off Hwange
ZIMBABWE’S industries this week conveyed deepening worries that Chinese lenders who bankrolled the US$1,4 billion Hwange ermal Power Station facelift might "switch off" the facility, as state-run power utility Zesa Holdings struggles to service the...
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Border rot sweeps away 20 000 jobs
ZIMBABWE’S cash-strapped government could be losing US$2 billion annually through hefty leakages at corruption-prone borders, which has triggered the retrenchment of 20 000 workers, as companies struggle to cope with a glut of cheap imports, the...
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Matanga faces chop in massive shake-up
PRESIDENT Emmerson Mnangagwa is expected to make sweeping leadership changes at the Zimbabwe Republic Police (ZRP), which will see the CommissionerGeneral (CG) Godwin Matanga (pictured) being reassigned and replaced by Deputy Commissioner-general (DCG)...
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Govt in third attempt at Us$4bn pipeline
THE Zimbabwean government has revived its long-standing plans to construct a multi-billion-dollar fuel pipeline connecting the landlocked country to Mozambique, with the Mutapa Investment Fund (MIF) expected to take control over the project, the...
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Chiwenga warns Zanu PF of ‘2017’ ... as senior officials spar over ‘ED2030’ campaign
TENSIONS flared during a Zanu PF Central Committee meeting as senior officials sparred over the “ED2030” campaign, which has exposed deep divisions within the former liberation movement. e Zimbabwe Independent learnt that the push to extend President...
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Billions ‘wiped off’ Zim banks
BANKERS blamed frequent shifts in Zimbabwe’s functional currency this week, as first half financial statements showed billions of Zimbabwe Gold (ZIG) were wiped off revenues, due to massive distortions. As final earnings reports for the half-year...
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Blackouts wipe off US$500M from mines
SHOCKING consequences of protracted blackouts emerged this week, with Zimbabwe’s biggest mines disclosing that up to US$500 million in potential revenue had been lost due to frequent down times. Mining industry executives ratcheted pressure on state...
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‘ZIG defence plan doomed’
WRONG buttons were pressed during the central bank’s initial efforts to map out a defence plan for Zimbabwe Gold (ZIG), triggering an explosion of setbacks that have pushed the economy deeper into peril, according to a new report by the manufacturing...
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Mutapa Fund clinches US$350M power deal
THE Mutapa Investment Fund (MIF) has approved a US$350 million joint venture between Indian firm Jindal Africa Investments and Zesa to refurbish six units at Hwange Thermal Power Station, the Zimbabwe Independent can reveal. This significant...
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Major coal miner rescuer sued over US$14m ‘loss’
BARAK Fund SPC Limited, a firm that claims it is owed close to US$14 million by Makomo Resources has approached Zimbabwean courts demanding the expulsion of the coal miner’s corporate rescue practitioners, claiming they have defied court orders to...
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Rolling blackouts cripple business
COMPANIES are paying a heavy price for the rolling blackouts as businesses are spending as much as US$300 000 per month on fuel for generators, making the cost of producing goods expensive and unsustainable. e cost of using alternative energy sources...
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Harare city fathers squander millions in shady water deals
THE Harare City Council (HCC) is wasting US$300 000 per month on water treatment chemicals from third-party suppliers, despite having a standing contract with South African Nanotech Water Solutions, which was paid over US$1 million in 2022. This...
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Industries buckle under prohibitive power tariffs
ZIMBABWE’S industries have been hit harder than anticipated by a massive power tariff hike in November last year, leading to a 15% increase in costs for mines and causing widespread disruptions across various sectors. Business leaders told the...
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Fresh US$1,5M corruption scam rocks Harare council
A LEAKED audio recording has exposed a new wave of corruption within the City of Harare, with mayor Jacob Mafume revealing that officials attempted to disburse US$1,5 million to a company with no existing contract with the local authority. The...
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CSC deal collapses
ZIMBABWE’S government has terminated a US$130 million joint venture (JV) agreement with British investor Boustead Beef, five years after it was signed to revive the Cold Storage Company (CSC), the Zimbabwe Independent can reveal. The decision means...
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Mutapa fund eyes global exchanges
MUTAPA Investment Fund (MIF), the state-controlled entity managing 30 government-owned firms, said this week it was targeting offshore investments to enhance profitability and boost economic value. MIF chief executive officer (CEO) John Mangudya told...
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Global corporates dump Stanchart
SEVERAL global companies, including two of the world’s largest airlines, have moved their accounts from Standard Chartered Bank Zimbabwe following the financial institution’s exit and take-over by FBC Holdings Limited. e United Kingdom-based parent...
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Zim banks milk clients with steep fees
DOMESTIC banks in Zimbabwe are generating substantial revenue through over 300 charges imposed on consumers, further eroding trust in the sector. This situation exacerbates an already strained market burdened by high taxes, prompting many consumers to...
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Zim bankers slam money transfer tax
THE intermediated money transfer tax (IMTT) has perpetuated a culture of informality, driving transactions underground and resulting in revenue leakages, the Bankers Association of Zimbabwe (BAZ) said this week, calling for reductions in the tax...
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ZB group faces split
TRANSNATIONAL executive chair Nicolas Vingirai says his Intermarket Holdings could split from the ZB Financial Holdings Limited (ZBFH) over a long-standing shareholding dispute, throwing into doubt a planned merger of the group’s two banking...
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Economic crisis wipes US$600M off Nssa books
THE National Social Security Authority (Nssa) says about US$600 million has been eroded from its balance sheet over the past two years as the economy remains under pressure from a prolonged crisis. e economic crisis has translated into subdued job...
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