Source: National Blankets workers demand judicial manager’s head – NewsDay Zimbabwe April 3, 2019 Workers demonstrate against National Blankets judicial manager in Bulawayo yesterday BY MTHANDAZO NYONI National Blankets workers yesterday staged a demonstration against the company’s judicial manager and major shareholder, accusing him of plotting to liquidate the company before paying their outstanding […]
Workers demonstrate against National Blankets judicial manager in Bulawayo yesterday
BY MTHANDAZO NYONI
National Blankets workers yesterday staged a demonstration against the company’s judicial manager and major shareholder, accusing him of plotting to liquidate the company before paying their outstanding salaries.
The company, which was once one of the largest employers in Bulawayo, was placed under judicial management in 2012 after it faced serious viability problems.
Philip Ndlovu of PNA Chartered Accountants was appointed judicial manager, but the workers are now accusing him of conniving with National Blankets majority shareholder Tichafa Elias Mujuru to liquidate the company for their own benefit.
“Some of us were retrenched in 2011, but never got our benefits. In 2013, the company came up with a scheme of arrangement and we were told that we had become one of the shareholders with an 11% shareholding. Then 50% of our money was thrown away,” workers’ committee chairperson, Fudu Ndlovu told NewsDay during the demonstration held at the company’s premises.
As part of the scheme of arrangement, workers were paid 50 cents of every dollar owed.
“They paid us 8% of the remaining 50%, meaning 42% was left out of the scheme,” he said.
The placard-waving workers said they were owed more than $1,8 million.
They accused Ndlovu, who they said volunteered to become judicial manager, of being incompetent.
“We are against liquidation. If he (Ndlovu) has failed to run the company, he should resign. Bulawayo is dying in his hands. He is the judicial manager for about 10 companies in Bulawayo and all of them are struggling,” one worker said.
Workers also accused Mujuru of wanting to liquidate the company for his benefit.
“He wants to liquidate the company to avoid paying creditors. He wants to use his company called Trends to bid for him. If he has failed, why doesn’t he allow other investors to take over? We are prepared as workers to run this company,” another worker said.
“The company is failing due to mismanagement. Workers, some who served more than 44 years, are reeling in poverty. They got nothing after toiling all these years. It’s very sad.
We are appealing to government to intervene,” yet another worker mourned.
In a petition submitted to Bulawayo Metropolitan Affairs minister Judith Ncube’s office, workers said the judicial management system had failed many companies in Bulawayo.
“Workers are tired of judicial management (because) (it) addresses the interests of shareholders only. We are saying no to liquidation. Workers are, therefore, requesting capital investment to proceed and continue with productivity,” part of the petition read.
“We have all the experience and ability to run the company. Please, Honorable Minister, Bulawayo should not be allowed to die. (If) industry would be allowed to close, communities would eventually die. Please, help us by (presenting) our issues to government.”
Workers said liquidation was tantamount to de-industrialisation because it creates unemployment, increases poverty, creates shortage of goods, suffocates the economy and affects government revenue, as well as suppress workers.
Contacted for comment, Ndlovu only said: “I don’t comment on those things.”
Source: Zimbabwean Lenders Ask Central Bank to Lift Interest-Rate Cap – Bloomberg Banking lobby also suggests introduction of overnight rate Country’s lenders include units of Standard Bank and Ecobank Zimbabwe’s lenders, which include units of Standard Bank Group Ltd. and Ecobank Ltd., appealed to the central bank to raise interest rates that have been capped at 12 percent […]
Banking lobby also suggests introduction of overnight rate
Country’s lenders include units of Standard Bank and Ecobank
Zimbabwe’s lenders, which include units of Standard Bank Group Ltd. and Ecobank Ltd., appealed to the central bank to raise interest rates that have been capped at 12 percent for the past two years, saying this would increase lending in the collapsing economy.
They also proposed that the Reserve Bank of Zimbabwe introduce an overnight rate to facilitate lending between financial institutions and the central bank, Bankers Association of Zimbabwe submissions seen by Bloomberg show.
“The BAZ recommends lifting of the interest-rate caps,” the lobby group said in correspondence with the central bank. It would “allow for proper risk-based pricing of loans.”
The appeal by the banks come as Zimbabwean Finance Minister Mthuli Ncube, appointed in October, and central bank Governor John Mangudya attempt to revive the economy by paying back domestic debt and abandoning an insistence that a currency used only in Zimbabwe, the RTGS$, trade at par with the U.S. dollar. The inflation rate, at 59 percent, is at its highest since 2008 and there have been shortages of bread and fuel. A fuel-price hike in January sparked the worst urban riots since 1995.
Debt Obligations
The BAZ said an overnight rate would allow banks short of cash to obtain funding from the central bank. An interbank market would further stabilize interest rates, it said.
The BAZ also said it expects the government to honor Treasury bills worth RTGS$ 2.2 billion ($726 million) that mature in 2019.
“Not honoring the maturities obligations will have far-reaching adverse consequences on the entire banking sector, and the rest of the economy,” the BAZ said. “In fact, a default by the government on sovereign paper is unfathomable.”
BAZ President Webster Rusere didn’t answer his phone and Mangudya wasn’t available when called for comment.
Treasury Permanent Secretary George Guvamatanga said last month Zimbabwe plans to establish a monetary policy committee and set a benchmark interest rate as part of its plans to stabilize the economy. Mangudya capped rates at 12 percent in 2017 to stimulate lending.
HARARE – The United Nations World Food Programme (WFP) is aware of a news articlealleging shortages of Jet A-1 fuel in Zimbabwe that would impact negatively on relief efforts.The information in this article is outdated. Source: Statement on access to jet fuel in Zimbabwe – The Zimbabwean WFP Zimbabwe, working closely in coordination with Department […]
HARARE – The United Nations World Food Programme (WFP) is aware of a news articlealleging shortages of Jet A-1 fuel in Zimbabwe that would impact negatively on relief efforts.The information in this article is outdated.
WFP Zimbabwe, working closely in coordination with Department of Civil Protection and local fuel suppliers, has secured adequate fuel supplies for its current operations. In the immediate aftermath of Cyclone Idai, ensuring access to fuel for relief operations was an
urgent priority.
WFP continues to liaise with Government and other partners to ensure sufficient access to fuel to continue air operations to affected areas.
WFP is currently providing humanitarian air services to some 20 partners, supporting the delivery of urgently-needed relief items (including food, medicine and shelter) to those in need in Chimanimani and Chipinge.
Over the next three months WFP plans to reach up to 270,000 affected people with food and nutrition assistance. The plan will include multiple phases, from initial focused distributions of a nutrition product, Super Cereal +, to the most vulnerable, for three weeks, to scaling up to a full food ration for the broader population for three months, and it will also include a final early recovery phase.
Source: The following are comments that appeared on a story titled “Mwonzora stirs hornet’s nest” | Daily News Real democracy allows everyone’s violence to be heard without fear of victimisation. Vitriolic comments on Mwonzora’s view only display the same factional feuds in MDC as in Zanu PF leading to the expulsion of Mutasa, Mujuru and […]
Real democracy allows everyone’s violence to be heard without fear of victimisation. Vitriolic comments on Mwonzora’s view only display the same factional feuds in MDC as in Zanu PF leading to the expulsion of Mutasa, Mujuru and the incumbent president.
Maybe MDC needs to walk the talk and reform its leadership and replace the same faces that have been recycled for the past 20 years. MDC-T, MDC-M, MDC, MDC-MZ, MDC-C, will the real MDC stand up.
— Daniel.
Be careful to loose all that you have built because of miscalculations, people at the moment are very much with Nelson Chamisa and the euphoria is not easy to break.
— Kufandada.
Well done Mwonzora. Internal democracy in political parties leads to a stronger national democracy. More than anyone, Chamisa needs to learn some basic lessons on democracy. Even more important, however, is that political party culture in Zimbabwe must change. Contests must be amicable. This is as good a start as any.
— Ken Girtz.
MDC should not take us the voters for granted. They just for the first time in about 20 years , lost a council seat in Bulawayo because they could not come up with a process that would fairly chose a party candidate. They ended up fielding two candidates , as they did in 2018 general elections. Who is rigging who? More ominous though is the fact that both their candidates’ combined votes could not beat the Zanu PF candidate. Now they are attacking Mwonzora for exercising his democratic right to contest for an office of choice. The CCC idea is horrible. Look where Robert Mugabe got us. Now busy creating another one. Let the congress be fair. Bullying of fellow comrades, worshipping of individuals as untouchable is no no.
— Runyararo.
Does Mwonzora support USA sanctions against Zimbabwe? We all know that Chamisa, Tendai Biti, Komichi, Hwende etc support USA sanctions against Zim and for that reason they are traitors.
— Ndiani Ndiani.
And exactly what’s wrong with Mwonzora’s comments? You run the risk of becoming another Zanu PF where the only qualification that will get you far is bootlicking and praise-singing. Where pluralism is seen as anti-party. Where differences of opinion get you labelled mutengesi. Rise above the village politics of Zanu PF.
— Moe Syszlack
BULAWAYO deputy Mayor Tinashe Kambarami has been fined $50
for sending abusive messages on a WhatsApp platform.
The fine follows a 2018 case where the MDC Aliance member
was convicted of theft. Kambarami wrote
an offensive message to Mr Mpikelelo…
BULAWAYO deputy Mayor Tinashe Kambarami has been fined $50
for sending abusive messages on a WhatsApp platform.
The fine follows a 2018 case where the MDC Aliance member
was convicted of theft. Kambarami wrote
an offensive message to Mr Mpikelelo Khumalo in a WhatsApp group chat called
Chamisa Unstoppable.
Bulawayo magistrate Mr Franklyn Mkhwananzi convicted the
deputy Mayor on Monday
