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Source: Ex-Vic Falls mayor freed on $500 bail | Newsday (News)

BY RICHARD MUPONDE

FORMER Victoria Falls mayor, Sifiso Mpofu (Zanu PF) and two of his co-accused were yesterday set free on $500 bail each by the Bulawayo High Court.

The trio Mpofu (42) Milton Sibindi (47) and Phathiso Sibanda (49), who reside in Mkosana suburb are facing charges of illegal possession of 11 elephant tusks, weighing 120 kilogrammes.

They initially appeared before Victoria Falls magistrate, Rangarirai Gakanje a fortnight ago and were remanded in custody.

In addition to the bail, they were each ordered to surrender their travel documents, reside at their respective addresses, not to interfere with witnesses and report twice a day at Criminal Investigations Department Minerals, Flora and Fauna Section in Victoria Falls.

Their lawyer Thulani Nkala yesterday confirmed the release of his clients.

“Yes, they have been released by the High Court on $500 bail coupled with conditions. They will be appearing in court tomorrow (today) for routine remand,” Nkala said.

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Source: Delta donates to Cyclone Idai victims | Newsday (News)

BY Ruvimbo Muchenje

Delta Corporation has joined corporates individuals and organisations in donations to Cyclone Idai victims in Manicaland.

In a press statement released today, Delta says it is pledging ZWL$1,5million.

‘The Company on its part has mobilised immediate food handouts, beverages for service personnel,blankets worth ZWL$50 000 and has pledged a total of ZWL$1,5million towards the ongoing efforts to deal with this emergency,”

Delta says it will work with Civil Protection Unit to ensure the funds are disbursed accordingly.

‘The funds pledged will be utilised through specific projects as agreed with the Civil Protection Unit and/or channelled through emergency relief partners,’

Number of casualties of the cyclone in Zimbabwe has skyrocketed from 82 deaths, and 100 people reportedly missing on 17 March to, 139 deaths, 189 missing , 144 injured, 136 marooned as of 20 March 2019.

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Source: ZSE extends reporting period | Daily News

THE Zimbabwe Stock Exchange (ZSE) yesterday extended companies’ financials publication deadline for the period ending December 31, 2018 by a month due to the delay of due guidance from the Public Accountants and Auditors Board (PAAB).

Following the pronouncements of the monetary policies, in October 2018 and February 2019, there has been discussion around the reporting currency and the functional currency amongst the accounting profession.

The market is expecting PAAB to give guidance on this matter as auditors are unable to sign-off
accounts in the absence of guidance from PAAB.
“Due to the delay in release of the guidance, the ZSE has observed that issuers with December year-ends are unable to release audited results by March 31, 2019 as required.
“As a result, the ZSE in consultation with the Securities and

Exchange Commission of Zimbabwe has granted a blanket waiver of one month for all affected issuers to publish their 2018 audited results,” Justin Bgoni, ZSE’s chief executive said in a statement.
“The ZSE hereby notifies issuers of the extension of the deadline, from March 31, 2019 to April 30, 2019, for publication of December 31, 2018 audited financial results for all affected issuers.

“The announcement has been made with the expectation that the release of the PAAB guidance is imminent,” he said.
This comes as the recently-introduced monetary measures, which include the ring-fencing of FCAs and RTGS accounts as well as the denomination and floatation RTGS$, have brought with them a number of unintended consequences for businesses that include contractual and financial reporting challenges.

This is despite the fact government has tried to clarify the accounting issues through Statutory Instrument 33 of 2019, but some companies such as TSL Limited have either withheld their results or are continuing to report in American dollars as well as encountering problems since the PAAB has delayed in issuing guidelines.
On its part, the institution also seems to be struggling with the new market complexities.

Meanwhile, results recently released by Old Mutual show that the company calculated its own exchange rate in its treatment of figures from its Zimbabwe unit.

“We delivered adjusted headline earnings of $796 000, a decrease of 11 percent compared to the prior period,” the company said in its results recently.

“The primary cause of this was the lower RFO, lower investment income in South Africa as a result of weaker equity markets and in Zimbabwe, the change in functional currency in the fourth quarter,” it said.

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Source: Tourism sector increases salaries by 55% – NewsDay Zimbabwe March 22, 2019

BY COLIN CRAIG MOYO

TOURISM players have awarded employees a 55% cost of living adjustment across the board, after the National Employment Council (Nec) for the tourism sector signed a collective bargaining agreement on Tuesday.

“Employees and Nec settled for 55% for all sectors and this will run from March 1 to June 30. Within that period, we will be monitoring performance of the economy and see whether we would adjust the allowance upwards or downwards,” Employers’ Association of Tourism and Safari Operators president
Clement Mukwasi said.

Mukwasi said salary negotiations will commence on April 29 after consultations with stakeholders.

“Both parties are to produce and hand over their position papers and then both parties are going into a meeting soon,” he said.

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Source: Sacco under fire for ‘lying’, deserting cyclone victims – NewsDay Zimbabwe March 22, 2019

BY KENNETH NYANGANI/ BLESSED MHLANGA

CHIMANIMANI East legislator Joshua Sacco (Zanu PF) is under fire from his constituents, who accuse him of peddling falsehoods during the time when Cyclone Idai was wreaking havoc in the area.

Sacco, who has denied the allegations, was defended by Vice-President Constantino Chiwenga and President Emmerson Mnangagwa when he was booed by the angry villagers during an address at Chimanimani’s Skyline on Wednesday.

The victims, some of whose loved ones are either missing or perished in the wake of Cyclone Idai, accused Sacco of running away from the constituency with his family. They also accused him of going on national television claiming that students from St Charles Lwanga High School had been rescued, when
they were actually still marooned at their school, desperate for rescue.

“I was not happy when Sacco was on air claiming that our children had been rescued while we were still marooned and desperately looking for rescue assistance at the school. I received communication that Sacco had actually lied on air,” a teacher at the school said yesterday.

“We were struggling and desperately waiting to be rescued at the school, but one was busy lying to the world in the comfort of their home.”

But Sacco said he was misled by social media and some people in Chimanimani that the students had been rescued by the army.

“On the issue of St Charles Lwanga, I was advised that the army had rescued the children. I even got images though social media images, but a few minutes later, I was told that children had returned back to school because of bad weather,” he said.

“I did interviews with journalists and a few minutes later, I was corrected with the new position. There was no malice to lie to the nation. I asked the ZBC reporter to retract, but failed to do so.

“I did not run away, but I was in a position of danger and actually knew that I was the one with information and I had to drive to Mutare and alert the Department of Civil Protection. I was the first person who alerted President Emmerson Mnangagwa through the Office of the Vice-President. By the time, the President was already on his way out of the country.”

Mnangagwa stood by Sacco, saying even if the people of Chimanimani did not like the MP, he as their President was happy with him.

“For us to have information of the area, it’s because of your MP, the one you are saying you don’t want, but I like him. That’s your own problem (if you don’t like him). Me as the President of this country and your ruler, I want him. He helped with geographic mapping and giving us information. We thank him for that,” Mnangagwa said.

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