AfDB mulls $500m purse for Zim

Source: AfDB mulls $500m purse for Zim | The Herald February 28, 2019 Chief Secretary to the President and Cabinet Dr Misheck Sibanda (second right), his deputy Justin Mupamhanga (right) in a meeting with AfDB delegation led by Executive Director Mr Heinrich Mihe Gaomab(in scarf) at Munhumutapa Offices in Harare yesterday. — Picture by Kudakwashe […]

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Source: AfDB mulls $500m purse for Zim | The Herald February 28, 2019

AfDB mulls $500m purse for Zim
Chief Secretary to the President and Cabinet Dr Misheck Sibanda (second right), his deputy Justin Mupamhanga (right) in a meeting with AfDB delegation led by Executive Director Mr Heinrich Mihe Gaomab(in scarf) at Munhumutapa Offices in Harare yesterday. — Picture by Kudakwashe Hunda

Africa Moyo Senior Business Reporter
The African Development Bank (AfDB) has lined up a US$500 million Transitional Stabilisation Facility aimed at capacitating the local private sector, to enable it to help in economic turnaround efforts. This was said by AfDB executive director representing Southern Africa Group II Constituency, Heinrich Mihe Gaomab II, while fielding questions from journalists in Harare yesterday.

Mr Gaomab II is in the country to assess the Bank’s projects in the energy and water sectors.

He had just met a Government delegation led by the Chief Secretary to the President and Cabinet Dr Misheck Sibanda to tell him of his findings and the Bank’s perspectives on Zimbabwe.

“. . . we have a Transitional Support Facility; we would release a resource envelope for Zimbabwe and we are looking at it, at the African Development Bank,” said Mr Gaomab II.

“It (the facility) could be ranging up to US$500 million. It can only be more, it can only be better. It will afford an opportunity to the private sector and we are very encouraged with that releasing of a financial space for Zimbabwe.

“It’s something that we want to assist Zimbabwe (with) and this amount will eventually be afforded to the private sector.”

The AfDB has become one of Zimbabwe’s “all-weather friends”, having extended several financing and stabilisation packages to support economic growth.

Mr Gaomab II said despite challenges being experienced in Zimbabwe, the Bank is confident the economy is set for an “exponential growth” driven by the right policies Government has put in place.

The policies include a positive Monetary Policy Statement and the on-going parastatal reform programme, which is targeting about 41 companies.

“The macro-economic indicators are showing an element of ‘positiveness’. The economy is on an upward trajectory; the growth trajectory looks very good. Zimbabwe has been where we call a ‘bottom-end’, but that the economy will only go up. The reforms will take Zimbabwe on a growth trajectory, very exponential growth not just stable. We are encouraged by that,” said Mr Gaomab II.

He explained that the AfDB is “encouraged” and “very positive” about the macro-economic reforms that have been undertaken and is equally appreciative of the “strong fiscal consolidation efforts as well as effective domestic resource mobilisation” set in motion by Government.

Mr Gaomab II said reforming State Owned Enterprises would be a game-changer for the country.

The Monetary Policy Statement announced by Reserve Bank of Zimbabwe (RBZ) Governor Dr John Mangudya last week, has also been applauded, especially for the key decisions taken around ditching the 1:1 exchange rate in favour of a market driven one.

“We are of a very positive view that such policies will take Zimbabwe on a positive growth trajectory,” said Mr Gaomab II.

Mr Gaomab II has been in the country to asses recent economic developments, advance policy dialogue and discuss prospects for future engagements with the Bank. He was scheduled to tour ZimFund power projects in Gweru and Bulawayo.

The visit started Monday and concludes today.

Mr Gaomab II is accompanied by his advisor, Mr Joao Luis Ngimbi.

His term of office ends in June.

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LATEST: Police hunt ‘Ndinyengeiwo Girl’ Lorraine Guyo over nude video

LORRAINE Guyo, who is affectionately known as Ndinyegeiwo girl following the release of her Valentine’s meme which broke the internet and turned her into a social media celebrity overnight, claims police are keen to interview her in connection with a l…

LORRAINE Guyo, who is affectionately known as Ndinyegeiwo girl following the release of her Valentine’s meme which broke the internet and turned her into a social media celebrity overnight, claims police are keen to interview her in connection with a leaked X-rated video. The police have since visited her former workplace hunting for her, she […]

Agric research body returns 

Source: Agric research body returns | The Herald February 28, 2019 President Mnangagwa meets International Crop Research Institute for the Semi-Arid Tropics (ICRISAT) director-general Dr Peter Carberry at his Munhumutapa Offices in Harare yesterday. — Picture by Justin Mutenda Felex Share Senior Reporter President Mnangagwa’s re-engagement drive continues to bear fruit with leading global agricultural […]

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Source: Agric research body returns | The Herald February 28, 2019

Agric research body returnsPresident Mnangagwa meets International Crop Research Institute for the Semi-Arid Tropics (ICRISAT) director-general Dr Peter Carberry at his Munhumutapa Offices in Harare yesterday. — Picture by Justin Mutenda

Felex Share Senior Reporter
President Mnangagwa’s re-engagement drive continues to bear fruit with leading global agricultural research organisation, International Crops Research Institute for the Semi-Arid Tropics (ICRISAT) announcing yesterday that they were relocating to Zimbabwe this year to invest millions of dollars towards the modernisation of Matopos Research Centre.

The organisation, which assists farmers in enhancing small grain production, intends to make Zimbabwe a research hub for sub-Saharan countries using part of the $30 million it earmarked for the region.

President Mnangagwa yesterday met ICRISAT director-general Dr Peter Carberry at Munhumutapa Offices.

Dr Carberry told President Mnangagwa that the organisation was coming back having moved to Malawi and Ethiopia to establish regional centres at the height of the economic meltdown in the country.

He said focus would be on making Matopos Research Centre a world-class research institution.

“I have come with my country director (Dr Kizito Mazvimavi) to inform the President that we wish to invest and modernise our facility here in Zimbabwe,” Dr Carberry.

“We want to bring in new resources, new capability to make the Matopos Research Station a world leading facility to breed and improve varieties and hybrids of millet, sorghum groundnuts, chick pea among others.

“That facility will be used to support the farmers of not just Zimbabwe, but the whole region as we support provision of improved varieties to small farmers and commercial farmers Zimbabwe and from many countries in east and southern Africa.”

He said their investment would take effect immediately.

“We are going to start investing from now,” he said.

“The governing body has agreed to support this programme. We have resources supported by a number of donors including the Bill and Melinda Gates Foundation. We have a grant from the Gates foundation of $30 million over four years and that grant is supporting crop improvement for these important nutritious crops.

“A significant part of that will be supporting upgrade of the Matopos facility. The investment is starting from now, we will be advertising new positions, building infrastructure and supporting the development in 2019.”

Dr Mazvimavi weighed in: “We have an existing infrastructure which was set up with mostly support from USAID and other donors. That facility was made specifically for crop improvement breeding work and we have not been active for quite some time now, but this is now an opportunity for us.”

He said President Mnangagwa assured them that their investment would be safe.

“We have the support of the Government and we got the support of the President this morning. We will bring in staff and experts in the field of crop improvement breeding and other associated research for developing the agriculture sector in the country.

“We will be working closely with the department of research in the country.”

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ED, Masisi get down to business

Source: ED, Masisi get down to business | The Herald February 28, 2019 President Mnangagwa welcomes his Botswana counterpart President Mokgweetsi Masisi on arrival at Robert Gabriel Mugabe International Airport in Harare yesterday. — (Picture by Tawanda Mudimu) • 8 deals to be signed • Masisi hails reform agenda • . . . pledges economic […]

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Source: ED, Masisi get down to business | The Herald February 28, 2019

ED, Masisi get down to businessPresident Mnangagwa welcomes his Botswana counterpart President Mokgweetsi Masisi on arrival at Robert Gabriel Mugabe International Airport in Harare yesterday. — (Picture by Tawanda Mudimu)

• 8 deals to be signed • Masisi hails reform agenda • . . . pledges economic support

Farirai Machivenyika and Tendai Mugabe
Botswana President Mokgweetsi Masisi arrived yesterday ahead of the inaugural session of the Bi-Nation Commission Summit between the two countries today.

He was welcomed at Robert Gabriel Mugabe International Airport by President Mnangagwa, Cabinet ministers, service chiefs, senior Government officials and ambassadors from Sadc countries accredited to Zimbabwe.

Eight agreements in various fields of mutual cooperation are expected to be signed as relations between the two sister Republics continue to flourish.

President Mnangagwa and his counterpart are expected to address the summit today after which agreements and Memorandums of Understanding will be signed.

Last night, President Mnangagwa hosted a banquet in honour of President Masisi at State House where the latter pledged to work with Harare to resolve its economic challenges.

He also reiterated the call for the West to lift sanctions on Zimbabwe, which is becoming a major talking point for Africa.

“Let me take this opportunity to reaffirm my Government’s commitment to work closely with you and your Government in addressing your country’s economic challenges,” he said.

“In this regard, we wish to add our voice in calling for the unconditional removal of sanctions on Zimbabwe. We recently made the same call as Sadc leaders and we all stand by that pronouncement. There is no doubt that the sanctions on Zimbabwe are a major stumbling block with serious deleterious effect on the country’s efforts towards full economic recovery.”

He also commended the elevation of bilateral relations between the two countries.

“It should be noted that the decision to elevate the bilateral cooperation mechanisms between our two countries to a BNC was informed by the importance that we attach to each other as neighbours and strategic partners. Essentially, this is reflective of our resolve to intensify our collective efforts towards creating opportunities for our people in order to improve their standards,” said President Masisi.

He added that the BNC provided an opportunity for regular engagements at all levels,

including for Heads of State of the two countries’ to monitor progress and direction of their cooperation.

“I wish to reiterate that Botswana considers Zimbabwe not only as a very important neighbour, but also an ally and strategic partner in our development efforts,” said President Masisi.

He commended President Mnangagwa for keeping its Sadc partners informed about developments in the country especially the recent disturbances instigated by the MDC Alliance and its allies.

“We are also encouraged by the reform agenda you have embarked upon to boost economic recovery, as well as your initiative for national dialogue.

“We hope this will not only serve as a catalyst for national reconciliation, but will also energise the people of Zimbabwe to work together for a common purpose, namely, their country’s political stability and economic recovery,” said President Masisi.

President Mnangagwa welcomed Botswana and Sadc’s support in the face of continued attempts to destabilise the country.

He also thanked the region and continent for the united stance against sanctions imposed on Zimbabwe, which weighed heavily against the country’s development efforts.

he also decried recent nefarious attempts by detractors, to destabilise our peace and our quest to improve the well-being of our people.

“In light of the various attacks against the peace loving people of our country; we are grateful for the support and valuable contribution of the SADC, the African Union and other progressive nations of the world towards Zimbabwe’s economic progress, peace and stability.

“May I equally take this opportunity to express my profound gratitude and appreciation to SADC for their recent statement, calling for the removal of the illegal sanctions imposed on Zimbabwe by the EU and USA,” he said.

President Mnangagwa added that the visit by President Masisi was an opportunity to strengthen relations.

“Your visit is indeed a wonderful opportunity for us to strengthen the fraternity bonds that exist between our people,” he said.

“Thank you for coming. Thank you for standing with us and believing in the new Zimbabwe, real friends standby each other through thick and thin. The people of Botswana are more than friends. You are our brothers and sisters, with a shared culture, geography and common history.”

President Mnangagwa also thanked Botswana for its role, together with other Frontline States in liberating the country.

“Your visit further affords us the opportunity to reassess the progress in our quest towards developing, modernising and industrialising our two countries. I am therefore confident that we will take advantage of the unprecedented opportunity before us.

“Zimbabwe stands ready to work with Botswana embrace a new era of cooperation and common development for win-win outcomes for our trade, investment and people to people relations,” he said.

He commended the two countries’ decision to enhance their relations to a BNC

“It was also an acknowledgement that our bilateral relations have reached the stage where the issues involve required the attention of the highest levels of our government,” he said.

Earlier in the day, Foreign Affairs and International Trade Minister Dr Sibusiso Moyo addressed a ministerial session of the BNC as they touched up for today’s high-level meeting.

He said Harare and Gaborone were committed to enhancing ties to ensure prosperity of the two countries.

“It is important that we meet in order to conclude issues discussed by our officials in preparation for the Heads of State Summit to be held tomorrow (today),” said Dr Moyo.

“The fact that our relations are experiencing a paradigm shift is a historical marker that should be harnessed and cherished. I am encouraged by the work that has gone in ensuring that the inaugural session has tangible deliverables through the implementation of decisions and commitments made last year.

“I am also pleased that eight agreements will be signed during the Heads of State Summit. The agreements which will be signed are evidence of our firm political commitment to concretise the long standing, historical and friendly ties between our two great countries.

He welcomed a decision by Air Botswana to increase flights into Harare.

“Let me further welcome the step by Air Botswana to actually open two direct weekly flights between Harare and Gaborone. This will surely facilitate the movement of our people between the two countries and thus facilitating tourism and business exchanges across our borders. This development on the transport and communication front will be complemented by our plan to establish a one stop border post at Plumtree-Ramokgwebana as well as at Kazungula. The economic integration of our two countries will undoubtedly reduce the imports that will be felt within the region and even beyond. As such, the establishment of these one stop border posts is a major project that we must urgently deliver on.”

Dr Moyo hailed a donation of medicines by the Botswana Government to Zimbabwe saying it would go a long way in addressing the needs of Zimbabwe’s health sector.

“It is evident that on the part of Zimbabwe and Botswana there is a will and drive to ensure that our two friendly countries achieve sustainable development and economic prosperity that will whilst commendable, will only deliver tangible results if we closely work together in addressing areas where progress has been lagging behind,” he said.

Botswana’s International Affairs and Cooperation Minister Unity Dow emphasised the need to consolidate ties.

“In Botswana we have Vision 2036 while Zimbabwe has Vision 2030. Our concerted efforts should be driving towards successfully championing the pillars and targets of our long terms visions. In addition, we belong to the same regional and continental bodies whose agendas are inter-linked with ours.”

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Fit Vice President Constantino Chiwenga’s photos after India medical trip (SEE PICS)

VICE President Constantino Chiwenga made his first public appearance since his arrival from India on Saturday evening. Chiwenga had gone to India were he received treatment for an undisclosed ailment. The former military general was flown to India earl…

VICE President Constantino Chiwenga made his first public appearance since his arrival from India on Saturday evening. Chiwenga had gone to India were he received treatment for an undisclosed ailment. The former military general was flown to India early this month where sources said he was having trouble swallowing. The trip to India was confirmed […]

Japan commends reforms

Source: Japan commends reforms | The Herald February 28, 2019 Ambassador Iwado Victor Maphosa Herald Correspondent Japan has hailed measures being implemented by President Mnangagwa’s administration to revive the country’s economy. Japanese Ambassador to Zimbabwe Toshiyuki Iwado said yesterday that people should be patient and give the new administration enough time to implement all the […]

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Source: Japan commends reforms | The Herald February 28, 2019

Japan commends reformsAmbassador Iwado

Victor Maphosa Herald Correspondent
Japan has hailed measures being implemented by President Mnangagwa’s administration to revive the country’s economy.

Japanese Ambassador to Zimbabwe Toshiyuki Iwado said yesterday that people should be patient and give the new administration enough time to implement all the policies.

He said the revival of the economy was a process.

Mr Iwado made the remarks yesterday during an interview with Zimpapers Television Network following the recent visit by a 15-member Japanese business delegation.

“Zimbabwe is a great nation full of natural resources, the country has great potential,” he said.

“It has faced a lot of challenges and the new administration should work hard and implement all its policies and if this is done it will see the economy being revived.

“The new administration needs to be given enough time and an opportunity to implement a lot of things, among others the ease of doing business to attract new local and international investors.

“The Government should put in place more measures to eradicate corruption. Yes, there is no country without corruption, but the Government should put more effort to eradicate it because it hinders efforts to revive the economy.”

Turning to the Japanese business delegation which visited the country recently, Mr Iwado said the delegation showed keen interest to invest in Zimbabwe.

“The team was very excited to have the opportunity of investing in Zimbabwe, some showed great interest in mining, technology and manufacturing,” he  said.

“We are hopeful that we will see these business people investing in the country soon. They know the challenges this country is facing and still they are keen to do business here.”

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Strike action haunts teachers

Source: Strike action haunts teachers | The Herald February 28, 2019 Mr Hove Bulawayo Bureau ABOUT 10 200 teachers will have their leave days deducted as punishment for embarking on an industrial action early this month, the Public Service Commission (PSC) has said. Thousands of teachers participated in a strike called by the Progressive Teachers […]

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Source: Strike action haunts teachers | The Herald February 28, 2019

Strike action haunts teachersMr Hove

Bulawayo Bureau
ABOUT 10 200 teachers will have their leave days deducted as punishment for embarking on an industrial action early this month, the Public Service Commission (PSC) has said.

Thousands of teachers participated in a strike called by the Progressive Teachers Union of Zimbabwe (PTUZ) and the Zimbabwe Teachers Association (Zimta) early this month demanding a salary increase and better conditions of   service.

In a statement yesterday, PSC acting chairperson Mr Ozias Hove said the commission will not pay teachers for not working and a repeat of the industrial action will attract a more severe punishment.

“The PSC has noted isolated cases of abscondment by about 10 200 teachers for durations ranging from one to four days between 5 and 8 February, 2019. The commission will employ the principle of “No Work, No Pay” to punish teachers who deserted their duties.

“The PSC would also like to advise all teachers who were absent from work without authority that deductions from their leave days (of the offending individuals) using the principle of no work no pay will be effected,” said Mr Hove.

He said the commission was treating the 10 200 as first offenders and a repeat will attract a more severe punishment.

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What new Monetary Policy Statement means to average Zimbabwean

Source: What new Monetary Policy Statement means to average Zimbabwean | Herald (Opinion) Prof Mthuli Ncube Path to Prosperity As we work to put Zimbabwe’s economy back on its feet, recovery is the word. The Zimbabwean financial situation, its industry, its businesses, have all been in a state of stagnation for far too long. CLICK […]

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Source: What new Monetary Policy Statement means to average Zimbabwean | Herald (Opinion)

Prof Mthuli Ncube Path to Prosperity
As we work to put Zimbabwe’s economy back on its feet, recovery is the word.

The Zimbabwean financial situation, its industry, its businesses, have all been in a state of stagnation for far too long.

CLICK HERE TO READ THE FULL MONETARY POLICY  STATEMENT 

Recent moves have been jolting to some, but this jump-start treatment is precisely what is needed for this patient to recover, to put this stagnation behind us.

Therefore, last week’s moves should be seen in this light.

The Monetary Policy Statement (MPS), which reverberated around the world, seeks to remove the various distortions which had been preventing efficient functioning of the foreign exchange market, with dangerous consequent distortions on the rest of the economy.

In any basic economy, exchange rates must be formalised and transparent.

The people of Zimbabwe deserve to know how much their savings are worth; how much their pensions are worth; and when and how they can transfer and exchange currency.

The introduction of the RTGS dollar will go a long way to help remove the multiple pricing system which had become prevalent in the economy.

Having goods and services being priced in bond, RTGS and USD is inefficient, confusing, and is not a long-term answer to our conundrum.

The previous situation had led to an unregulated and out of control black market.

This illegal alternative market was leading to runaway exchange rate premiums of as high as US$1:4 and even higher in some cases, which in turn pushed up prices beyond the reach of the majority.

This situation was unsustainable. We have a duty to the people of Zimbabwe.

We must commit to provide price stability and we must continue to keep inflation under control.

As a result of the unregulated black market trading, year-on-year inflation had soared to 57 percent by January 2019, thereby undermining overall confidence in the economy.

We had to step in. As I noted in last week’s essay “Taking the air out of inflation”, responsible economic measures have brought month-on-month inflation under control.

The new MPS now sets a robust market-based framework for determination of the exchange rate, that way facilitating financial sector stability, containing of inflationary pressures and building of confidence. And confidence is good for business.

Confidence brings in investors, and investors bring in jobs!

The new policy finally liberalises the country’s foreign currency market, and discards the fixed 1:1 exchange rate peg between the US$ and the bond note, which was at the centre of various foreign exchange price distortions.

This was not an easy decision to make, but the market demanded stability. But the 1:1 exchange rate was prejudicing exporters and subsidising importers. It was fuelling distortions in the economy and hurting export competitiveness.

The new policy specifically introduces the RTGS dollar, which includes electronic balances in banks and mobile platforms, bond notes and coins.

The RTGS dollar, therefore, becomes a new reference for the purposes of pricing of goods and services and accounting; a benchmark for all.

Crucially for all, under the same arrangement, the FCA Nostro accounts introduced in October 2018 are ring-fenced and secured. So how does it all work? In order to facilitate trading on a willing buyer, willing seller basis, the policy established an Inter-Bank Foreign Currency Market, which comprises banks and bureaux de change, providing a broad-based formal platform for efficient foreign currency trading within the economy.

It sounds complicated, but it is rather simple. Zimbabwe will have a regulated, transparent, shared platform; a foreign currency market.

We have made a good start. Implementation of the new MPs is already underway, giving rise to a new reference exchange rate of US$1:2,5 RTGS dollars.

This implies the maintenance of prevailing prices, but maintains the scope for price reductions, especially as prices were previously calculated at the alternative market exchange rates of around US$1:4.

As we move forward, crucially, the RBZ will continue to strengthen the above arrangement by focusing on containing money supply growth, which also supports the fiscal measures contained in the 2019 Budget on macro-fiscal stabilisation, including inflation containment.

In conclusion, this is about allowing the market to work for all.

This is about liberalisation and transparency. This is about allowing the recovery to take place and enabling industry to thrive.

Since the decision, we have seen relative stability prevailing in the alternative exchange rate market.

With the introduction of the free market exchange of forex, the parallel market premiums are expected to shrink significantly.

What does this mean for the average Zimbabwean?

First, stability in the economy. Second, this development is expected to translate into availability of foreign currency, and its efficient allocation to support productive sectors. And finally, with stability and clarity for businesses and industry, combined with responsible economic and fiscal discipline from Government; investors will return. And with investors, comes jobs and opportunities.

The road to recovery is not a straight path. There are sharp turns, bridges, and obstacles on the way.

But it is these big decisions which will help put Zimbabwe’s economy firmly back on its feet.

The writer is the Minister of Finance and Economic Development. He writes weekly for The Herald on Thursday

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GMB bosses face fresh fraud charges 

Source: GMB bosses face fresh fraud charges – NewsDay Zimbabwe February 28, 2019 By Desmond Chingarande Three top Grain Marketing Board (GMB) officials, who allegedly defrauded the parastatal of $1 million, were yesterday advised that they will be charged with eight more counts of money laundering. Korbs Kobie Mutandiro, Basilio Sandamu and Taona Munzvandi, who […]

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Source: GMB bosses face fresh fraud charges – NewsDay Zimbabwe February 28, 2019

By Desmond Chingarande

Three top Grain Marketing Board (GMB) officials, who allegedly defrauded the parastatal of $1 million, were yesterday advised that they will be charged with eight more counts of money laundering.

Korbs Kobie Mutandiro, Basilio Sandamu and Taona Munzvandi, who appeared before Harare magistrate Lucy Mungwari, were told by the State that police officers could charge them anytime soon.

However, prosecutor Michael Reza unsuccessfully applied for postponement of the trial to facilitate the recording of the accused persons’ statements, but magistrate Mungwari ruled that the State should have charged the trio within 90 days and ordered the trial to proceed.

The trio, who had their application for exception to the charges dismissed, are accused of duping their employer of over $1 million in a botched land deal.

“The accused will in fact be charged with eight more money laundering counts. The police are hunting them down and the charges the State intends to prefer against them link with the current charges. We are trying to avoid unnecessary splitting of charges,” Reza said.

But the defence, represented by Obey Shava, declined prosecution saying it was wrong to charge them as individuals.

The magistrate then dismissed Reza’s application and ordered that the trial should start right away.

“The accused’s defence outline is already before the court. Besides that, the State was given a longer remand of 90 days. The arrest should have been done within those 90 days. Postponing this case will not cure the State’s wishes,” Mungwari said.

It is the State’s case that in the late 1990s, government embarked on the land reform programme which involved compulsory acquisition of land for redistribution.

In terms of the Land Acquisition Act Chapter 20:10 and through an extraordinary Government Gazette general notice 591 of 2001, a notice was given to acquire Romany Farm under deed of transfer number 5421.

It was registered under Romany Farm (Pvt) Ltd measuring 197,37 hectares. The court heard that on April 30, 2013, Munzvandi, in connivance with Mutandiro and Sandamu, hatched a plan to defraud the GMB Pension Fund.

It is alleged that Munzvandi and Mutandiro entered into an agreement-of-sale of the said farm to the GMB Pension Fund for $2,5 million knowing that the farm had been acquired by the State.

Acting on the misrepresentation, the GMB Pension Fund allegedly transferred $1 040 000 into Organs Resources (Pvt) Ltd’s Standard Chartered Bank corporate account where Mutandiro is the director and signatory to the bank account.

Nothing was recovered.

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Man breaks into Zimra server, steals $2,3m

Source: Man breaks into Zimra server, steals $2,3m – NewsDay Zimbabwe February 28, 2019 BY DESMOND CHINGARANDE A 34-YEAR-OLD unemployed man yesterday appeared at the Harare Magistrates Court charged with unauthorised access to a computer linked to the Zimbabwe Revenue Authority (Zimra) Paynet server where he allegedly paid himself $2 385 073, through a fraudulently […]

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Source: Man breaks into Zimra server, steals $2,3m – NewsDay Zimbabwe February 28, 2019

BY DESMOND CHINGARANDE

A 34-YEAR-OLD unemployed man yesterday appeared at the Harare Magistrates Court charged with unauthorised access to a computer linked to the Zimbabwe Revenue Authority (Zimra) Paynet server where he allegedly paid himself $2 385 073, through a fraudulently registered company.

Manase Manjovha was not asked to plead when he appeared before magistrate Rumbidzai Mugwagwa, who remanded him to today for bail application.

The complainant, Zimra was represented by its information communication technology security manager Ebrahim Makunganya.

The State alleges that sometime in April last year, Manjovha and an accomplice Stephen Moreka, who has since been arrested, opened three bank accounts with POSB Bank in the name of Talent Mandebvu 4 of Mandebvu village, Chief Mashayamombe, Mhondoro.

The duo also allegedly opened two corporate bank accounts in the name of bogus companies called Limpstone Investments and Del Computers (Private) Limited.

It is alleged on May 4 last year, Manjovha, working in connivance with Moreka, remotely accessed the Zimra Paynet server and uploaded three files into the paynet system with a total value of $2 385 073,20 without authority and then cleared all server logs to cover the trail.

After accessing the Zimra server, they allegedly paid out $2 385 073, 20 to the accounts.

Manjovha is also facing another charge of acquiring a fake birth certificate. It is alleged that on January 2 this year, Manjovha went to the United States Embassy while misrepresenting as Sean Chiyangwa born on April 22, 1985 and applied for a visa to the US.

The State alleges that upon verifying the particulars he had tendered, it was established that Manjovha had fraudulently acquired a birth certificate, which he used to obtain the passport in the name of Sean Chiyangwa and was red-flagged on the Interpol wanted list. He was arrested on February 25.

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