Crisis at Rufaro Marketing . . . board not constituting a quorum

Source: Crisis at Rufaro Marketing . . . board not constituting a quorum | Daily News Rufaro Marketing (Private) Limited is in serious breach of international best practices and corporate governance rules after it emerged that the Harare City Council (HCC)’s liquor business is technically operating without a board. Minutes of HCC’s finance and development […]

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Source: Crisis at Rufaro Marketing . . . board not constituting a quorum | Daily News

Rufaro Marketing (Private) Limited is in serious breach of international best practices and corporate governance rules after it emerged that the Harare City Council (HCC)’s liquor business is technically operating without a board.

Minutes of HCC’s finance and development committee indicate that the company is only operating with three people on its board who do not constitute a quorum.

A quorum is the minimum number of members that must be present at a meeting.

A meeting of an organisation cannot take place unless the required quorum is in attendance.
Any decision passed without a quorum is null and void, which means that, technically, Rufaro Marketing is operating without a board.

It therefore requires two more board members to be fully functional.
However, engaging additional board members would result in additional financial burden to the company whose profitability has been vacillating like a yo-yo.

In 2016, Rufaro Marketing made a profit of $299 000, with profitability dipping the following year to $14 000 in 2017.

Last year, the business was up on the previous year with profits reaching $110 000.
According to the HCC, Rufaro Marketing’s debts have been reduced from $12 million to $5 million after key payments were made to banks and other creditors, among them the National Social Security Authority, African Distillers and BDO.

Significant payments were also made towards human resources matters with $2,7 million going towards retrenchments from a total of $3 million owed.

A total of $826 000 was paid in pensions against a total of $1,698 million.
“Payment on the Zimbabwe Revenue Authority debt was yet to be paid as priority was given to employee-related benefits,” read part of the minutes.

While a decision has been made to venture into real estate on property investments and turn former beer halls and gardens into students accommodation, leisure and children play centres, this is yet to be implemented as the company’s focus was to retire the legacy debts.

Rufaro Marketing’s chief executive officer told the finance committee that there were still four employees at the company who had taken them to court over salary disputes.
Acting human capital director Matthew Marara said some employees had been retrenched while others had been absorbed by HCC.

“Those employed by council had been vetted for their suitability and had been engaged with the understanding that the city would be responsible for their welfare from the date of engagement into council services. The salaries that they were owed by Rufaro Marketing would be resolved there,” Marara said.

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VIDEO: Chamisa has revived MDC and he enjoys grassroots support, hence I back him but Mwonzora …

A member of MDC-Alliance party Mr David Coltart has said the opposition party has a problem of labeling members that show ambition to contest for posts Zanu-PF agents. Mr Coltart last week told CBNC Africa that the fake infiltration narrative has been …

A member of MDC-Alliance party Mr David Coltart has said the opposition party has a problem of labeling members that show ambition to contest for posts Zanu-PF agents. Mr Coltart last week told CBNC Africa that the fake infiltration narrative has been commonly used in the MDC to suppress those harbouring ambitions. MDC-Alliance secretary general […]

Zimbabwe annual inflation to fall by as much as 15 pct by end of year – cenbank governor

HARARE, March 11 (Reuters) – Zimbabwe’s average annual inflation should fall to between 10 and 15 percent after it reached its highest level in a decade in January, central bank governor John Mangudya said on […]

HARARE, March 11 (Reuters) – Zimbabwe’s average annual inflation should fall to between 10 and 15 percent after it reached its highest level in a decade in January, central bank governor John Mangudya said on [...]

MWONZORA FEELS THE HEAT

Tempers rose during an MDC Alliance rally at Chisamba
Grounds in Mutare over the weekend when the party’s supporters heckled
secretary-general Douglas Mwonzora resulting in president Nelson Chamisa
threatening to walk out of the gathering unless Mwon…

Tempers rose during an MDC Alliance rally at Chisamba Grounds in Mutare over the weekend when the party’s supporters heckled secretary-general Douglas Mwonzora resulting in president Nelson Chamisa threatening to walk out of the gathering unless Mwonzora was allowed to speak. This was after supporters sympathetic to the youthful leader heckled and booed Mwonzora as he took to the podium to

MATEMADANDA : MUGABE MUST BE TRIED

DEFENCE deputy minister Victor Matemadanda has said former
President Robert Mugabe must be tried for the 1980s Gukurahundi massacres.

In a video uploaded on SMTV on Saturday, Matemadanda also
said Mugabe was solely responsible for the economic har…

DEFENCE deputy minister Victor Matemadanda has said former President Robert Mugabe must be tried for the 1980s Gukurahundi massacres. In a video uploaded on SMTV on Saturday, Matemadanda also said Mugabe was solely responsible for the economic hardships the country is facing following 37 years of misrule, during which he travelled across the globe inviting sanctions by insulting world

I’M LOSING MY PATIENCE : CHAMISA TELLS ED

MDC leader Nelson Chamisa has invited his Zanu PF
counterpart President Emmerson Mnangagwa for urgent “real talks” to rescue the
country’s sinking economy, saying the opposition had capacity to initiate the
process on neutral ground.

Chamisa made …

MDC leader Nelson Chamisa has invited his Zanu PF counterpart President Emmerson Mnangagwa for urgent “real talks” to rescue the country’s sinking economy, saying the opposition had capacity to initiate the process on neutral ground. Chamisa made the call in Chitungwiza on Friday while addressing stakeholders during commemorations of the International Women’s Day. “We are saying there

AMHVoices: Zanu PF’s behaviour invites sanctions 

Source: AMHVoices: Zanu PF’s behaviour invites sanctions – NewsDay Zimbabwe March 11, 2019 WITH respect to the elections of 2018, it is obvious to all, except those in Zanu PF, that there were multiple breaches of the Electoral Act and our new Constitution. By Corruptionforce That Zanu PF cannot see this is part of the […]

The post AMHVoices: Zanu PF’s behaviour invites sanctions  appeared first on Zimbabwe Situation.

Source: AMHVoices: Zanu PF’s behaviour invites sanctions – NewsDay Zimbabwe March 11, 2019

WITH respect to the elections of 2018, it is obvious to all, except those in Zanu PF, that there were multiple breaches of the Electoral Act and our new Constitution.

By Corruptionforce

That Zanu PF cannot see this is part of the problem. How can you reform if you don’t see yourself as part of the problem.

Zanu PF, through its spokesperson Simon Khaya Moyo, is failing to self-introspect and reflect on its many failings such as corruption, lies, abuse of office, intimidation, harassment, looting and murder.

Yes, murder! Why has no one been prosecuted for the August 1, 2018 post-election killings. This is a major issue for the Commonwealth.
Zanu PF continues to behave like a mafia through assault on the opposition, its disregard for human rights, its persecution of all things not Zanu PF. In short, Zanu PF is incapable of policing itself.

Now, with respect to blaming the state of the economy on sanctions by the United States, this is a lie. Sanctions, as the US has pointed out, are specific to certain individuals and not the whole country.

Zimbabwe is in the mess it finds herself in now because of greed and corruption, which has resulted in looting of State funds, prioritising Zanu PF and its supporters over all other Zimbabweans, misuse of scarce foreign currency in the interest of Zanu PF.

Just look at the number of new cars bought for Zanu PF chefs. That foreign currency could have been used to improve hospitals, clinics and the overall health system.
Zimbabwe has been run to the ground by Zanu PF. It’s the home of the chosen few at the expense of the many.

Corruptionforce is very pleased with the stance the US and Britain have taken against President Emmerson Mnangagwa’s regime. The US has clearly highlighted the roadmap to redemption.

It has said the path to acceptance by the US is the rule of law and following the Zimbabwe Constitution in its entirety.

Britain has clearly stated that Zanu PF’s behaviour through military killings, assault of opposition parties, intimidation and brutality, is not how the Commonwealth operates.

Zanu PF must clearly understand that it has to change its ways, otherwise sanctions will continue on individuals, the Zimbabwe Democracy and Economic Recovery Act will continue to be implemented and the Commonwealth will reject Zimbabwe’s application to rejoin the club.

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MLISWA : ARMY FAILED TO REMOVE MUGABE

FORMER President Robert Mugabe refused to resign even
though he was in the middle of a military coup, leaving the military with no
option but to rely on the impeachment process for him to be removed, a
parliamentarian has said.

Norton independent …

FORMER President Robert Mugabe refused to resign even though he was in the middle of a military coup, leaving the military with no option but to rely on the impeachment process for him to be removed, a parliamentarian has said. Norton independent legislator and former (Mashonaland West) Zanu PF provincial chairperson, Temba Mliswa, bust the Zanu PF and army bubble saying their coup had

Chamisa’s youths storm Harare provincial meeting

MDC-Alliance youths aligned to party president Mr Nelson Chamisa on Friday disrupted the party’s Harare provincial meeting and threatened to harm members perceived to be seeking to dislodge Mr Chamisa at the forthcoming congress. Harare […]

MDC-Alliance youths aligned to party president Mr Nelson Chamisa on Friday disrupted the party’s Harare provincial meeting and threatened to harm members perceived to be seeking to dislodge Mr Chamisa at the forthcoming congress. Harare [...]

ZIMBABWE AIRWAYS : THE UNTOLD STORY

Former president Robert Mugabe’s son-in-law, Mr Simba
Chikore used his family ties to manipulate processes, corrupt people and enter
into shady deals involving several stakeholders during his time at the national
airliner, Air Zimbabwe, The Herald re…

Former president Robert Mugabe’s son-in-law, Mr Simba Chikore used his family ties to manipulate processes, corrupt people and enter into shady deals involving several stakeholders during his time at the national airliner, Air Zimbabwe, The Herald reveals today.  Mr Chikore, married to Bona Mugabe, was chief operating officer of the flag carrier between October 2016 and November 2017. During