by Zivanai Dhewa

Hwange Colliery Company Limited has suspended its Managing Director, Shepard Mananike and Finance Executive Tawanda Marapira, on charges of unethical business practices and financial improprieties, with effect from 4 October 2018.

In a press statement, Acting Board Chairperson Mrs Juliana Muskwe, expressed regret at the unauthorised expenditure that the two were involved in.

“The circumstances are unacceptable especially when the company was focused on production and sales,” read part of the statement.

She added that “due to the unauthorised financial transactions, the company failed to meet its key obligations due to its creditors and employees.”

Echoing the President’s mantra of zero tolerance to corruption, Muskwe said, “The mantra under the new dispensation is zero tolerance to corruption, the Board is entrusted to protect the interests of the company and preserve investor value.”

He further stressed that the company was strategic to the national economy and could not be prevented from becoming a successful concern on account of substandard.

Mr Muskwe, said “it was unacceptable that the company is currently sitting on a stockpile (345 000) which is easily convertible to revenue (estimated to be around US$13 million) to enable it to address its short term challenges, still fails to meet its financial obligations.

“The accumulation of a huge stock pile against a huge market demand borders on sabotage than anything which the Board has moved in to uproot,” read part of the statement.

The suspension of two Hwange Colliery management comes hard on the heels of the 16 ZESA employees including top senior management who were sent on forced leave.