Zim: General Mujuru’s companies in dire straits

The late General Solomon Mujuru's business empire appears to be in trouble.

Four companies in which Mujuru had major interests have fallen on hard times.

Mujuru died under suspicious circumstances in an inferno at his house in 2011. His estate, estimated by local media to run into millions, has yet to be settled.

The late Zanu-PF politburo member was a farmer and notable businessman, whose interests expanded into many sectors of the economy.

Mujuru was survived by his wife, Vice-President Joice Mujuru.

The mine he was ­heavily invested in, River Ranch, is one of the businesses going through turbulence.

No clear picture of the future of the mine
Two weeks ago, Walter Chidhakwa, the minister of mines and mining development, told Parliament that River Ranch's ­management had told him it was trying its best to bring the mine back into operation. Chidhakwa did not say when the mine had closed.

"However, I also heard that they may be selling. Therefore, we may not get a clear picture of the future of the mine, but I will continue to speak to them and try to encourage them," said Chidhakwa.

"If they want to sell, let them sell to someone so that the activities can be restored. If they want to maintain it, they should do so, so that we can have production that is badly needed by this country. At this point, that is all I can say."

The minister said that, according to his information, the mine was also failing to pay its workers' full salaries.

Chidhakwa said the firm was exploring the possibility of taking up an $11-million credit line offered by Indian investors who wanted to partner with it.

Another company in which the late general had shares, the Zimbabwe Stock Exchange-listed Willdale, which manufactures bricks and clay products, is said by the Central African Stock Exchanges Bulletin to be in need of $8-million to return it to viability.

Workers face retrenchment
In early February, the Zimbabwe Mining and Alloy Smelting Company, the chrome miner and smelter in which Mujuru also had shares, announced that it was going to retrench half of its 3 000 workers.

The firm's workers were forced to take pay cuts last year, after the company said it was negatively affected by falling world market prices.

Another partially Mujuru-owned company, Zimbabwe Alloys Limited, is technically insolvent.

The company has been placed under judicial management, and may face liquidation after the ferrochrome producer's incurred an unsustainable debt.

Mujuru's estate has yet to be ­registered with the high court.

We make it make sense

If this story helped you navigate your world, subscribe to the M&G today for just R30 for the first three months

Subscribers get access to all our best journalism, subscriber-only newsletters, events and a weekly cryptic crossword.”

Kudzai Mashininga
Kudzai Mashininga

Mashininga is an experienced Zimbabwean journalist.

Related stories

WELCOME TO YOUR M&G

Already a subscriber? Sign in here

Advertising

Latest stories

Energy department wastes R20.7-million in bungled solar geyser project

Of 87 206 solar geysers procured, only 61 000 were delivered, and fewer than 3 200 were installed

Tunisia struggles to grow more wheat as Ukraine war bites

Since the Ukraine war sent global cereal prices soaring, import-dependent Tunisia has announced a push to grow all its own durum wheat, the basis for local staples like couscous and pasta.

Democracy under serious and sustained attack from within the US

Far-right Republicans and the conservative supreme court are working on a carefully laid plan to turn the US into a repressive regime

Grilling for UK leader Boris Johnson after top ministers quit

The prime minister has faced lawmakers' questions after two of the most senior figures in his government resigned. The finance and health ministers said they could no longer tolerate the culture of scandal
Advertising

press releases

Loading latest Press Releases…
×