Breaking News

Ministry of Industry and Commerce in the dark about the Dimaf beneficiaries

by Staff Reporter
16 February 2013 | 3151 Views
THE Ministry of Industry and Commerce is still waiting for CABS and Treasury to disburse $5 million to the 30 companies that the ministerial taskforce identified and is in the dark about the latest Distressed Industries and Marginalised Areas Fund (Dimaf) beneficiaries.

Last week, Sunday News published a Dimaf beneficiaries list where almost $13 million under the $40 million facility set aside for ailing industries was disbursed since 2011 to end of 2012, to 30 companies nationwide.

Industry minister Professor Welshman Ncube said he did not know about the disbursements and his ministry recently learnt Finance Minister Mr Tendai Biti did not send any communication to CABS regarding the release of $5 million, as expected of him last year but only did so this year.

Last year, in a letter dated 3 December 2012, Prof Ncube wrote to Minister Biti, requesting him to attach his signature to a proposed draft to CABS directing it to disburse the Government's portion of the Dimaf funds to deserving companies, as per the list attached showing the distressed Bulawayo companies to receive the $5 milion.

Prof Ncube said in pursuance of the implementation of the resolutions taken at one of their taskforce meetings on revival of industry and as chairman of the ministerial taskforce, he had examined the revised list and was satisfied that it met the criteria and accordingly recommended to Minister Biti to instruct CABS to immediately disburse to these companies.

Sunday News saw the contents of the proposed letter, which supposedly Minister Biti was to officially sign and send to CABS.

"The taskforce has since directed that US$5 million of the Government's portion out of US$10 million availed in April 2012 be immediately disbursed to deserving companies as listed in Annex 1 at $200 000 each. This letter, therefore, serves to inform and direct you to comply with the taskforce decision as a matter of urgency to avert any further company closures in Bulawayo," the letter reads in part.

But, Prof Ncube said: "That letter was only sent at the start of February 2013 yet it was supposed to be done last year. It was not even copied to me but Minister Biti would come to every Cabinet and lie saying he had done so."

Prof Ncube expressed frustration at Minister Biti's antics and said the problem was that CABS would not listen to anyone because it signed the contract with Treasury making it difficult for a third party to instruct the bank.

Prof Ncube said besides that, it should be noted that these companies sharing the $5 million represented a reduction of over 55 percent from an original list of 45 companies, which were initially supposed to receive $10 million but Treasury said it could only avail $5 million.

Sunday News has the list of revised distressed Bulawayo companies which were to get the $5 million and from that list only one company, Karasons √¢‚Ǩ‚Äù a leather and footwear company √¢‚Ǩ‚Äù   appears on the list published by this paper last week as part of the 18 Bulawayo companies which benefited from Dimaf.

The companies named on the list of revised distressed Bulawayo companies which are to get the $5 million are programmed according to sector, that is clothing, food, metal and electrical, leather and footwear, motor industry, packaging, furniture and pharmaceuticals.

All the companies are experiencing working capital constraints, most of them are still operating but struggling while others are already under judicial management.

Individual companies are set to receive funds ranging from $50 000 to $200 000.

Minister of Youth, Indigenisation and Empowerment, Cde Saviour Kasukuwere, who sits on the ministerial task-force committee appeared clueless on what was taking place with Dimaf saying he did not know whether the companies had received the $5 million.

He could not comment but showed concern at the misrepresentation of facts involving the fund.




Cde Kasukuwere said the misrepresentation was typical of the financial sector.

"Isn't Bulawayo changing? You see, banks make a point of defying rules. They are not scared of the laws of the country. It's not right. This must be addressed," he said.

Dimaf

Source: SN

Should Zimbabweans be deported from the UK?

Yes
26.21%
No
71.84%
Not sure
1.94%
206

Comments

News Updates

Email:

Latest News

Deportation of Zimbabweans increases - THE deportation of Zimbabweans ...

by Sukulwenkosi Dube | 20 April 2014 | 5 Views

Woman raped while having sex with lover in a car - A 24-year-old woman...

by Staff reporter | 20 April 2014 | 57 Views

Stolen car found involved in accident - A CITY man is counting his los...

by Robin Muchetu | 20 April 2014 | 65 Views

Families fight over Mangwe chieftaincy - A CHIEFTAINSHIP wrangle has e...

by Sukulwenkosi Dube | 20 April 2014 | 42 Views

Violent clashes at MDC-T meeting - THE beleaguered MDC-T was on Thursd...

by Vusumuzi Dube | 20 April 2014 | 93 Views

'Armed' robbers acquitted - TWO suspected armed robbers who were dragg...

by Walter Mswazie | 20 April 2014 | 92 Views

6 women on a stealing spree - Six Bulawayo women including one who is ...

by Staff reporter | 20 April 2014 | 112 Views

Woman nabbed for selling mbanje - A 56-YEAR-OLD Maphisa woman has been...

by Nobuhle Nyoni | 20 April 2014 | 69 Views

Pastor rape accuser lied to 'fix' him - A SEVENTH Day Adventist (SDA) ...

by Thulani Ndlovu | 20 April 2014 | 127 Views

Mugabe tell businesspeople to repay their loans - PRESIDENT Mugabe has...

by Staff reporter | 20 April 2014 | 129 Views

Brother kill brother in fight over house - TONGOONA is Shona for "we w...

by Robin Muchetu | 20 April 2014 | 209 Views

Prophet Makandiwa brings Harare to a standstill - Zimbabwe's capital, ...

by Staff reporter | 20 April 2014 | 290 Views

Abortion drug abused - A CLOSELY-KNIT clique of doctors and pharmacist...

by Vusumuzi Dube | 20 April 2014 | 153 Views

Mine owner 'buries' 16 gold panners - SIXTEEN gold panners from Empres...

by Freedom Mupanedemo | 20 April 2014 | 233 Views

Zesa engineers up in arms against ministry - Senior Zesa Holdings engi...

by Lincoln Towindo and Tinashe Farawo | 20 April 2014 | 158 Views

Australian tourist found dead in Zim hotel - WORKERS at a leading Bula...

by Staff Reporter | 20 April 2014 | 2388 Views

Mugabe's health under spotlight again - PRESIDENT Robert Mugabe's heal...

by Staff Reporter | 20 April 2014 | 3402 Views

Deadly gun battle erupts in Ukrain - Slavyansk - Three pro-Russian mil...

by Staff Reporter | 20 April 2014 | 1228 Views

Easter is not biblical - its pagan worship - Easter is a day that is h...

by Beta Sheunesu | 20 April 2014 | 2428 Views

Jaure's 7 match ban controversially terminated - PATSON Jaure's seven-...

by Staff Reporter | 20 April 2014 | 1618 Views

Tsvangirai should learn from Joshua Nkomo's blunders

by Vince Musewe | 20 April 2014 | 2633 Views

Another MDC-T official suspended - Information coming from MDC-T Bula...

by Staff Reporter | 19 April 2014 | 3618 Views

SA based Chimurenga musician release album

by Staff Reporter | 19 April 2014 | 1876 Views

Son stabs mum to death - A LOVING relationship between a sick mother a...

by Staffr eporter | 19 April 2014 | 4491 Views

Please help restore sanity at Siansundu Sec School (Binga district) - ...

by Former teacher | 20 April 2014 | 2510 Views

21 die, 163 injured in road accidents

by Staff Reporter | 19 April 2014 | 2813 Views

Prophet Makandiwa's Judgment Night 2 ready to roll - The biggest pente...

by Lovemore Chikova | 19 April 2014 | 1703 Views

Angola airline to increase Zimbabwe, Luanda direct flights - Angola's ...

by Staff reporter | 19 April 2014 | 1013 Views

Entertainment

Deborah Fraser jets in

by Staff Reporter | 19 April 2014 | 1712 Views

All-white party for Dongo - Soulful singer Trevor Dongo is set perform...

by Jonathan Mbiriyamveka | 18 April 2014 | 2119 Views

Tuku Greatest Hits Concert postponed - Oliver Mtukudzi's Greatest Hits...

by Staff reporter | 16 April 2014 | 1473 Views

'Corruption is betrayal of the values of the liberation struggle' says...

by Jonathan Mbiriyamveka | 16 April 2014 | 1918 Views

Stand Up comedian to record one man show in Zimbabwe - Daliso Chaponda...

by Staff reporter | 16 April 2014 | 1263 Views

L'Vovo Derrango billed for Bulawayo show - THOSE attending the Zimbabw...

by Bongani Ndlovu | 16 April 2014 | 1372 Views

Artist Profile - Interview with D2X

by Staff Reporter | 14 April 2014 | 1720 Views

Generations actor's Bulawayo show flops

by Showbiz Reporter | 14 April 2014 | 6263 Views

Mukanya gets 'wild' applause - Self exiled legendary musician Dr Thoma...

by Staff reporter | 13 April 2014 | 5397 Views

Freshlyground to perform in Zim's HIFA after insulting Mugabe - South...

by Arts reporter | 13 April 2014 | 3726 Views

Generations' actress draws big crowd

by Staff Reporter | 13 April 2014 | 5706 Views
iBlog

Wearable Tech Captures Attention At Ces 2014

for years, wearable tech has looked poised to explode into the mass market in a big way, and this year’s consumer electronics show looks to have cemented 2014 as the “year of wearable tech.”ces 2014 featured activity from both brand-name ele... Read More
ITnews 15 January 2014 ago

Get My Love Back By Black Magic +919828027633

If you are looking for happiness, prosperity, success, and health in your life then ahmed molvi ji is the right stoppagehe helped many peoples who have lost their track to live life, who were depressed and specially helped addicted person to lead a n... Read More
ahmedmolvi 18 April 2014 ago