Breaking News

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

by Staff Reporter
16 February 2013 | 3538 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

Is Tsvangirai's BIG TENT leaking?

Yes
25.37%
No
32.09%
Not bothered
42.54%
134

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

Doctor nailed in child maintenance case

by Staff Reporter | 23 September 2014 | 648 Views

Bulawayo endorses Mugabe

by Staff Reporter | 23 September 2014 | 850 Views

Ebola centre in Harare

by Staff Reporter | 23 September 2014 | 857 Views

Byo-bound Zupco bus dumps passengers in Gweru - A Bulawayo-bound Zupc...

by Staff Reporter | 23 September 2014 | 1195 Views

Water and sanitation project launched in Mutare - The water and sanit...

by Staff reporter | 23 September 2014 | 273 Views

Gono bid for Manicaland senate thwarted

by Staff reporter | 23 September 2014 | 1014 Views

Chinamasa extends begging bowl, queries isolation by World Bank, IFC

by Staff reporter | 23 September 2014 | 597 Views

Tsvangirai's condolence message on the death of renowned economist Eri...

by Morgan Tsvangirai | 23 September 2014 | 1446 Views

Dr 'Mzee' Muzenda left a perfect model - This month in 2003, Zimbabwe ...

by John Sigauke | 23 September 2014 | 1252 Views

Economic meltdown is real Mugabe must step down or he will take it ove...

by Wilbert Mukori | 23 September 2014 | 2058 Views

Bulilima schools urged to prioritise Kalanga language - The Bulilima d...

by Staff reporter / Wendy Dube | 23 September 2014 | 971 Views

I am looking for Makepesi/Dewa family from Matojeni - WhatsApp update ...

by Collet Moyo | 23 September 2014 | 956 Views

'Police complicit in the breakdown in the rule of the law' - David Con...

by David Conolly | 23 September 2014 | 1749 Views

Dave Conolly's statement on further contempt of court by Dr Ray Ndhluk...

by David Conolly | 23 September 2014 | 1124 Views

Full Scoan Building Report Part 1 - T. B. Joshua has been predicting a...

by John Haward - Freelance Journalist | 23 September 2014 | 3715 Views

Dr Stem's dose of encouragement - More Tips for teens

by Dr Stem | 23 September 2014 | 1137 Views

Brussels is not a sincere trading partner - It all started as a sincer...

by John Sigauke | 23 September 2014 | 1485 Views

Man's genitals and lips cut off in horrific ritual murder - A Lower G...

by Staff Reporter | 23 September 2014 | 4329 Views

Married woman rapes grade 6 pupil - A sex-starved married woman from B...

by Staff Reporter | 23 September 2014 | 6642 Views

USA created Al-Qaeda and the ISIS terror group - MUCH like Al Qaeda, t...

by Garikai Chengu | 23 September 2014 | 2218 Views

'Grace Mugabe PhD trashes UZ credibility,' says Makoni

by Independent Foreign Service. | 23 September 2014 | 4278 Views

Fist fight at MDC-T

by Staff reporter | 23 September 2014 | 3236 Views

Zanu-PF probes 43 000 membership cards - Zanu-PF's Mashonaland West pr...

by Staff reporter | 23 September 2014 | 1642 Views

Mugabe race gets dirtier - Despite moves by President Mugabe to bar Za...

by Staff reporter | 23 September 2014 | 4442 Views

Mugabe aides on US shopping spree - MEMBERS of President Robert Mugabe...

by Staff reporter | 23 September 2014 | 3388 Views

Zimbabwe to receive 'special coins' by November - The $20 million wort...

by Staff reporter | 23 September 2014 | 3273 Views

Man kills father for 'conniving' with mum to bewitch him

by Staff reporter | 23 September 2014 | 1804 Views

Shock as woman discovers hubby has two other 'wives'

by Staff reporter | 23 September 2014 | 5015 Views

Man threatens wife's 'lover' with ulunyoka - PANDEMONIUM rocked Kudzan...

by Staff reporter | 23 September 2014 | 2313 Views

Mum 'roasts' son's hands over groundnuts

by Staff reporter | 23 September 2014 | 1547 Views

Entertainment

The Vickie Storm Show donates PC to the Ian Henney foundation

by Staff Reporter | 23 September 2014 | 681 Views

Big Brother Africa reveals Zimbabwe's second representative - WITH 12 ...

by Bongani Ndlovu | 23 September 2014 | 1949 Views

Wilfred Tichaona Mafrika aka Nyamasvisva - Biography

by Innocent Fungurani | 22 September 2014 | 1206 Views

Miss Zimbabwe USA scouts for talent - TWENTY-SEVEN-YEAR-OLD internatio...

by Staff reporter | 22 September 2014 | 850 Views

Ubuntu Bako Bulawayo's Launch Event Party in Manchester - The 4th Octo...

by Staff Reporter | 21 September 2014 | 1252 Views

Intwasa set to liven Bulawayo night life - BULAWAYO will this Tuesday...

by Pabalelo Tlou | 21 September 2014 | 1130 Views

Abafana bako Godlwayo - UThabani Dibi Sibanda odume ngokuba yiNyosi eh...

by Staff Reporter | 20 September 2014 | 1927 Views

Game over as Generations Soapie goes off air - The South African Broad...

by Staff reporter | 20 September 2014 | 4465 Views
iBlog

Auslogics Boostspeed 7 - More Powerful And User-friendly Than Ever

Auslogics boostspeed 7 - more powerful and user-friendly than ever!wondering how to fix slow computer performance? experts recommend auslogics boostspeed 7 - the most comprehensive system optimization software! auslogics boostspeed 7 is here!the bran... Read More
ITnews 26 August 2014 ago

Obviously, Windows Xp Has Nothing More To Offer

With no support from the manufacturer, windows xp no longer receives antivirus updates, which provoked an increase in the number of attacks on xp users. according to avast company, windows xp systems are attacked 6 times more often than the devices r... Read More
Sergey 12 June 2014 ago