Breaking News

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

by Staff Reporter
16 February 2013 | 3549 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 ' a leather and footwear company '   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
27.55%
No
31.7%
Not bothered
40.75%
265

Comments

News Updates

Email:

Latest News

TB Joshua supporters warn critics - On Sunday September 28, 2014 TB Jo...

by Ishmael Awere | 01 October 2014 | 1186 Views

Mudenda sheds crocodile tears over Gukurahundi but will not resign ove...

by Wilbert Mukori | 01 October 2014 | 1475 Views

UZ student found dead in swimming pool at the campus - A 21-year-old U...

by Staff reporter | 01 October 2014 | 2458 Views

Prof Jonathan Moyo sues Temba Mliswa - The Minister of Information, Me...

by Staff reporter | 01 October 2014 | 2516 Views

Residents fetch water from Mukuvisi river

by Staff Reporter | 01 October 2014 | 1042 Views

Faith healers castigated for misleading people living with HIV - Peopl...

by Staff Reporter | 01 October 2014 | 1196 Views

Body in a government car cause scare in Gwanda - A body of a deceased...

by Bhebhe Mandla | 01 October 2014 | 3871 Views

Minister Moyo went to Cuba begging for cash and got Bay of Pigs social...

by Wilbert Mukori | 01 October 2014 | 3099 Views

NSSA donates freezers, pots, groceries to Bumhudzo Old People's Home ...

by Staff Reporter | 01 October 2014 | 521 Views

Cops capitalize on vehicle licensing chaos - THE Zimbabwe National Roa...

by Staff reporter | 01 October 2014 | 1872 Views

Magagula dismisses Chimoio's allegations as false - A sense of disbeli...

by Thulani Nkala | 01 October 2014 | 2183 Views

'ZANU PF's succession battle a threat to Zim economy'

by Ndou Paul | 01 October 2014 | 1598 Views

Zanu PF, MDC-T have failed Zimbabwe, says ICG report - THE Internation...

by Staff reporter | 01 October 2014 | 831 Views

SA permits appointment schedule commence for Zimbabweans

by Staff Reporter | 01 October 2014 | 3626 Views

'Zimbabwe is now an insolvent and failing state' - HARARE - The Intern...

by Staff Reporter | 01 October 2014 | 1811 Views

British fighter jets strike ISIS jihadists west of Baghdad - London - ...

by Staff Reporter | 01 October 2014 | 1441 Views

Is Zimbabwe’s unemployment rate 4%, 60% or 95%? - Why the data is un...

by Sintha Chiumia and edited by Anim van Wyk | 01 October 2014 | 1394 Views

Prophet Magaya lure derails Pastor Charamba concert - Charles and Oliv...

by Staff reporter | 01 October 2014 | 3702 Views

Why does Zanu-PF fear MDC-T demos? - WhatsApp update - Please note th...

by Concerned citizen | 01 October 2014 | 2362 Views

Drivers' licences for sale - YOUTH in Zimbabwe are involved in corrupt...

by Staff reporter | 01 October 2014 | 3924 Views

Zoey dancer undresses on stage - A DANCER with the group Sexy Angel...

by Staff reporter | 01 October 2014 | 4251 Views

Cops harassing motorists over licence disc that expired at midnight - ...

by Concerned Citizen | 01 October 2014 | 2252 Views

Woman sues 5 men for maintenance - A MOTHER of five children sired wit...

by Lethokuhle Moyo | 01 October 2014 | 4096 Views

Plumtree police ordered to release impounded bus - A court has ordered...

by Staff reporter | 01 October 2014 | 3017 Views

Mugabe's spy appears in court - A CENTRAL Intelligence Organisation (C...

by Staff reporter | 01 October 2014 | 3983 Views

Police complicit in the Breakdown in the Rule of the Law - Police comp...

by David Conolly | 01 October 2014 | 1608 Views

Ziqhenye ngolimi lwakho kuloba - Bekusindwe ngobethole izolo eMaphalal...

by Butholezwe Mpofu | 01 October 2014 | 1201 Views

Chiwenga's ex-wife gets threatening phone calls - JOCELYN Chiwenga, ...

by Staff reporter | 01 October 2014 | 3596 Views

Entertainment

Pokello urges Zimbos to support local BBA reps

by Staff Reporter | 01 October 2014 | 1545 Views

Izithunywa Zezulu Gospel Group - Yizwa Imithandazo Yethu - Sekwenzakel...

by Staff Reporter | 30 September 2014 | 705 Views

Tuku releases lyrics for new album ahead of launch

by Entertainment Reporter | 30 September 2014 | 1572 Views

Mtukudzi to release new album - Music superstar Oliver "Tuku" Mtukudzi...

by Staff reporter | 29 September 2014 | 1516 Views

Parliament TV Channel in pipeline - PARLIAMENTARY debates might soon ...

by Staff reporter | 28 September 2014 | 1260 Views

Omkhula, the funniest guys I have ever seen - NOW that the Intwasa Ar...

by Christopher Mlalazi | 28 September 2014 | 2869 Views

Albert Nyathi collaborates with Shabalala Rhythm's Maqhinga Radebe - R...

by Bekezela Tshuma | 28 September 2014 | 1035 Views

'Return of Mukanya' cancelled due to visa delays - THE much-awaited Th...

by Staff reporter | 27 September 2014 | 1996 Views
iBlog

Can Too Much Masturbation Hurt Women’s Sex Life? Why Is Excessive Masturbation Bad?

both men and women often enjoy masturbation, and it is a natural sexual action for many people. however, when a woman masturbates too often, she may become concerned that it can hurt her sex life. this question is actually a valid concern, as there ... Read More
adoniadennis 01 March 2014 ago

Advanced Systemcare Free To Optimize The Os Still Support Xp

the update systemcare free 7.3.0.456 (a set of tools to optimize the operating system) – now available.advanced systemcare is a free package to optimize, tweak, fix bugs and improve the overall performance of the operating system.the program anal... Read More
ITnews 02 June 2014 ago