Government retires Ziscosteel board

NQOBIZITHA-MANGALISO-NDHLOVU-MINISTER-OF-INDUSTRY-COMMERCE

Defunct Steel manufacturer Ziscosteel, is set to get a new board of directors after Government retired the entire old board that had been in office for more than a decade. Industry and Commerce Minister Nqobizitha Mangaliso Ndlovu, confirmed that the board led by Mr Nyasha Makuvise had overstayed its term of office and has been retired, paving way for the appointment of a new board.

“We have retired the entire old board. The new one is expected anytime soon. In fact, I already have the names and am awaiting approval by President Emerson Mnangagwa,” said Minister Ndlovu.

“The board has been there for long, more than 10 years. Under normal circumstances, the board was supposed to be in office for two terms of four years, that is a total of eight years in office. We are actually celebrating their tenure and appreciating their hard work in trying to turn around the fortunes of our great national asset.”

The board leaves office at time when there are allegations of looting of assets within the giant steel manufacturer. During the commissioning of ZimCoke plant that is within the Ziscosteel plant recently, Midlands Provincial Affairs Minister Larry Mavima decried alleged theft within the parastatal.

“We all know that Zisco has been closed for a long period now. While it appears that everything is intact there are, however, there are incidences of cannibalism and removal of assets from this particular public enterprise. However, I should mention that management to an extent has tried to protect these assets,” said Minister Mavima.

Minister Ndlovu also confirmed having received such information, saying the coming in of ZimCoke will put a stop to such shenanigans.

“I have heard about those allegations. We, however, cannot say the retiring of the board is part of the solution but I know for sure the coming in of ZimCoke, which is set to resume operations in the near future, will improve sanity at the parastatal,” he said.

“I understand they are bringing in top notch security that will be manning not only ZimCoke but the entire Ziscosteel plant.”
Minister Ndlovu said an investigation will also be conducted in the near future to ascertain which assets were missing.

The coming in of new board is expected to bring renewed hope towards the revitalization of the giant steel company, which is considered one of the biggest in the region.

With capacity to employ more than 5 000 workers and supply the whole region with steel, the company is a strategic player in the country’ economic turnaround._The Herald

Zimbabwe gold buying prices/ gram 7 November 2023