RTG lost $800 000 following protests against Mphoko’s stay at Rainbow Towers

Posted by Tayana

In an interview with NewsDay, RTG group chief executive officer, Tendai Madziwanyika said they lost $800 000 after booking cancellations, following protests led by Sten Zvorwadza against Vice-President Phelekezela Mphoko’s continued stay at Rainbow Towers.

The group’s loss amounted to $4,7 million following retrenchment and separation costs ($0,6 million) and impairment costs related to discontinued operations ($0,5 million). In 2015, the group suffered a loss of $29 000 while revenue in 2016 declined by 11% to $24,1 million in 2016. Madziwanyika also pointed out that the introduction of bond notes also affected them as companies started stopping travels to see where the economy was going.

More: NewsDay

Phelekezela MphokoBond NotesSten Zvorwadza

Phelekezela Mphoko is vice president of the Republic of Zimbabwe and former secretary of the Zanu-PF party. Mphoko was appointed to this position by Robert Mugabe on 10 December 2014. The other vice president appointed at the same time as him is Emmerson Mnangagwa .Mnangagwa... Read More About Phelekezela Mphoko

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes

Sten Stendrick Zvorwadza, is a Zimbabwean political activist and politician. He is the board chairman of the National Vendors Union of Zimbabwe. He was a member of the MDC-T. He gained public attention when he led the protest against Vice President Phelekezela Mphoko's continued stay... Read More About Sten Zvorwadza

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