Hwange Colliery Company Put Under Administration As It Owes Govt Over $150m

Hwange Colliery Company was on Monday put under administration by the government and the functions of its Board of Directors suspended. A forensic audit directed by the board resulted in the Minister of Mines Winston Chitando putting the company under administration. The audit allegedly revealed misuse of funds amounting to $6,4 million put into the company for exploration. Hwange Colliery Company owes the government over $150 million. Its liabilities are more than the value of its assets. The government of Zimbabwe is the major shareholder in the company.

More: Newsday

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