1/16🔥🔥🔥
To you @MthuliNcube, th Finance Minister, & @BitiTendai, th Parliamentary #PublicAccountsCommittee (#PAC) Chairperson.
I address this thread 2 you following a court application by th JusticeMin admitting that th GoZ was a creditor of a non-public entity.
To you @MthuliNcube, th Finance Minister, & @BitiTendai, th Parliamentary #PublicAccountsCommittee (#PAC) Chairperson.
I address this thread 2 you following a court application by th JusticeMin admitting that th GoZ was a creditor of a non-public entity.
2/16
#PAC is a committee of parliament, constituted 4 th purpose of auditing th revenue & th expenditure of th GoZ, statutory bodies & state-owned enterprises. It does so by examining th audit reports of th #AuditorGeneral & holding of public hearings.
#PAC is a committee of parliament, constituted 4 th purpose of auditing th revenue & th expenditure of th GoZ, statutory bodies & state-owned enterprises. It does so by examining th audit reports of th #AuditorGeneral & holding of public hearings.
4/16
The PAC has a key role to play in ensuring accountability & transparency in the financial operations of Gvt & public entities regarding allocation, spending & managing finances 2 guarantee economy, efficiency & effectiveness for th taxpayers.
The PAC has a key role to play in ensuring accountability & transparency in the financial operations of Gvt & public entities regarding allocation, spending & managing finances 2 guarantee economy, efficiency & effectiveness for th taxpayers.
5/16
#HwangeCollieryCompanyLimited is a non-public entity company. Th GoZW has 36.77% shareholding while NSSA has 6.23%.
I have previously done threads on #HCCL:
Thread #1.
Thread #2
Thread #3
#HwangeCollieryCompanyLimited is a non-public entity company. Th GoZW has 36.77% shareholding while NSSA has 6.23%.
I have previously done threads on #HCCL:
Thread #1.
Thread #2
Thread #3
6/16
Using th #ReconAct of 2005, th Justice Min, unilaterally took over a non-public entity company & became its 100% shareholder unconstitutionally, s69(1)-(3) of th Const.
He then unilaterally appointed an Administrator who took over th role of th Board of Directors.
Using th #ReconAct of 2005, th Justice Min, unilaterally took over a non-public entity company & became its 100% shareholder unconstitutionally, s69(1)-(3) of th Const.
He then unilaterally appointed an Administrator who took over th role of th Board of Directors.
7/16
In Case No. HC10766/18 dated 21/11/18, th Min is th Applicant without a Respondent in a Chamber Application.
How can there be a Respondent when he replaced the #HCCL shareholders with himself & made his appointed administrator th board of directors?
In Case No. HC10766/18 dated 21/11/18, th Min is th Applicant without a Respondent in a Chamber Application.
How can there be a Respondent when he replaced the #HCCL shareholders with himself & made his appointed administrator th board of directors?
8/16
Th application is copied 2 #HCCL shareholders, creditors & former board members. Thz are th same shareholders whose co. was taken away from them in contravention of s69(1)-(3) of th Const. & whose directors were illegally removed, violating th Companies Act.
Th application is copied 2 #HCCL shareholders, creditors & former board members. Thz are th same shareholders whose co. was taken away from them in contravention of s69(1)-(3) of th Const. & whose directors were illegally removed, violating th Companies Act.
9/16
According to th application, #HCCL owes GoZW & its entities $204.7 million broken down as follows:
1. Min of Finance TBs thru th @ReserveBankZIM $111.5million
2. ZAMCO $16.2million,
3. ZIMRA $77.0million
@PriscaMutema2 has written a lot about th scandalous ZAMCO.
According to th application, #HCCL owes GoZW & its entities $204.7 million broken down as follows:
1. Min of Finance TBs thru th @ReserveBankZIM $111.5million
2. ZAMCO $16.2million,
3. ZIMRA $77.0million
@PriscaMutema2 has written a lot about th scandalous ZAMCO.
10/16
The $127.7 million state indebtedness (MoF TBs & ZAMCO) is in violation of s303(1) of th Constitution, "No money may be withdrawn from the Consolidated Revenue Fund except to meet expenditure authorised by this Constitution or by an Act of Parliament."
The $127.7 million state indebtedness (MoF TBs & ZAMCO) is in violation of s303(1) of th Constitution, "No money may be withdrawn from the Consolidated Revenue Fund except to meet expenditure authorised by this Constitution or by an Act of Parliament."
11/16
👉🏿Under what circumstances would th GoZW fund a a non-public entity company?
👉🏿 What are th terms of th May 2017 TBs?
👉🏿 Did th MoF take note that there was a violation of s303(1) of th Constitution?
👉🏿 Where is th chief legal advisor of th Gvt, #AttorneyGeneral?
👉🏿Under what circumstances would th GoZW fund a a non-public entity company?
👉🏿 What are th terms of th May 2017 TBs?
👉🏿 Did th MoF take note that there was a violation of s303(1) of th Constitution?
👉🏿 Where is th chief legal advisor of th Gvt, #AttorneyGeneral?
12/16
There are various ways that a co. can raise capital 2 fund operations: 1) equity, 2) sale of goods/services, 3) debt (bank loans, trade credits, corporate bonds, etc) & 4) factoring.
How did th GoZW get involved in th funding of operations of co. not of s194 of th Const?
There are various ways that a co. can raise capital 2 fund operations: 1) equity, 2) sale of goods/services, 3) debt (bank loans, trade credits, corporate bonds, etc) & 4) factoring.
How did th GoZW get involved in th funding of operations of co. not of s194 of th Const?
13/16
@GGuvamatanga isn’t it time to be accountable, transparent & open about the MoF TBs and the ZAMCO regarding #HCCL over public funds for non-state controlled commercial entities (non-SCCEs) (s194 of the Const)?
@GGuvamatanga isn’t it time to be accountable, transparent & open about the MoF TBs and the ZAMCO regarding #HCCL over public funds for non-state controlled commercial entities (non-SCCEs) (s194 of the Const)?
14/16
As a creditor of #HCCL, let @MthuliNcube make people of ZW know why&how th former board chairperson of th company & current minister of Mines, #WinstonChitando, made a non-SCCE to incur a Gvt debt of $127.7 million in one month in May 2017.
As a creditor of #HCCL, let @MthuliNcube make people of ZW know why&how th former board chairperson of th company & current minister of Mines, #WinstonChitando, made a non-SCCE to incur a Gvt debt of $127.7 million in one month in May 2017.
15/16
For the Justice Minister 2 make a chamber application without a respondent while copying th shareholders who lost their company, creditors & former board members who weren’t involved in th #ReconOrder is against s69(1)-(3) of th Const & s299&300 of th Companies Act.
For the Justice Minister 2 make a chamber application without a respondent while copying th shareholders who lost their company, creditors & former board members who weren’t involved in th #ReconOrder is against s69(1)-(3) of th Const & s299&300 of th Companies Act.
A powerful article on the same subject...bankingonafrica.com/blog/2018/11/2… @mimmitwit
