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US$15m ‘siphoned’ from Freda Rebecca

More than US$15 million could have been siphoned from gold miner Freda Rebecca (formerly Mwana Africa) through a series of underhand dealings by its new owners, insiders have alleged. Freda Rebecca is a unit of Asa Resources. At the centre of the allegations is Mr Yat Hoi Ning, who was board chair …

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Timeline of key events

2008 – Mwana Africa, which had significant nickel and gold assets, decides to mothball operations. However, as the economy improves, the business decides to raise funds to restart operations through a share sale and private placing with institutional investors. 2012 – Mwana Africa announces China International Mining Group Corporation will …

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Mystery of the stronger rand

THE South African rand is rallying in the midst of a grave political crisis, confounding many of the experts who expected a disaster after Pravin Gordhan’s axing. What is happening in Wonderland? After then finance minister Nhlanhla Nene was axed in December 2015, the rand weakened dramatically. This time around, …

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RBZ closes the taps on bond notes

DESPITE ever-growing demand for cash, the Reserve Bank of Zimbabwe says it will not immediately issue new bond notes to add to the US$121 million in value already in circulation. At the beginning of the year, monetary authorities forecast local cash supplies would improve with the start of the tobacco marketing …

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BMW 5 Series gives value for money

It is the company’s second-best selling model, after the 3 Series. This is quite a feat, considering that passenger cars (as opposed to SUVs and pickup trucks) composed 39 percent of the car market last year, down from 43 percent in 2015 and as much as 52 percent in 2012. …

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‘We ain’t proud of what happened’

In the past fortnight, Asa Resources in general and Freda Rebecca in particular have been in turmoil. After revelations of alleged externalisation and smuggling of gold bullion, the company’s board on Wednesday announced the ouster of group CEO Mr Yat Hoi Ning, and group finance director Mr Yim Chui Kwan. …

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Importance of withholding tax

Taurai Changwa Business Forum THE attempt by the Zimbabwe Revenue Authority to start deducting 10 percent withholding tax from tobacco farmers’ earnings met dogged resistance from various quarters. They felt that farmers — whose product is earning the country significant foreign currency — were being unnecessarily penalised. However, the levy was specifically …

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ABE SMITH Zimbabwe rally driver

Abe Smith is a former Zimbabwean rally driver . Awards  1994 : African Rally Champion (ARC) , on Audi 90 S2 Quattro Group A (co-driver Les Wild); 2nd in the Rally of Zambia in 1991 (Audi Quattro); 5 th of the Castrol International Rally of South Africa in 1994 (Audi …

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TICHAFA SAMUEL PARIRENYATWA Zimbabwe physician

Tichafa Samuel Parirenyatwa (1927–1962) was Zimbabwe’s first trained black physician, medical doctor and the first Vice-President of the Zimbabwe African People’s Union (ZAPU). He rose to prominence during ZAPU’s political struggle against the colonial administration in Southern Rhodesia. EARLY LIFE Parirenyatwa was born at Rusape in Manicaland and grew up …

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STRIVE MASIYIWA Zimbabwe businessman

Strive Masiyiwa (born 29 January 1961) is a London-based Zimbabwean businessman, entrepreneur, and philanthropist. He is the founder and executive chairman of diversified international telecommunications group Econet Wireless. Masiyiwa is a member of the Africa Progress Panel (APP), a group of ten distinguished individuals who advocate at the highest levels …

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