Economy

President Emmerson Mnangagwa has pleaded with MPs to expedite the formulation of laws to guide the 2023 general elections saying time was running up for them. Steven Mungate Presenting the State of the Nation Address and officially opening the  Fifth session...

Munyaradzi Doma Fuel challenges currently being experienced in the country are now affecting the justice delivery system after an accused in a US$1,4 million fraud case could not be brought to Harare from Bulawayo because Zimbabwe Prisons and Correctional Services vehicles did not have fuel. This was revealed in the case in which Hosea Mkwananzi representing Converging Investments, Ismail Moosa Lunat and Mahomed Iqbal Lunat allegedly swindled USD$1,4 million from a business colleague in a botched property deal. The case was supposed to be heard before Harare Magistrate Morgan Nemadire, when lawyer Nqobani Sithole revealed that Ismail Lunat was at Bulawayo's Khami Prison where he was locked up for another case but ZPCS had failed to bring him to Harare. "Accused 2 (Ismail Lunat) is currently held at Khami Prison in Bulawayo over a 2018 case but prisons did not bring him to Harare because they don't fuel. "However accused 2 and 3 have concerns because of these days, delays which are being caused by the State. There is a court order that the accused should be brought to Harare. "Whether there is fuel or no fuel, court orders should be followed," submitted Sithole. In response, prosecutor George Manokore said challenges of fuel are public knowledge hence could not be blamed on the State. "This fuel issue is not our own making because it is well known that issue of fuel is a national issue, it is affecting individuals, companies and even ministries are also affected," said Manokore. Magistrate Nemadire ruled that the case should continue tomorrow and the State should put its house in order so that the case continues. The complainant in the matter is Toppers Uniforms represented by Mahomed Zakariya Patel. It is said Patel is a close associate of the the two Lunats and that his (Patel) sister is married to the two’s brother’s son. Allegations are that sometime in August  last year, Moosa Lunat approached Patel saying that he was selling one of Mkwananzi’s properties in Bulawayo for USD$1,5 million. It is the State’s case that Moosa Lunat said the property was developed with a two story building. Indications are that Moosa Lunat invited Patel to Bulawayo to view the property  and he viewed it, before he (Patel) asked for a discount. It is alleged that Moosa Lunat reduced the price to USD$1,4 million and an agreement was reached. On September 4 last year, it is said a written agreement was signed but in all of this, it is alleged Patel thought all was in order. Patel is alleged to have been given some title deeds which were said to be originals not knowing they were fake. The said property is alleged to have been sold to Timothy Mafuka Nkomo in 2005 by Iqbal Lunati represented by Moosa Lunat. Thinking that everything was above board, it is said Patel paid USD$1million to Moosa Lunat in Bulawayo and the latter signed for the money. On November 25 last year, it is said Moosa Lunat approached Patel seeking balance of USD$400 000 and the latter paid the money. In further pursuant to the fraudulent act, it is said Moosa Lunat had the property revalued to USD$2,2 million and he asked Patel to top up on the initial amount he had paid. Patel is alleged to have denied the top up. It is the State’s case that Patel started asking for the deed of transfer but Moosa Lunat became evasive. Iqbal Lunat is said to have been roped into the deal and it is said he alleged that he had been sent by Moosa Lunat to demand the said original deed of transfer. It is alleged Iqbal Lunat further told Patel that the said property had not been sold and that Moosa was never Mkwananzi’ director hence he could not sell the property. When Patel made further inquiries he discovered that the documentation he had been shown for the property was all fake and he had lost USD$1,4 million and nothing was recovered.

Tadiwa Musiyiwa Growth strategies and quality employment generation are key factors towards the formalisation of Zimbabwe’s economy. The informal sector contributes above 70% of the country’s GDP. According to Zimstat’s labour force survey for the fourth quarter to December 2021, the informal sector is the...

Oscar Nkala On 10 May, the presidents of Botswana and Zambia officially opened the new Kazungula Bridge and one-stop border posts, aimed at ushering in more traffic. The bridge is part of the Trans-African Highway Network and the North-South corridor...

Jonathan Waters SUNDAY May 17 marks the 60th anniversary since Kariba Dam was officially opened by Her Majesty Queen Elizabeth, the Queen Mother. At 10:57am on what was a Tuesday morning, the Queen Mother pushed a button to start the...

HARARE- The Zimbabwe Investment and Development Agency (ZIDA) has launched a groundbreaking investor grievance response mechanism, marking a significant step towards improving Zimbabwe's investment climate. This innovative platform is designed to swiftly address investor concerns stemming from government actions or...

FARAI MABEZA  THE International Monetary Fund (IMF) has expressed concern at the slow pace of political reforms by the government saying this was  impeding any hopes of having the country's debt restructured. IMF representative in Zimbabwe, Patrick Imam, made these remarks...

Farai MabezaReserve Bank of Zimbabwe Monetary Policy Committee member and former MDC parliamentarian Eddie Cross has rubbished suggestions that Zimbabwe should re-dollarize saying the country cannot throw away advantages and gains made through the use of the...

Farai Mabeza HARARE - The chief executive officer of African Risk Capacity Limited (ARC Ltd), Lesley Ndlovu, a Zimbabwean, has been selected as one of Time Magazine’s 100 Most Influential Climate Leaders in Business for 2024. ARC Ltd is a hybrid mutual...

Sydney Kawadza The SADC region is seeking investment water resources development to address insecurities in food and energy while meeting demands from a growing population. Development of water resources would also ensure environmental protection in the region. According to the AfDB, there...