Hwange Colliery’s triple listings at stake over $6.4m scandal
The board laments political interference by the Zimbabwean government
Hwange Colliery, which is listed on the Zimbabwe Stock Exchange, the JSE and the London Stock Exchange, faces suspension from those bourses in the wake of a messy $6.4m financial scandal that has sucked in the Zimbabwean president and his mines minister. The debt-ridden coal miner is primarily listed on the ZSE with secondary listings on the JSE and LSE. On Monday, Zimbabwe’s justice, legal and parliamentary affairs minister Ziyambi Ziyambi placed the company under administration in a government gazette notice, ostensibly to “allow for reconstruction and return it to profitability”. The Zimbabwe government owns 36% of Hwange Colliery. On Thursday board member Edward Tome told a parliamentary committee meeting held to discuss the chaos at the company that Hwange Colliery management was responsible for the mess. There were allegations that the management had engaged in illicit deals to defraud the company. “We unearthed massive financial irregularities. Money was used without board ap...
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