$200m siphoned from Hwange

$200m siphoned from Hwange
Published: 17 May 2018
A KEY shareholder in the Zimbabwe Stock Exchange-listed coal mining giant Hwange Colliery Company Limited has raised the red flag over its multimillion-dollar coal gasification project, amid claims that the company "siphoned" $200 million out of the country for the past decade.

In the latest allegations of mismanagement to rock Hwange, Messina Investments - the second largest shareholder in coal mining entity - demanded full disclosures of the transactions by Hwange Coal Gasification Company (HCGC) a joint venture with Chinese investors.

The allegations are contained in 2016 board meeting minutes that were this week availed to The Financial Gazette.
- fingaz
Tags: Hwange,


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