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Mthuli Ncube makes comeback as Finance chief, CZI hopes to “continue engagements”

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By Alois Vinga


CONFEDERATION of Zimbabwe Industries (CZI) has commended the reappointment of Prof Mthuli Ncube to the country’s toughest portfolio as Finance Minister.

Ncube is among other Cabinet Ministers expected to stir Mnangagwa’s second term in office.

He recently lost in his bid for the Cowdray Park National Assembly seat in the just-ended general elections.

Speaking to NewZimbabwe.com, CZI president Kurai Matsheza expressed optimism about the appointment saying the industry will easily take off from where it left.

“Well, Prof. Ncube is a minister we have worked with before during the 2018 to 2023 period. He is not a first-timer and we have come to know him as a very open official, ready to engage and listen to industry on pertinent issues of concern.

“His doors are always open and we hope to continue engaging from where we left as we chart the way forward for industry,” he said.

However, Prof Ncube faces a tough journey in dealing with pressing economic challenges bedevilling the nation.

Prior to ascending to the role of Finance Minister in 2018, the Treasury boss pre-emptied a roadmap that suggested the scraping off of the local currency but later climbed down after coming face to face with the practical realities of a nation that cannot go full-scale dollarisation due to limited exports.

This even forced the Treasury boss to abandon the multi-currency regime in favour of the ZWL back in 2019 but again climbed down at the height of the COVID-19 pandemic when members of the public were allowed to use free funds to undertake local transactions under SI 85 of 2020.

Under SI 118A of 2022, the government confirmed that the tenure of the US$ usage alongside the ZWL shall run up to 2025.

Ncube inherited an already problematic economy that emerged from the hyperinflationary era and successive disputed polls as well as negative country image status.

During his first five years working hand in glove with the Reserve Bank of Zimbabwe efforts have been directed to instil confidence in the ZWL.

As the nation approached elections significant gains were made which saw the ZWL recovering against the US$ by almost 40% to the current stable rates of US$1: ZWL 5000.

His reappointment presents a stage fight where it is yet to be seen as to whether exchange rate stability will be sustained.

The first phase also saw Ncube implementing policies such as the Transitional Stabilization Plan (TSP) between 2018 to 2020 which was subsequently replaced by the National Development Strategy 1 2021 to 2025 in pursuit of Vision 2030 which intends to transform Zimbabwe into an Upper Middle Income status.

Considering that economic analysts argue that the economy failed to sustainably grow by 9% per annum consecutively since 2018 in line with the required growth threshold to attain Vision 2030, the second term of office is a litmus test on how the Treasury boss will fast-track growth and cover up for lost years.

He is faced with quite low industrial capacity utilization, a huge trade deficit that almost makes the economy a net importer and relatively high unemployment levels which have seen a huge chunk of youths roaming on the streets further complicated by the effects of a divided citizenry on the back of national intolerance.

While he has done his part, within reasonable means during his first five years to ease inflationary pressures among other notable gains, miracles and the entire responsibility to get the economy moving cannot be  Prof Ncube’s burden alone, especially after considering that he is being reappointed at a time the nation has emerged from disputed elections.

His will be a journey of proving a point at a time when the SADC region joins the international community in showing divisions against Zimbabwe leaving the treasury devoid of internal, regional and international confidence.

Added to already existing complex matters such as sanctions, foreign and domestic debt, the five years ahead will be waiting to extract the mettle out of the globally acclaimed economist.

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ZB Bank heist: Four acquitted to be reimbursed forfeited funds

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By Staff Reporter


FOUR suspects who were acquitted in the ZB Bank money heist case which made headlines two years ago will have their forfeited money reimbursed.

The four are Trymore Chapfikwa, Tozivepi Chirara, Dennis Madondo and Tatenda Gadzikwa.

They filed an application for disposal before Harare magistrate, Clever Tsikwa ruled there was “no justification for the State to keep the money when there is no longer a case against the four.”

The amount to be reimbursed was not mentioned.

The prosecution had protested the release of the funds arguing that there was no evidence to prove that seized money did not belong to the bank.

“The cash before this court as an exhibit cannot be lawfully possessed by the applicants.

“They did not provide proof of the source of their ownership. In this inquiry of whether an exhibit can be claimed by an accused, the accused has an onus to show that they are entitled to the money.” said prosecutor Loveit Muringwa.

The four were jointly charged with Shadreck Njowa, Tendai Zuze and Neverson Mwamuka who were convicted on Friday.

Njowa, Zuze and Mwamuka await their sentencing on Wednesday.

Prosecutors proved Njowa the kingpin of the heist and had been hiding in South Africa before coming back into the country in November 2022 assuming the dust had settled.

Njowa and his accomplices robbed US$2,7m and ZW$43 090 that was in the commercial bank’s transit truck headed for seven branches across the country in January 2021.

The security crew and the gang then staged the robbery along the Harare-Chinhoyi highway just after Nyabira Business Centre.

They had reportedly armed themselves with pistols, knives, and three vehicles which they used to carry the cash in transit.

One of the guards, Fanuel Musakwa, transporting the money was in contact with the heist crew.

Court heard the guard requested the driver to pick up some of the accomplices as passengers before they stole the money.

Meanwhile, prosecutor Muringwa has submitted the State’s aggravation urging the court to impose a harsher sentence for the convicted trio.

“The crime had a negative economic impact on the complainant and resulted in reasonable material or economic loss.

“The complainant is in the banking business, the loss of such vast amounts of money certainly had a negative impact on their business as income was lost because of the lack of cash that could have been circulated to its clients earning it the much-needed interest. Wherefore the State prays that the accused be heavily sentenced of the charged offense of robbery as aggravation factors outweigh the mitigatory factors,” he said.

The three will submit their mitigation Tuesday.

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ZB Bank heist: Four acquitted to be reimbursed forfeited US$234k

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By Staff Reporter


FOUR suspects who were acquitted in the ZB Bank money heist case which made headlines two years ago will have their forfeited money reimbursed.

The four are Trymore Chapfikwa, Tozivepi Chirara, Dennis Madondo and Tatenda Gadzikwa.

They filed an application for disposal before Harare magistrate, Clever Tsikwa ruled there was “no justification for the State to keep the money when there is no longer a case against the four.”

The amount to be reimbursed is US$234 000.

The prosecution had protested the release of the funds arguing that there was no evidence to prove that seized money did not belong to the bank.

“The cash before this court as an exhibit cannot be lawfully possessed by the applicants.

“They did not provide proof of the source of their ownership. In this inquiry of whether an exhibit can be claimed by an accused, the accused has an onus to show that they are entitled to the money.” said prosecutor Loveit Muringwa.

The four were jointly charged with Shadreck Njowa, Tendai Zuze and Neverson Mwamuka who were convicted on Friday.

Njowa, Zuze and Mwamuka await their sentencing on Wednesday.

Prosecutors proved Njowa the kingpin of the heist and had been hiding in South Africa before coming back into the country in November 2022 assuming the dust had settled.

Njowa and his accomplices robbed US$2,7m and ZW$43 090 that was in the commercial bank’s transit truck headed for seven branches across the country in January 2021.

The security crew and the gang then staged the robbery along the Harare-Chinhoyi highway just after Nyabira Business Centre.

They had reportedly armed themselves with pistols, knives, and three vehicles which they used to carry the cash in transit.

One of the guards, Fanuel Musakwa, transporting the money was in contact with the heist crew.

Court heard the guard requested the driver to pick up some of the accomplices as passengers before they stole the money.

Meanwhile, prosecutor Muringwa has submitted the State’s aggravation urging the court to impose a harsher sentence for the convicted trio.

“The crime had a negative economic impact on the complainant and resulted in reasonable material or economic loss.

“The complainant is in the banking business, the loss of such vast amounts of money certainly had a negative impact on their business as income was lost because of the lack of cash that could have been circulated to its clients earning it the much-needed interest. Wherefore the State prays that the accused be heavily sentenced of the charged offense of robbery as aggravation factors outweigh the mitigatory factors,” he said.

The three will submit their mitigation Tuesday.

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‘Some wins, some losses’ — Priddy Ugly announces he’s ‘quitting’ music

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TshisaLive


Rapper Priddy Ugly is hanging up his mic.

Taking to his X timeline recently, the rapper released a statement explaining that Dust will be his final album.

“It’s been 15 years. That’s 3 albums and 3 mix tapes. That’s 5 EPs, 500 features and thousands of verses, Millions of minds blown (that’s word to my pen). That’s a whole wife and daughter, some homies gained, some homies lost, some bruised egos and a whole lot of love, some wins, some losses, some horns, some crosses,” read the statement.

In a separate post he wrote multiple messages on his timeline, detailing how his journey has been.

“This last stretch of making music has been made completely daunting and it’s not coming from the audience. Creating the music has been organic and seamless, everything else has been very challenging. It has completely sucked the eagerness for me to want to keep doing it in this way”

“I’ve had to be my No 1 fan, my biggest motivator and source of inspiration. The artists and  producers I’ve created with really fuelled my energy when my spirit was completely depleted. The conversations had and love shared boosted me in times where I was literally fighting for my life.”

Taking to Instagram in March in 2022 , the rapper wrote about the importance of support in a society full of pressures.

“You need to give yourself time to heal. Even with the scars that remain, may they be reminders of where we come from. May they remind you that you are strong. Life puts pressure, social media puts pressure. Don’t find yourself not worthy of living. Find the light within you and spread that light. Pick yourself up, grab a helping hand. You are loved and you are worthy of life. Hang in there,” he said.

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