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National Railways of Zimbabwe forensic audit complete

National Railways of Zimbabwe forensic audit complete

A FORENSIC audit of the struggling National Railways of Zimbabwe (NRZ), the country’s sole railway transport operator, has been completed, the Financial Gazette’s Companies & Markets (C&M) has established. The company’s board chairman, Larry Mavhima, revealed that the report, which covered the past five years, was handed over to his board last week. Mavhima, however, […]

Zimbabwe cabinet approves NRZ recapitalisation programme

Zimbabwe cabinet approves NRZ recapitalisation programme

CABINET has approved the National Railways of Zimbabwe (NRZ)’s recapitalisation programme which will see the ailing parastatal going into the market to source funding through technical partners and institutional investors. Addressing journalists in Bulawayo on Saturday, NRZ board chairperson Larry Mavhima said the framework for the recapitalisation of the company was made by cabinet on […]

National Railways of Zimbabwe sinking like Zisco, warns former executive

National Railways of Zimbabwe sinking like Zisco, warns former executive

A former executive at the National Railways of Zimbabwe (NRZ) has warned government to keep its hands off the company lest it collapses like the Zimbabwe Iron and Steel Company (Zisco). Zisco has not been operating for years and plans to resuscitate the firm have all but collapsed. In an interview with Standardbusiness, the former […]

National Railways of Zimbabwe is dead says transport minister Joram Gumbo

National Railways of Zimbabwe is dead says transport minister Joram Gumbo

TRANSPORT minister Joram Gumbo (pictured) told Senate that the situation at the comatose National Railways of Zimbabwe (NRZ) had worsened, making it difficult to attract investors and resuscitate it. Gumbo said NRZ operations have been on a downward spiral for years now. “Just yesterday (Wednesday) we presented a paper to Cabinet to look at options […]

National Railways of Zimbabwe plans to lay off 2 000 workers to maintain a manageable workforce

National Railways of Zimbabwe plans to lay off 2 000 workers to maintain a manageable workforce

National Railways of Zimbabwe (NRZ) is set to retrench nearly 50% of its workforce in a move board chairman Larry Mavhima said was aimed at stopping the bleeding at the parastatal. Mavhima said the job cuts would allow the stricken parastatal to maintain a manageable workforce for operational efficiencies. “We are looking at our current […]

National Railways of Zimbabwe seeks govt funding, ring-fencing of certain commodities

National Railways of Zimbabwe seeks govt funding, ring-fencing of certain commodities

THE National Railways of Zimbabwe (NRZ) wants government to prescribe that certain bulk commodities be transported by rail, among a raft of measures to revive the ailing parastatal. The move would come after NRZ has been recapitalised, board chairperson Larry Mavhima told reporters. The rail parastatal is seeking $635 million from its shareholder, the government. […]

National Railways of Zimbabwe (NRZ) using letters for railroad signals

National Railways of Zimbabwe (NRZ) using letters for railroad signals

The National Railways of Zimbabwe (NRZ) is relying on letters to communicate with train operators, risking derailment and collisions, board chairman Larry Mavhima has told Parliament. Giving oral evidence before the parliamentary portfolio committee on Transport on Monday, Mavhima said the ailing parastatal desperately needs $400 million to turn around its waning fortunes. NRZ is […]

Zimbabwe Railways NRZ Open To Private Train Operators

Zimbabwe Railways NRZ Open To Private Train Operators

ZIMBABWEANS with the financial muscle to buy their own trains are free to use the country’s railway infrastructure to pursue the business, Transport Minister Obert Mpofu told Parliament this past week. “I think that the policy is that, if one wants to enter into that kind of economic activity, he or she is free to […]

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