17 May 2018

Zimbabwe: Hwange Colliery Caution Shareholders On Company Shares

Hwange Colliery Company Limited has advised its shareholders and the public to exercise caution when dealing with the company shares following ongoing disputes between two senior company officials on allegations of impropriety.

This comes after the group suspended its managing director, Thomas Makore, on allegations of corruption.

Acting board chairperson, Juliana Muskwe, in a statement said the company has instituted formal investigations into the allegations.

"Hwange Colliery Company Limited "Company" wishes to advise Shareholders and members of the public that it has become aware of allegations of impropriety that have emerged following a dispute between two senior company officials.

"As such, the Company advises that it has instituted formal investigations into those allegations and shareholders and members of the public shall be advised of the outcome in due course.

"Accordingly, shareholders and members of the public are advised to exercise caution and consult their professional advisors when dealing in the Company's shares, until the outcome of formal investigations is announced," said Muskwe.

Recently, spouses of Hwange Colliery workers threatened to boycott the forthcoming general elections until government intervenes to force the giant coal producer to settle their husbands'outstanding salaries dating back to 2014.

In 2017, the company registered a loss of $43,84 million, and the company said it was due low production levels attributable to working capital constrains.

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