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.


Rangers in Shootout With Poachers

The Zimbabwe Parks and Wildlife Management has warned poachers targeting animals in Zimbabwe's game reserves and… Read more »

See What Everyone is Watching

Copyright © 2018 263Chat. All rights reserved. Distributed by AllAfrica Global Media (allAfrica.com). To contact the copyright holder directly for corrections — or for permission to republish or make other authorized use of this material, click here.

AllAfrica publishes around 700 reports a day from more than 140 news organizations and over 500 other institutions and individuals, representing a diversity of positions on every topic. We publish news and views ranging from vigorous opponents of governments to government publications and spokespersons. Publishers named above each report are responsible for their own content, which AllAfrica does not have the legal right to edit or correct.

Articles and commentaries that identify allAfrica.com as the publisher are produced or commissioned by AllAfrica. To address comments or complaints, please Contact us.