The Ministry of Finance and Economic Development has launched a probe into how the Zimbabwe National Road Administration (Zinara) was muscled out of the race for a stake in Intertoll Zimbabwe despite having the first right of refusal.<\/p>\n
A private firm, Mabentu Consortium, won the race for the stake in Intertoll which alongside Univern, are responsible for collecting toll fees.<\/p>\n
Under the Intertoll Zimbabwe \u2013Zinara contract, the state road administrator had the first right of refusal in the event that Group Five wanted to divest.<\/p>\n
Business Times heard this week top executives at Zinara and officials from the transport ministry could have deliberately failed to trigger the contract clause that empowered Zinara to buy the Intertoll Zimbabwe stake.<\/p>\n
Group Five disposed of its shares in Intertoll Zimbabwe to a consortium comprising MTC acquiring 50%; Magareng 20%; and LSNM acquiring 30% of the shares. The consortium is collectively referred to as Mabentu Consortium.<\/p>\n
But a source said the failure by Zinara and the parent ministry to trigger the first right of refusal has baffled Treasury.<\/p>\n
\u201cZinara which represents the government of Zimbabwe had the first right of refusal according to a contract signed with Intertoll Zimbabwe.<\/p>\n
A lot of ised as to what informed that decision at a time when the Treasury has been pushing for the liquidation of Zinara,\u201d the source said.<\/p>\n
The latest issues raised come at a time when the government is currently working on restructuring of state enterprises with some set for an outright sale.<\/p>\n
Finance and Economic Development Permanent Secretary George Guvamatanga told Business Times: \u201cWe are going to look at those allegations.\u201d<\/p>\n
Transport and Infrastructure Development Minister Biggie Matiza said he was yet to receive a report from the board.<\/p>\n
\u201cThe transaction advisor made a report which I am yet to see its contents. But by next week I will be in a position to give correct facts,\u201d Matiza said.<\/p>\n
Contacted for comment on the Intertoll Zimbabwe transaction, Zinara said: \u201cWith regards to Intertoll, as an institution we do not discuss specific contracts that we have with our suppliers and partners in the media.\u201d<\/p>\n
Group Five Limited and Group Five Construction Proprietary Limited (Group 5), a leading African construction, concessions and manufacturing group, was placed under business rescue last year leading to the disposal of its stake in Intertoll Zimbabwe.<\/p>\n
This is not the first time that Zinara has been flagged offside. Recently, Treasury accused the road administrator for extravagance after its spending exceeded the 2.5% threshold.<\/p>\n
<\/p>\n","protected":false},"excerpt":{"rendered":"
The Ministry of Finance and Economic Development has launched a probe into how the Zimbabwe National Road Administration (Zinara) was muscled out of the race for a stake in Intertoll Zimbabwe despite having the first right of refusal. A private firm, Mabentu Consortium, won the race for the stake in Intertoll which alongside Univern, are […]<\/p>\n","protected":false},"author":84,"featured_media":7036,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[1089,633],"class_list":{"0":"post-28698","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-finance-ministry","10":"tag-zinara"},"yoast_head":"\n