Govt to recover bonuses from parastatal bosses: Chombo

Govt to recover bonuses from parastatal bosses: Chombo

By Daniel Chigundu FINANCE and Economic Development Minister Ignatius Chombo says his ministry is working to recover money lost from parastatal bosses who were awarding themselves multiple bonuses since 2012. Although the majority of parastatals are under-performing and have been perennial loss-making entities for several years, its bosses have however been consistent in awarding themselves hefty bonuses which should have been performance based. Speaking at a board effectiveness and performance management guidelines workshop organised by the Office of the President and Cabinet, Chombo said public funds must be fully justified and…

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38 parastatals make US$270m loss …as govt blames incompetence boards

38 parastatals make US$270m loss …as govt blames incompetence boards

By Daniel Chigundu CHIEF Secretary to the President and Cabinet Dr Misheck Sibanda has revealed that about 38 parastatals made a combined US$270 million loss in 2016 owing to corporate governance weaknesses. Addressing delegates during a workshop on board effectiveness and performance management guidelines, Dr Sibanda said mostly parastatals are technically insolvent and are a potential drain to the fiscus. “Audited financial statistics for 2016, for 93 State Enterprises (SEPs) revealed an overall loss of US$270 million by the 38 surveyed commercial entities. “The worrying fact is that of those…

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