National

Zimbabwe wants to turn Victoria Falls into Dubai

Published

2 years ago

February 21, 2023

HARARE – Zimbabwe plans to set up an offshore financial center in the resort city of Victoria Falls that the government hopes will emulate the likes of Dubai and the Isle of Man to attract foreign investment.

“The trigger is the success of the VFEX,” Finance minister Mthuli Ncube said in an interview, a reference to the US dollar-denominated Victoria Falls Stock Exchange that’s attracting listings. “We want to compete with any offshore financial center in the world.”

The project will “offer investors an environment comparable” to the Isle of Man, Mauritius and Dubai, he said.

Marc Holtzman, a US veteran banker with 35 years experience in emerging markets, has been appointed board chairman of the centre.

He is also chairman of CBZ Holdings Ltd., Zimbabwe’s biggest lender.

Holtzman will have his job cut out for him as the nation has been locked out of international capital markets since defaulting on payments to the World Bank, the International Monetary Fund and other multilateral lenders more than two decades ago. It owes more than $13 billion to creditors.

Regular dollar shortages have also scarred off foreign investors as have targeted US sanctions against politically linked individuals and state firms for over two decades.

The government claims the sanctions increase the country’s risk profile and make it difficult to attract foreign investment.

The financial centre will be a hard-currency zone, based in US dollars, and offer tax incentives.

Land has been set aside by the state to attract global banks to establish offices in the country, according to Ncube.

The VFEX, which officially launched in October 2020, will be housed under the financial center.

“We need to bring confidence to investors that they won’t have difficulty in repatriating funds,” Holtzman said.

Listings on VFEX have been attracted by the trade in US dollars, tax exemptions on capital gains and the ability to repatriate funds from a country where foreign exchange is in short supply. It now has eight traded businesses.

“Two more companies are coming and two more are seeking approval,” Justin Bgoni, the chief executive officer at VFEX, said Monday by text message.

Several of the listings are due to companies transferring from the Zimbabwe Stock Exchange, the main stock market in the capital, Harare, that trades in local currency.

Authorities won’t attempt to dictate to firms which bourse to list on, as this is informed by their unique capital needs, Ncube said.

“Companies are free to choose where to list,” he said. “I’m not too worried about companies moving across from the ZSE to VFEX.” – Bloomberg

National

Coal train in flames: NRZ locomotive damaged in fire incident

Published

3 days ago

April 16, 2025

VicFallsLive

BY WANDILE TSHUMA

A National Railways of Zimbabwe (NRZ) locomotive suffered significant damage after catching fire while transporting export coal to Zambi. The incident occurred between Kalala and Matetsi sidings, resulting in the explosion of the locomotive’s fuel tanks.

According to the NRZ press statement on Monday, “A National Railways of Zimbabwe locomotive suffered some damages after it caught fire this afternoon while transporting export coal to Zambia.” Fortunately, the crew members on board managed to escape unharmed.

The NRZ responded swiftly to the incident, dispatching a rescue train with crews to the site. The team successfully extinguished the fire, preventing further damage. However, the locomotive itself sustained considerable damage.

The cause of the fire is yet to be determined, with investigations currently underway. “Investigations are already underway to establish the cause of the fire and the amount of damage to the locomotive,” the NRZ statement read.

National

Ranger killed by elephant in Kariba

Published

1 month ago

March 14, 2025

VicFallsLive

BY NOKUTHABA DLAMINI

A 62-year-old ranger, Josphat Mandishara, was tragically killed by an elephant in Kariba yesterday.

Mandishara, who worked for the Zimbabwe Parks and Wildlife Management Authority (ZimParks), was on patrol in the Gatche-gatche area with fellow rangers and police officers.

At around 10 pm, Mandishara returned to the harbor where their boat was docked, and that’s when he encountered the elephant. The elephant charged at him, causing fatal injuries. His colleagues were nearby, resupplying at the Gatche-gatche Irrigation Scheme.

Mandishara’s body was taken to Kariba District Hospital for a post-mortem, and the incident was reported to the police.

ZimParks has sent a team to manage the problem elephant and prevent similar incidents in the future.

The Director General of ZimParks, Prof. Edson Gandiwa, and his team have sent condolences to Mandishara’s family, friends, and colleagues. Mandishara will be remembered for his dedication to wildlife conservation in Zimbabwe.

National

ZIMRA customs officer appears in court for criminal abuse of office

Published

3 months ago

February 3, 2025

VicFallsLive

BY STAFF REPORTER

A Zimbabwe Revenue Authority (ZIMRA) customs officer, Phillip Kuvenga, has been accused of criminal abuse of office for allegedly assisting in the importation of banned motor vehicles.

Kuvenga, 28, who is stationed at Victoria Falls, allegedly received documents from clients, completed valuation sheets, and carried out the valuation process. However, he is accused of endorsing different chassis numbers to deceive his supervisors during the validation and approval process.

After obtaining approval, Kuvenga would capture the correct chassis numbers in the ASYCUDA World System. He would then alter or replace the documents submitted earlier to his supervisors.

The offense came to light when a motor vehicle that had not yet arrived in Zimbabwe was found to have been already registered. A thorough check by ZIMRA led to Kuvenga’s arrest.

Kuvenga appeared in court on February 1, where he was denied bail by Magistrate Gift Manyka. He is expected to appear in court again today for another bail hearing.