News:ZPC probes Chivayo $5M payout
The Zimbabwe Power Company board is investigating how management made a down payment of $5 million to Wicknell Chivayo without following proper procedure. The down payment was made to Chivayo for pre-comencement works on the 100 Megawatt Gwanda solar power project. Chivayo was given the down payment in the absence of a performance guarantee to give ZPC security to recover its money in the event that Chivayo's Intratek Zimbabwe fails to perform.
Zimbabwe Power Company had earlier come under fire concerning its silence over the issue despite Energy and Power Development Minister Dr Samuel Undenge and Zesa Holdings chief executive Engineer Josh Chifamba conceding violation of basic corporate government tenets.
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