STAFF REPORTER
Transport and Infrastructural Development Minister, Felix Mhona has appointed a six-member interim board for Air Zimbabwe, chaired by Andrew Bvumbe, Business Times can report.
Bvumbe, is currently the head of Zimbabwe Debt Management Office in the Ministry of Finance and Economic Development.
Other interim board members are Pfungwa Kunaka, the head of Public Sector Investment Programme in the Ministry of Finance and Economic Development, Michael Musanzwika, chief director for Public Procurement and Disposal of Public Assets — Corporate Governance Unit in the Office of the President and Cabinet, Kingstone Magaya, the legal advisor in the Ministry of Transport and Infrastructural Development, Nyikadzino Chifema, a deputy director responsible for strategic policy planning in the Ministry of Transport and Infrastructural Development and the Zimbabwe Tourism Authority acting chief executive officer, Givemore Chidzidzi.
The interim board will serve until substantive board members have been appointed.
Mhona, said: “His Excellency, the President has approved a mechanism, which shall see the airline being placed under the stewardship of an interim board.”
The development comes after Air Zimbabwe exited receivership.
Air Zimbabwe was placed under a reconstruction administration of Reggie Saruchera of Grant Thornton in October 2018 in terms of Reconstruction of State-Indebted Insolvent Companies Act (Chapter 24:27).
This was to prevent legal action and attachment of the entity’s assets by its creditors as it faced a combination of huge debts, viability problems and a weak balance sheet.
But, exited receivership last month.
Government is set to assume Air Zimbabwe’s debt, which has been validated as ZWL$349m and US$30m.
The interim board will also oversee the finalisation and implementation of Air Zimbabwe’s business plan as approved by Cabinet, revisit the organisational structure and make recommendations to the ministry on proposed changes and finalise the production of audited accounts for the airline, among others.
