Home Business RBZ in locked horns with Croco Motors over controversial payment

RBZ in locked horns with Croco Motors over controversial payment

RBZ

RBZ in locked horns with Croco Motors over controversial payment. Croco Motors boss Moses Chingwena last week told Parliament that his company is owed millions of dollars accrued from the sale of 7 top of the range vehicles supplied to cabinet ministers.

Motor vehicles dealer Croco Motors has locked horns with the Reserve Bank of Zimbabwe (RBZ) over a controversial payment in respect of vehicles supplied to the government in 2018.

RBZ, however, disputed the claims and submitted that the central bank paid US$1.4 million to the car dealer. In his defence, Chingwena produced receipts to prove that his company only received a paltry US$800 000.

The discrepancy of the figures exposes the manipulation of figures and irregular pricing in State Institutions. “This clearly shows that one of the parties inflated figures, and this has become a tradition in the procurement processes in State enterprises.

“There is the manipulation of figures and the top bosses convert the difference into personal use,” opined a local economist who refused to be named.

Recently, Croco was dragged to court by State-owned entity CMED (PVT) LTD for failing to deliver two outstanding Datsun Go vehicles bought in 2018.

It is also claimed $416 000 in damages for loss of business calculated from December 2018 to January 2020, together with interest at the rate of five percent per annum from the date of summons to date of full payment.

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This alleged lack of goodwill further exposes poor corporate governance in both State enterprises and the private sector.

Source – Nehanda Radio

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