Wickinell Shady Payout Brings Trouble For ZPC Bigwigs

Wickinell Shady Payout Brings Trouble For ZPC Bigwigs
Published: 2016 May 31 04:58:08 (2056 Views)
Wicknell Chivayo's unprocedural down payment of $5 million for pre-commencement works on the 100 Megawatt Gwanda solar power project has brought fire on the Zimbabwe Power Company management as an investigating has been launched into the dealings of the parastatal.
 
The payment was made in the absence of a performance guarantee to give ZPC security to recover its money in the event that Chivayo’s Intratek Zimbabwe, which won the $200 million contract, fails to perform.

The ZPC board has come under fire from corporate governance experts and Zimbabweans at large for its silence on the issue, despite Energy and Power Development Minister Dr Samuel Undenge and Zesa Holdings chief executive Engineer Josh Chifamba conceding violation of basic corporate governance tenets.

Experts have demanded action against the ZPC management given the strategic nature of the project to the success of Zim-Asset.

ZPC board chairman Engineer Stanley Kazhanje yesterday said they were not protecting anyone and that appropriate action would be taken against culprits.

Eng Chifamba has indicated that the power utility’s code of conduct would be applied on officials who erred, while Dr Undenge promised to get to the “bottom of the matter” as a bank guarantee should have been an “inevitable” aspect in the contract.

Corporate governance experts have said action is required as managers were turning critical parastatals and state owned enterprises into “petty cash entities”. Sources yesterday said the ZPC board was taking too long to act yet it was clear that management bungled.

“An effective board will not take that long to act on an irregularity,” said a source within Zesa.

“Action was quickly taken on NetOne managing director Reward Kangai after irregularities were unearthed and he is on suspension because of action by the board.”

ZPC is headed by Engineer Noah Gwariro. The $5 million was supposed to cover feasibility studies, topological surveys, way leaves, construction of administrative offices and fencing, among other issues.

Only feasibility studies and topological survey have been carried out so far.


- Herald
Tags: Wickinell, Chivayo, Zesa, ZPC, Zedct, ,
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