Zimpapers, the biggest media company in Zimbabwe, is in big trouble. An internal audit has shown that US$13 million cannot be properly explained. This has raised a lot of questions. People now believe there could be mismanagement, fraud, or even corruption. Zimpapers is owned by the state and is the oldest media company in Zimbabwe. It runs newspapers, radio stations, and online news platforms. It is also listed on the Zimbabwe Stock Exchange.
The Zimpapers board took the audit report to the Minister of Information, Jenfan Muswere, last week on Wednesday. They met at Munhumutapa Building, which is where the President’s Office is. During the meeting, they showed the minister the report. The report said that US$13 million was not clearly accounted for. This money is said to have been used for broadcasting projects. But the numbers do not make sense.
For example, one project was for Zimpapers Television Network. The report says that some equipment was bought for US$4 million. But when experts looked at the equipment, they said it is only worth around US$1 million. So people are now asking: where did the rest of the money go? Because of this, a forensic audit will be done to find out what really happened. A forensic audit is a special investigation to look closely at the money and find the truth.
To make things worse, former Zimpapers executives who were in charge during this time are now asking to be paid US$1.3 million in exit packages. These managers were removed from their jobs in January. But before they left, they did not want the audit to happen. They tried to stop it. After they were removed, the audit was done and is the one that showed the missing money.
The people who were removed include group chief executive Pikirayi Deketeke, chief finance officer Farai Matanhire, and chief marketing officer Tapuwa Mandimutsira. This was announced by Zimpapers board chairperson Doreen Sibanda. The three were sent on forced leave and were waiting to finish their notice periods. Now, because of the audit, the board and the minister want the forensic audit to be done before any money is paid to them.
To help with the changes, the board has put William Chikoto as acting chief executive. He was the group editorial executive. Annah Kufakunesu is now acting chief finance officer. She was the group financial controller. These two are now leading the company during this difficult time.
Zimpapers is trying to go digital. They want to move from old media ways to new ones like online platforms. This needs a lot of money to work well. But if money keeps going missing, it will be hard for them to succeed. Like many media houses in Zimbabwe, Zimpapers is already having financial problems. This scandal will only make things worse.
Zimpapers publishes The Herald, The Chronicle, H-Metro, B-Metro, The Sunday Mail, and Sunday News. They also have The Manica Post and local language papers like Kwayedza and Umthunywa. Their radio stations include Star FM, Capital FM, and Diamond FM. The company also runs online news services.
The Zimbabwean government owns 51% of Zimpapers through the Zimbabwe Mass Media Trust. So, this is not just about one company. It also affects the government and the public. People want answers. They want to know where the US$13 million went. The forensic audit may help bring the truth to light. Until then, many people will keep asking questions.