ZESA board begs govt not to sell(08-02-07)

HARARE - The board and management of the Zimbabwe Electricity Supply Authority (ZESA) have requested a meeting with Cabinet to discuss the implications of splitting Hwange power plant and offering more than half of it to a Malaysian company, YTL Corporation.
The ZESA board and management, which

admitted a fortnight ago that it was in debt to an excess of Z$105 billion, feels the deal does not make economic sense if implemented in present form.
The ZESA board and management met in Harare last week to discuss how best to convince President Robert Mugabe and his cabinet that the Z$10,2 trillion Hwange deal would not benefit ordinary Zimbabweans in the long term if implemented in the way Malaysians are suggesting.
A ZESA board meeting chaired by the chairman, Professor Christopher Chetsanga, resolved to request a no-holds barred meeting with Mugabe and his cabinet so that they could weigh the advantages and disadvantages of going ahead with the sale of 51 percent of Hwange to YTL Corporation.
The Affirmative Action Group has also spoken strongly against the YTL/Hwange deal and warned the government not to sell strategic installations to foreigners as this would cost the country dearly in future.
YTL Corporation was awarded the Hwange shares without going to tender, and Mugabe defended his government’s action saying it was done in the spirit of South-South co-operation.
Reserve Bank governor Gideon Gono last week said Zimbabwe stands to earn US$3 billion from the sale of its loss-making parastatals. – Business reporter

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