Thu, 17 Oct 2019 13:03 - Updated Thu, 17 Oct 2019 13:03
Zimbabwe cancels deal with Transnet JV to recapitalize state rail firm
HARARE - Zimbabwe has canceled a deal struck with South African logistics group Transnet and its partner to recapitalize state-owned National Railways of Zimbabwe (NRZ), citing a failure to meet timelines and funding issues, a government official said.
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The joint venture of Transnet and Diaspora Infrastructure Development Group (DIDG), a consortium of Zimbabwean investors living abroad, won the bid to recapitalize the financially struggling NRZ with $400 million in August 2017.
Nick Mangwana, permanent secretary in the information ministry, said the consortium had missed several timelines to provide proof of funding.
Mangwana also said differences had emerged between the consortium partners, which led to DIDG presenting a funding structure that excluded Transnet.
“(The) government indulged the consortium by working with them outside the framework agreement. Regardless, they failed to present a common position,” said Mangwana.
“The exclusion of Transnet had a legal impact on the tender which had been awarded to them as a consortium. In light of the foregoing, (the) government took a position to issue a new tender.”REUTERS.
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