Chiyangwa’s Zeco Holdings Crumbles In Massive Losses
29 June 2015
Spread the love

Phillip Chiyangwa’s Zeco Holdings is nearing collapse as the company is crushed under by administration costs of $2,6 million way above and strangling its meagre revenue $500,000.
Struggling engineering concern Zeco Holdings has narrowed its loss to $2,1 million for the full year to December from $$4,7 million in prior comparative period on cost cuts, the company said at the weekend as it faces questions about its future as a going concern.
The firm’s administrative expenses, at $2 million ($2,6 million in FY13) continued to exceed revenue, at $500,000 ($604,000 FY13) by a significant margin.
Zeco, a serial offender against the Zimbabwe Stock Exchange listing rules, is two months behind the mandatory financial reporting deadline for firms with a December year-end.
Group chairman Phillip Chiyangwa said the delay was “due to the extra work and time required to ensure full disclosure relating to the discontinued operations.”
The company also announced that it had shut down its plastics business, Zimplastics which, according to Chiyangwa, “had become unviable with no prospects for recovery.” – The Source

4 Replies to “Chiyangwa’s Zeco Holdings Crumbles In Massive Losses”

  1. Does this herald the collapse Chiyangwa`s business Empire? Was the fire that burned his house a bad omen?

  2. The nation has poured billions of dollars into his business misadventures and it has all been wasted!

  3. Phillip Chiyangwa’s Zeco Holdings is nearing collapse as the company is crushed under by administration costs of $2,6 million way above and strangling its meagre revenue $500,000.
    Something does not add up; here is the Group Company Chairman who has a fleet of very expensive cars, only a few months ago was showing off his latest $ 500 000 limousine, and yet the company has been spending $2,6 million to earn $500 000 in revenue! Well we have the classical example of African fuelled corrupt bigger spender riding on the back of his business generating miniscule profits!
    If Zeco Holdings had not relied on direct and indirect subsidies in the form of cheap bank loans, corrupt deals, years of not pay any corporate tax, etc. the company will have closed years ago.
    Over the years billions of dollars have been wasted on Zeco Holdings and now it is finally collapsing; there is corruption at its wasteful best for you!

  4. No wonder why the selfie King can no longer pay his workers their Slave wages coz he’s going broke.

Comments are closed.