Production at the KweKwe based Zimbabwe Iron and Steel Company (Ziscosteel) has been on a downward trend over the past four years, owing to high-level corruption, poor management, lack of investment and high input costs. Last year the company earned a meagre US$704 000 compared to US$1,2-million a year ago.

But the money ended up being looted by senior government officials, many of whom were named in a damning report compiled by the national economic conduct inspectorate, which is controlled by the ministry of finance. The report has been kept under wraps by government, amid revelations that there were fears in the corridors of power that it would claim high-profile political casualties.

MDC’s KweKwe legislator Blessing Chebundo doubted the figures released by the chamber of mines, hinting they could be far less than US$700 000.

Chebundo said there hasn’t been much activity at the company owing to the massive looting of assets. He added; ‘they’re vultures out there who have milked Ziscosteel dry. In other countries this would have called for a commission of inquiry and heads would have rolled.’

The legislator also explained how production loss at the company has affected a lot of families in the town because many have lost jobs and other have not had a salary increment in the last four years.

Government is still reeling from the disclosure by state investigators that massive looting at the company had resulted in huge losses. The report, distributed to a few government officials has however been leaked to the media by concerned civil servants.

‘Workers from the company brief me on a weekly basis that there is still high-level corruption. Big allowances in foreign currency still find it’s way to top government officials and their cronies who claim to be doing government business. As long as government fails to take action Ziscosteel will collapse very soon,’ said Chebundo.