Air Zimbabwe Placed Under Judicial Management

Air Zimbabwe faces liquidation after it was placed under judicial management by the High Court.

The national airline is laden with a $140 million in debts and this decision was made after the parastatal’s employees made the court application.  The parastatal has failed to pay salaries since January 2009. AirZim owed its employees about US$35 415 000 as of December 2011.

Air Zimbabwe also owes millions of dollars to the Zimbabwe Revenue Authority, National Social Security Authority, medical aid society and pension scheme, among others. On of its Boeing 767s was last month impounded at Gatwick Airport in London by American General Supplies over a US$1,2 million debt for services rendered.

The court appointed Mr Shepherd Chimutanda of STC International Certified Chartered Accountants provisional judicial manager.

We think that something has got to give now. We have been critical of the silence of the government in as far as bailing out the national airline is concerned.

Source: The Sunday Mail