By Chantelle Muzanenhamo
A recent internal audit at Zimbabwe Newspapers (1980) Ltd (Zimpapers), the country’s largest media conglomerate, has uncovered a potential misappropriation of funds amounting to US$13 million, raising serious concerns over possible fraud and corruption within the state-controlled entity.
The disturbing findings were presented last week by Zimpapers board members to Information, Publicity and Broadcasting Services Minister Jenfan Muswere at Munhumutapa Building in Harare.
In light of the revelations, a decision has been made to initiate a forensic investigation to trace the flow of funds and establish accountability.
According to a board member who attended the meeting, the financial irregularities are linked to unclear expenditure records and inflated asset valuations.
“It emerged that US$13 million cannot be properly accounted for. While the explanation is that the money went to broadcasting projects particularly the Zimpapers Television Network the figures don’t add up. For example, equipment claimed to have cost US$4 million is worth less than US$1 million,” the source revealed.
These discrepancies raise concerns as Zimpapers attempts to implement a major digital transformation strategy aimed at modernizing operations and improving content convergence. However, this transformation heavily relies on reliable funding and sound financial management, both of which are now in jeopardy.
The internal audit comes on the heels of a management shake-up earlier this year, during which senior executives, including group chief executive Pikirayi Deketeke, chief finance officer Farai Matanhire, and chief marketing officer Tapuwa Mandimutsira, were removed amid allegations of resistance to financial oversight.
These executives were placed on forced leave during their notice periods after reportedly opposing the planned audit.
Their exit packages have also come under scrutiny, with the former executives collectively claiming US$1.3 million in terminal benefits a figure now questioned pending the outcome of the forensic investigation.
In light of the managerial upheaval, the Zimpapers board has appointed William Chikoto (group editorial executive) as acting chief executive and Annah Kufakunesu (group financial controller) as acting chief finance officer to oversee the transition.
Publicly listed on the Zimbabwe Stock Exchange, Zimpapers is 51% government-owned through the Zimbabwe Mass Media Trust. The entity publishes several state-aligned newspapers, including The Herald and The Chronicle, as well as provincial and vernacular titles such as The Manica Post and Kwayedza. Additionally, Zimpapers operates prominent radio stations and online platforms associated with its print publications.