• Wrap-up: Davos insights

    Alec Hogg speaks about the top three issues at this year's World Economic Forum.

  • Netflix and SA video

    Much of Netflix's potential impact on SA has already been made, says Arthur Goldstuck.

  • Fool's paradise

    Greece's new leader is in the same position as the ANC in 1994, says Leopold Scholtz.

Loading...
See More

Air Zim tries to get back seized plane

Dec 13 2011 12:04 Reuters

Related Articles

Bankrupt Air Zim may cancel SA flights

Air Zimbabwe runs aground

Air Zimbabwe cancels regional flights

Air Zimbabwe keeps flying, ignores ban

Zim airline 'will not fold'

Iata suspends Air Zimbabwe

 
Harare - Zimbabwe's state-owned airline was scrambling for cash on Tuesday to secure the release of a plane seized in London by a US firm over a $1.2 million debt, a senior airline official told state media.

Air Zimbabwe acting chief executive Innocent Mavhunga confirmed that his firm's Boeing 767-200 had been impounded on landing at Gatwick Airport on Monday after American General Supplies got a court order for money owed for aircraft spares.

"The plane has been attached by one of our spares suppliers over an outstanding debt which we are negotiating to settle," he was reported as saying.

Mavhunga said government's treasury department had told the airline it could not help with the required cash. Another official said Air Zimbabwe was still scrambling to get back the aircraft in time for a scheduled return flight to Harare on Tuesday evening.

"The management and the shareholder (government) have to work to a common cause because we stand to lose more by losing the plane and missing flights," the official said, declining to be named.

Economic analysts say Air Zimbabwe is struggling to survive due to mounting debts, currently put at $40m, and many see it as a victim of mismanagement by President Robert Mugabe's Zanu-PF party and poor funding by government since independence from Britain in 1980.

 

Latest Articles

8 simple ways to earn extra money Read More...
6 motivational tips to help you save this year Read More...
Invest for Income Read More...
15 Investment Tips for 2015 Read More...
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
4 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...