• Growing people

    What is the most powerful way to develop the capabilities of people at work? Ian Mann answers.

  • Wealth and poverty

    True riches would be to create a safe and satisfied community for all South Africans.

  • SABC shenanigans

    SA has already embarked on a slippery slope to autocracy, warns Terry Bell in Inside Labour.

All data is delayed
Loading...
See More

Air Zim tries to get back seized plane

Dec 13 2011 12:04
Reuters
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.

NEXT ON FIN24X

 
 
 

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
Comments have been closed for this article.
 

Company Snapshot

We're talking about:

THE SAVINGS ISSUE

Saving can make a lot of things possible, but we all know how hard it is to save. This special Savings Issue will help you get focused.
 

Money Clinic

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

Voting Booth

Have you experienced FNB’s outage problem?

Previous results · Suggest a vote

Loading...