Hwange Colliery Company has dismissed some media reports on an audit report produced by Ralph Bommet Greenacre and Reynolds which alleges that the miner misused a US$111 million loan from government meant to fund its revival in 2016.
According to a statement released yesterday, the report’s allegations have not been proven and constitute matters which the administration is investigating.
“Reference is being made to media reports on an audit report produced by Ralph Bommet Greenacre and Reynolds on the operations at Hwange Colliery Company Limited.
“We are concerned that the media reports are on excerpts of the audit report which when reported in isolation do not accurately portray the complete audit findings.
“Further the report’s allegations have not been proven and constitute matters which the administration is investigating,”reads the statement.
“All affected persons will be given an opportunity to respond. The administration is conducting an independent investigation as part of its statutory mandate and will issue its report to shareholders and creditors.
“Until then we continue to exercise professional diligence in the operations of Hwange and we advise stakeholders to await the report to shareholders and creditors of Hwange by the Administration”reads part of the statement.
