Air Zimbabwe collapses…Placed under administration

mugabe latest news 13 octoberFile pic: Mugabe. Air Zimbabwe plane

Air Zimbabwe was placed under administration on Friday, a dramatic new low for the loss-making airline currently sitting on a $350 million debt.

In a government gazette published on Friday, the government issued a reconstruction order for Air Zimbabwe (Private) Limited and  Air Zimbabwe Holdings (Private) Limited.

Francis Saruchera of Grant Thornton Zimbabwe, an assurance, tax and advisory firm, was named as the administrator to be assisted by Tonderai Makubvu and Tinashe Mawere, also from the same firm.

The board has been dismissed and senior executives and managers will now report to the administrator.

zim live