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Business Reporter
The Civil Aviation Authority of Zimbabwe board is expected to institute a forensic audit into the operations of the authority. This follows allegations of mismanagement that resulted in the sacking of former chairman, educationist and business consultant Dr Themba Nyoni last month.
Dr Nyon was replaced by Mr Moosa Allana, whose board has since sent general manager Mr David Chawota on forced leave on allegations of failing to observe corporate governance issues.
Mr Chawota’s forced leave on full benefits was effected last week to pave way for the audit to take place.
Finance director Mr Joel Masuku has since been appointed acting general manager.
Mr Masuku recently indicated that CAAZ is technically insolvent as its liabilities have exceeded its assets. He told the Parliamentary Portfolio Committee on Transport and Infrastructure that the authority was being choked by loans secured to fund infrastructure projects at its eight airports.
“At our airports it is the normal operations, but when you come to the figures, our current liabilities are now more than current assets,” he said.
Mr Masuku said CAAZ had liabilities of $180 million.
“The authority is financially challenged such that its access to offshore funds is a little bit difficult because the balance sheet is not healthy,” he said.
He said equipment and assets which were sitting at its eight airports further distort the financial status of the organisation in terms of value and depreciation.
CAAZ is in charge of all airports in the country, the major ones being the Harare International Airport, Joshua Mqabuko International Airport in Bulawayo, the Victoria Falls Airport, Kariba Airport, Charles Prince Airport, Buffalo Range Airport, Hwange Airport and Masvingo Air- port.
At the airports, CAAZ offers a variety of services such as aircraft parking, ground handling, fuelling, airside shuttle buses, security and fire and rescue.
Online Reporter