adminSports Reporter
IS there an alliance that has emerged between some politicians in this country and sections of the international media for another relentless onslaught on Zimbabwe Cricket and its leadership? That’s the feeling within the ZC corridors right now in the wake of the controversy that has been generated by the US$6 million bailout loan they secured from the International Cricket Council two years ago.
A decade after the 2003 World Cup debacle, where some local politicians played a big role to persuade England to boycott their tie against Zimbabwe in Harare, there is feeling within the ZC leadership that the hawks have repackaged themselves and are striking back again.
Yesterday, the ZC leaders said it wasn’t just a coincidence that a journalist working for ESPNcricinfo, Tristan Holmes, and the Member of Parliament for Bulawayo South, Eddie Cross, filed similar questions, on the ICC loan, at around the same time.
Holmes filed his questions to ZC chairman Peter Chingoka and the Sports Commission while Cross filed his questions, in the House of National Assembly, to Sport, Arts and Culture Minister, Andrew Langa.
The ZC leaders claim that the similarity of the questions, and their timing, speak of an alliance that has formed between politicians, and the international media, in a fresh wave of assault on the organisation and its leadership.
The concern from the ZC leaders is centred on the following:
ESPNcricinfo correspondent Tristan Holmes’ question to ZC chairman Peter Chingoka
In 2012, the ICC loaned US$6 million to ZC with the express condition that it be used to retire some of the existing debt with Metbank. Why did ZC put this money in a non-interest-bearing account with Metbank and leave it there for such a long period of time?
Bulawayo South MP Eddie Cross’ question to the Minister of Sport, Arts and Culture, Andrew Langa, in the House of National Assembly to provide an explanation on:
The background to the debt incurred with the Metropolitan Bank and the loss of interest on the ICC grant of US$6 million to the Cricket Association amounting to almost one million.
Tristan Holmes’ question to Chingoka
Both of the above financial decisions would appear to have benefited Metbank to the detriment of ZC. Given the ties that you, ZC vice-chairman Wilson Manase and former ZC managing director Ozias Bvute have to Metbank, how would you explain this? Further to that, was this potential conflict of interest explained to the ICC when the US$6m loan was being discussed?
Eddie Cross’ question to Langa in the House of National Assembly:
Why the ministry has not taken action to correct the situation where several senior members of the cricket in Zimbabwe hold senior positions in the bank despite the conflict of interest?
Sport, Arts and Culture Deputy Minister, Thabetha Kanengoni-Malinga, last week addressed Cross’ questions in Parliament.
“With regards to the International Cricket Council US$6 million loan, Zimbabwe Cricket did not lose any interest,” she said.
“It should also be noted that these are matters between the lender (International Cricket Council) and the borrower (Zimbabwe Cricket), who in this case reached agreement on the application of the funds, which funds are availed after scrutiny and approval by the relevant committees of the International Cricket Council, whose standard terms and conditions include, inter alia, submissions of full reports, quarterly, detailing the application of the drawdown amounts on a quarterly basis.
“On 20 September 2011, Zimbabwe Cricket submitted a loan application to International Cricket Council for US$6m. The loan application was necessitated by Zimbabwe
Cricket financial difficulties which were caused mainly by the following:
Lost revenue from the cancellation/postponement of tours;
Increased cost structures due to the introduction of a more credible first class cricket;
Dollarisation of the Zimbabwe economy; and
Inability to raise funds locally due to liquidity challenges in the economy.
“Prior to the approval of the loan facility various initiatives were pursued with the prime objective of ensuring that Zimbabwe Cricket returns to profitability by 2015.
“The loan was requested for the purposes of reducing their bank balance and to enable Zimbabwe Cricket to borrow again.
“The first quarter of the International Cricket Council facility witnessed some variations between that budget and the actual expenditure, but the total actual expenditure was still within budget. The variances were mainly emanating from adjusting the entire cost structure.
“Disbursements were delayed with the full disclosure by Zimbabwe Cricket to International Cricket Council of the amounts, dates and receiving banks.
“Zimbabwe Cricket postponed utilisation of the International Cricket Council loan proceeds. Given the unstable financial market situation then, there was a risk that utilisation of the International Cricket Council loan proceeds was likely to result in Zimbabwe Cricket’s bankers failing to finance the renewed bank facilities.”
Yesterday, former Zimbabwe international cricketer, Henry Olonga, slammed Zimbabwe Cricket from his base in England.
“The whole thing stinks whichever way you put it,” he tweeted. “ICC — no comment. Huh? C’mon. Heads must roll.”
Online Reporter