Workers at RioZim face serious financial hardship as the mining company struggles with widespread fraud allegations. Employees have not received paychecks for months and cannot afford basic needs like food and rent. Many workers lost their homes and medical coverage after the company failed to pay required contributions.
Court papers reveal the company owes about $5.6 million in unpaid wages. RioZim allegedly sold assets to shell companies and kept the money out of official bank accounts. The Zimbabwe Revenue Authority blocked company accounts due to tax problems.
Employees filed a court case asking for corporate rescue to save their jobs. The mining firm faces debts totaling over $1 billion and cannot meet basic financial obligations. Power companies cut electricity at one mine over a $4.7 million unpaid bill.
RioZim sold coal reserves and mines for millions of dollars but workers claim the proceeds disappeared. Company executives reportedly used fake agreements to hide money from government tax collectors. The workforce is asking authorities to investigate what they call severe exploitation.
The Zimbabwe Stock Exchange-listed company posted negative equity of $149.2 million as of June 2024. Auditors warned that RioZim may not survive as a business without major changes. Workers hope corporate rescue proceedings will prevent complete company collapse.
Court papers reveal the company owes about $5.6 million in unpaid wages. RioZim allegedly sold assets to shell companies and kept the money out of official bank accounts. The Zimbabwe Revenue Authority blocked company accounts due to tax problems.
Employees filed a court case asking for corporate rescue to save their jobs. The mining firm faces debts totaling over $1 billion and cannot meet basic financial obligations. Power companies cut electricity at one mine over a $4.7 million unpaid bill.
RioZim sold coal reserves and mines for millions of dollars but workers claim the proceeds disappeared. Company executives reportedly used fake agreements to hide money from government tax collectors. The workforce is asking authorities to investigate what they call severe exploitation.
The Zimbabwe Stock Exchange-listed company posted negative equity of $149.2 million as of June 2024. Auditors warned that RioZim may not survive as a business without major changes. Workers hope corporate rescue proceedings will prevent complete company collapse.
