Zimbabwean strongman, President Robert Mugabe has turned to his daughter, a banking and finance graduate, to help turn around his struggling family business, which is reportedly $20 million dollars in the red.
Often touted as a beacon of success for Zimbabwe’s much maligned reform programme, the Mugabe family concern is said to be struggling and the president has asked his daughter to lead a turnaround strategy.
She (Bona) is cleaning up the mess and some white faces are being seen, including relatives from her husband’s side
Mugabe’s first child, Bona, the president said recently, had discovered “shocking details” of theft after she took over the family concern a fortnight ago.
Reports say the Zimbabwean first family’s Gushongo Holdings – who centrepiece is dairy concern, Alpha and Omega – was plagued by rampant corruption and mismanagement.
According to a privately owned Zimbabwe Independent, First Lady Grace Mugabe has instructed her business networks and lawyers to look for potential investors interested in buying shares in an attempt to keep the business afloat.
“The idea is no longer to sell off or dispose of the business, but to look for new investors and managers to ensure recapitalisation and a turnaround,” the paper reported.
“She (Bona) is cleaning up the mess and some white faces are being seen, including relatives from her husband’s side.
“Rot and maladministration have thrived; managers have run down Gushungo Holdings, stolen money and abused resources.
“Some cattle are missing, machine breakdowns have become more frequent, leading to severe product shortage.
Mugabe’s family grabbed Gushungo Holdings farm in 2013 from a white couple.
The Alpha Omega dairy plant has a capacity to process 70 000 litres of raw milk per day.
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