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*Masiyiwa Reveals How Patronage & Sheer Incompetence Destroyed Ziscosteel* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?nt Zimbabwean-born businessman and philanthropist Strive Masiyiwa has said his first board appointment was at the now-defunct State-owned Zimbabwe Iron and Steel Company (ZISCO), also known as Ziscosteel. Writing on his Facebook page, Masiyiwa exposes how political patronage and sheer incompetence led to the demise of a company which was once Zimbabwe’s highest foreign currency earner. He wrote: ---------- Latest itel S24 available on Pindula: 128GB storage, 4GB RAM $119 USD WhatsApp: +263715068543 Calls: 0772464000 Buy Online: https://www.pindula.co.zw/market/itel-s24-128gb-22-20240426142756795795/?s=wanews ---------- > My first board appointment was a company called the Zimbabwe Iron and Steel Company [ZISCO]. It had once been the single largest source of foreign exchange earnings to the country. I was only 31 years old. > When the Minister asked me to serve on the board, I asked him if I could have some information on the company: > “Don’t you know ZISCO?” He asked surprised. > “No sir. I have never seen their accounts.” > The Minister hesitated a while and then said: > “Okay, I will have them send you the information, but this appointment has been cleared with the President so don’t embarrass me by refusing.” > It took them almost two weeks of chasing to get any accounts, and what I received was not audited. > A few weeks later, after the appointment, I attended my first board meeting: They had no current financial information on the company, and no one on the board seemed all that interested. > I continued to dig around on their accounts. So I asked to see the Minister on my own and off the record: > “This company is in big trouble. It is going to collapse.” > He was stunned by my candour and listened quietly as I explained. > “Can it be fixed?” > “Yes, but it would be tough.” > He was a good guy and understood what I was saying. It was also clear that he could not muster the political will to make the changes, including firing the entire board and management. > The chairman was more powerful than the Minister, and he knew nothing about business, but no one had ever told him! > The so-called “Managing Director” was a politician, even though he had never held a political office. He knew who to please in the system, and was virtually untouchable. > Finally, I asked him how long I must serve before it would be ok to step down. I was crying as I drove home. I knew it would die. > I don’t know what became of that company because I have not been to Zimbabwe for over 20 years. > The lesson I want you to take away is this: > You do not know anything about any business until you see it’s financial statements. > Even a business that has been operating for just 3 months can have financials. > Even a tiny business can have financial statements done. > You can learn to do it for yourself in a very basic way. _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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