Zinara boss caught in Air Zimbabwe insurance saga

Zinara boss caught in Air Zimbabwe insurance saga
Published: 21 February 2014

The Ministry of Transport and Infrastructure Development was at the core of the rot at Air Zimbabwe as it emerges that Frank Chitukutuku, the Zimbabwe National Roads Administration CEO, is among the owners of the airline's insurance brokers, Champions Insurance. 

Champions took over the lucrative and controversial Air Zimbabwe insurance portfolio without going to tender last year soon after former minister Nicholas Goche had appointed the Ozias Bvute-led board which was unceremoniously dismissed last week. 

Champions Insurance is owned by 3 shelf companies: Drycode Enterprises (20%), Hotspike Investments (40%), and Fremus Business Consultancy (40%). 

Chitukutuku and his wife Nyasha are the directors of Hotspike. Fremus Business Consultants is owned by Freddy and Musline Chimbari, who are business associates to the Goches. 

They also own Fremus Executor Services which offers secretarial services to both Hotspike and Drycode Enterprises. Drycode Investments is owned by Inos and Cynthia Magumi. 

Goche's children are senior executives at Champions Insurance whose MD Nathan Chikono was until last week chairman of the AirZim board finance committee. 

Nicholas Goche Jnr, a former fund manager at First Mutual Life, now works at Champions Insurance. Champions Insurance established a countrywide presence and it is found at most ZimPost Office halls across the country. 

ZimPost was under the Ministry of Transport headed by Goche when the deal was brokered.

- newsday

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