Thursday, April 25, 2019

Loss making Zimpapers weekly paper shuts down

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The Southern Times which was a partnership between the Zimpapers and Namibian government's New Era Publications Corporation will be closing down next week .

The closure has been attributed to 15 years of loss making.

Reports say the closure comes after a meeting held in Sandton in South Africa two weeks ago, where the shareholders agreed to wind up operations.

Workers at the beleaguered paper were told to stop reporting for duty from next week Tuesday.

The Namibia government has been bankrolling the publication for more than 10 years while Zimpapers provided Editors and support staff.

In the past four years alone, Namibia is reported to have spent more than N$60 million on printing costs, salaries and other expenses and the monetary contribution Zimbabwe made was N$1,4 million in 2004 when the paper started operating.

The deal according to Namibian reports was skewed in favour of Zimpapers as despite the limited financial resources put into the project by Zimbabwe, it enjoyed the privilege of taking prominent roles at the newspaper.