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Government Hires Auditing Firm to Probe Air Zimbabwe Financial Irregularities

A KPMG audit team started poring over Air Zimbabwe's books Tuesday aiming in part to discover how a US$2.4 million hole in accounts developed

The government of Zimbabwe has engaged top accounting and consulting firm KPMG to probe irregularities at Air Zimbabwe where sources say a US$2.4 million gap in accounts has appeared.

Sources said the state comptroller and auditor-general urged the government to hire the firm. A KPMG audit team started poring over the airline’s books Tuesday in a process that is expected to take two months or more.

With debts of more than US$50 million, Air Zimbabwe has had trouble attracting foreign partners.

Economist Eric Bloch said the audit is long overdue as the national airline, like most other state enterprises, has been posting huge losses. “We hope the audit will determine the financial status of the struggling airline since there has not been an audit for more than three or more years,” said Bloch.