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SEARCHState-owned bus company Zimbabwe United Passenger Company (Zupco) has all but fallen apart due to its financial straits.
State-owned bus company Zimbabwe United Passenger Company (Zupco) has all but fallen apart due to its financial straits, according to the Zimbabwe Independent.
The report noted that the collapse is due, at least in part, to allegations of corruption and looting by top executives. The bus fleet has ground to a halt and employees have reportedly not been paid their March or April wages. Only half of the staff were reportedly paid their wages in February, according to the report.
Company officials blame the financial hemorrhage on the purchase it made of 100 buses from China last year, claiming that 55 percent of the company's gross revenues are being channeled to service the monthly payments for the buses, according to the report.
Originally posted on Automotive Fleet
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