Deloitte exits Zimbabwe
Deloitte Zimbabwe CEO Charity Mtwazi
HARARE – Global auditing and consultancy firm, Deloitte Africa has announced its pending exit from Zimbabwe with a buyout arrangement in place for senior partners to take over the local unit under a new name.
In a statement, the firm said the new arrangement has been “mutually agreed” after “extensive discussions between Deloitte and Deloitte Zimbabwe focussing on how best to serve the unique needs” of its Zimbabwean clients.
“The existing team will continue to deliver the same high quality audit, consulting, tax, and advisory services clients expect, under a new brand name,” announced the firm.
This comes as a number of international firms continue to ratchet down operations in economically troubled Zimbabwe.
Global financial brands such as Barclays and Standard Chartered have left the country amid economic turmoil under the Zanu PF led authority.
The exit of the international companies has been construed in some circles as an act of disapproval for the Zimbabwean business space littered with kneejerk policy shifts, unbridled corruption and economic turbulence dominated by recurrent currency distortions.
Commenting on the exit of the parent firm, Deloitte Zimbabwe CEO Charity Mtwazi tried to allay fears the company’s giant profile coupled with impeccable standards could shipwreck when it left solely in local hands.
“With the exit of Deloitte in Zimbabwe, we will be ushered into a new phase,” Mtwazi was quoted as saying.
She added, “We are excited to continue our legacy of serving clients in Zimbabwe, but under a different brand.
“Importantly, the team responsible for service delivery remains the same, ensuring continuity and client trust.”
The company said the “management buyout allows the Zimbabwean team to tailor its services and offerings even more closely to the specific needs of the local market”.
The decline of consultancy business, made worse by low activity from multinationals, has seen the big four accountancy firms – KPMG, PwC, Ernst & Young and Deloitte – all scaling back on their presence in Zimbabwe.
–ZimLive
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