Good afternoon. The film and musical The Producers tells the story of two men who come up with an idea to cheat theatre investors out of their money. The plan is to take money from people investing in a new play, far more money than is needed to finance it, and then make sure that the play fails, so that no investor can ask for their money back. The producers will get to pocket all the remaining money.
The full Daily Briefing continues below for Pro subscribers. Subscribers to the Zitamar News tier can read the top half, including the full leader article, here.
The latest from Zitamar News:
Zitamar News
Some Mozambican state-owned companies operate on quite similar lines. Only three companies in the state sector currently report a profit: hydropower company Cahora Bassa Hydroelectric, insurance firm Emose and rail and ports operator CFM. But that does not mean that the other firms are unprofitable. Several of them are capable of making a profit, but it is not in their interests to report profits, because that would mean having to hand them over to the state treasury. Instead, they report a loss, which leaves more money to be embezzled and allows them to claim state subsidies so they can keep going. These firms have been captured by corrupt people in the ruling Frelimo party, whose senior figures are regularly given jobs there.
