RIOZIM Limited chairman Saleem Rashid Beebeejaun has resigned after more than six years in charge, during which mounting debts, controversial asset sales and a bruising court fight have left the embattled miner on the brink of corporate rescue.
Beebeejaun, appointed chairman on June 25, 2019, presided over a period of relentless financial decline.
As previously reported, RioZim’s liquidity position steadily deteriorated, with total liabilities exceeding assets by at least US$11 million as of June 30, 2024.
Poor liquidity generation stemmed from soaring production costs, crippling power cuts, exchange rate volatility, frequent plant breakdowns and poor management decisions.
These pressures, coupled with deep governance failures, pushed the company’s debt to at least US$191 million, according to a High Court application filed on April 28, 2025 by the Zimbabwe Diamond and Allied Minerals Workers Union.
The application is seeking to place RioZim under corporate rescue.
RioZim has appointed Caleb Dengu as Beebeejaun’s replacement.
“The board of directors wishes to announce the resignation of Mr S R Beebeejaun as the chairman of the board of directors with effect from July 7, 2025. The board, management, and staff of RioZim Limited would like to thank Mr Beebeejaun for his valuable contribution to the Group,” RioZim said in a statement.
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“The board of directors is pleased to announce the appointment of Mr Caleb Dengu, as the chairman of board of directors of the company with effect from July 8, 2025.
“Caleb Dengu is an accomplished business leader and investment strategist with over four decades of experience in international development finance, public sector reform, and private sector investment across Africa, Latin America, Asia and the Caribbean.”
According to RioZim, Dengu brings extensive governance and board-level experience, having held executive and non-executive directorships in the energy, mining, finance, and technology sectors.
“He has a proven track record in structuring large-scale infrastructure and energy deals, including spearheading projects such as the 500 MW [megawatt] Kariba Floating Solar Farm. He was appointed as a director on November 6, 2014,” RioZim added.
“With a solid foundation in financial management and public enterprise reform, Caleb has led complex multi-country projects for institutions such as the Common Fund for Commodities and the Trade and Development Bank.
“He currently serves in senior leadership roles, including Managing Partner at CDF Trust & Consulting BV, Managing Director of Green Hybrid Power, and Director of Intensive Energy User Solutions.”
Thus, Dengu’s appointment signals the board’s desire to steer the miner out of its financial woes.
The uncertainty surrounding RioZim’s future deepened last week after a US$37 million windfall awarded to over 200 employees was thrown into limbo.
This is because the High Court ruled that the payout is effectively frozen, as the mining giant is now shielded by the ongoing corporate rescue proceedings, highlighting the wide-reaching impact of the company’s financial and governance turmoil.
“Caleb Dengu is a Fellow of the British Institute of Chartered Secretaries and Administrators (FCIS),” RioZim said.
“He holds a Master of Business Administration and Post Graduate Training in Advanced Financial Management Techniques for Public Enterprises from Strathclyde Graduate Business School, Scotland and is a Harvard Business School alumnus for the Senior Executive Program Africa.”
