Questions over shadowy partners in Zimbabwe’s revival plan

Zimbabwean finance minister Mthuli Ncube. Picture: REUTERS

The country has little formal employment, and inflation last measured 194%. Past state works projects failed to turn things around, not least because public money had a way of disappearing into private hands. Mnangagwa’s declaration that “Zimbabwe is open for business” and promises of a fresh start after he came to power in late 2017 have come to nothing.

Calls and e-mails to Ncube over the past month seeking responses to questions about Kuvimba and Tagwirei’s involvement were not answered; nor were messages that Zimbabwe’s permanent secretary of finance George Guvamatanga, his assistant, and an outside communications adviser said they would deliver to him.

The country has more than $8bn in external debt and is effectively cut off from multilateral lenders such as the World Bank and IMF.Tagwirei is known in local media as “Queen Bee” for his commanding position in business and politics.

Corporate documents show an agreement among Almas, Sotic and Tagwirei in which Sotic issued 9,000 debentures to Almas at a face value of $1,000 each, or $9m in total. Almas then handed control of the securities to Tagwirei, effectively boosting his control over Sotic. The repayment terms were not disclosed in the document.“As per the legal obligations which the fund has to abide, it cannot comment on any of its relationships in any manner whatsoever,” Almas said.

None of the shareholders responded to e-mails or answered their phones. Pfimbi could not be reached for comment. “To the best of my knowledge,” he said, “there was a restructure which resulted in Kuvimba being the holding company of the mining assets.” Fourie says he has been pushed out of Sotic by the shareholders of Pfimbi and is in a dispute with the company. According to an e-mail seen by Bloomberg dated May 22, 2020, Brown asked Fourie to resign, as they had not been able to agree on a role for him in the company.

South Africa Latest News, South Africa Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

Questions over shadowy partners in Zimbabwe’s revival planGovernment will not say where it got funds for purchase of mines, smelters and platinum concessions China now owns Zim.
Source: BDliveSA - 🏆 12. / 63 Read more »

Adapt IT CEO denies involvement in assault claimsSbu Shabalala says accusations he hired people to assault his estranged-wife’s partner are without merit 🔒
Source: BDliveSA - 🏆 12. / 63 Read more »

Zimbabwe economy is recovering: Zanu-PFZanu-PF also claims that the country has enough food stocks but the main opposition the MDC-Alliance says the situation is the opposite and it’s getting worse day by day. It should, Atleast many of their citizens will go back and be part of reviving their economy Economy is recovering 🤣🤣🤣🤣🤣what a Joke
Source: eNCA - 🏆 49. / 51 Read more »

Botswana and Zambia agree to work with Zimbabwe 'in principle' on Kazungula BridgeBotswana and Zambia have agreed in principle to incorporate Zimbabwe into the Kazungula Bridge lying across the Zambezi River and One Stop Border linking the two countries. I’m back with smile on my face again thanks to MALYAROVALARA_ I don’t know what to say.... you’re the reason behind my successful trade life!! God bless you for your good works
Source: SowetanLIVE - 🏆 13. / 63 Read more »

Is motor warranty, service plan & car insurance the same? | The Citizen[SPONSORED] Do you know what type of cover you have for your car and what you can claim for? We look at the difference between these 3 type of offerings and what they offer.
Source: TheCitizen_News - 🏆 6. / 75 Read more »