Sentry and Open Secrets exposé has confirmed that Zimbabwe has become a mafia state, run and controlled by cartels and syndicates, Former Finance Minister Tendai Biti has said.
In a publicised joint investigative report titled 'Fronts, Fakes, and Facades: How South African and Mauritian Enables Helped Move Million from Zimbabwe to Britain', The Sentry and Open Secrets revealed that presidential advisor Kudakwashe Tagwirei allegedly moved suspect funds from the RBZ to London using fronts, false invoices and offshore financial facades. He then made three payments to secure Bindura Nickel and Freda Rebecca Gold Mine at a total cost of US$29.5 million.
Commenting on the report, Biti said the document vindicated the suspicions of underhand dealings by President Emmerson Mnangagwa's associates adding that the country was losing US$3 billion annually to looting and corruption.
"Illicit Financial Flows are costing Africa US$ 90 billion a year whilst Zimbabwe is losing at least US$3 billion yearly.
"The report by The Sentry, Fronts , Fakes& Facades adds another sad chapter in Zimbabwe's story of plunder and pillage," said Biti on Twitter.
The Citizens Coalition for Change outgoing legislator bemoaned lack of State efforts to clamp down on corrupt activities.
"The Report vindicates the contention that Zimbabwe has become a mafia State run and controlled by cartels and syndicates.
"Our biggest worry is the central role by the State in the plunder of Zimbabwe. The Ministry of Finance is at the center of plunder and pillage. It owes the nation an explanation on the US$360 TB issued Jan 2019."
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According to Biti, the Central Bank must explain why the same TB was then discounted in US$ in July 2019 when all other TBs had been converted into RTGS$ by virtue of SI 33 of 2019.
"The Central Bank must come clean on its role in transferring US$29,5 m to Duff & Phelps in the UK.
"Above all Government must come clean on how shares acquired privately ended up being housed in Kuvimba."
According to The Sentry and Open Secrets report Zimbabwe loses between $500 million and $1 billion every year to illicit cross-border transactions.
The documents reviewed in connection with the investigation report suggest that the transactions to buy the mines are a textbook example of how money moves from some of the poorest countries into some of the richest via enablers and a lax legal framework in the offshore world.
The United States imposed sanctions on Tagwirei after accusing him of corruption.
