President Emmerson Mnangagwa Could Secretly Be the Richest Man in Zimbabwe

Google+ Pinterest LinkedIn Tumblr +

In 2001 US ambassador wrote in his Wikileaks cables that Emmerson Mnangagwa was Zimbabwe’s richest man although he did not divulge the wealth in figures.

 

While Mnangagwa family and his wealth is a taboo topic inside Zimbabwe there are sources that comprise of the international community, military and business associates who are suggesting that he is worth almost US$10.3 Billion. He has held ministerial positions including Security and Defence under Robert Mugabe administration since 1980 and currently earns a basic monthly salary of US$18 666 excluding personal and family allowances. Although only six children are officially known, Mnangagwa 75, is believed to have six wives he officially married and over 42 children.

 

Kleptocracy Zimbabwe

Zimbabwe is very rich in minerals, mainly gold, platinum and chrome. Those connected to the ruling party Zanu PF and its military elite are known to be the richest individuals, mostly millionaires. However, Mnangagwa 75, is at the head of this pyramid because of his links and influence in and outside of Zimbabwe. The general mood amongst friends and those in the know is that formally nothing belongs to him and everything is held by proxies.  Mnangagwa is also believed to have made much of his money while he was secretary for finance in Zanu-PF.

“Regarded as the wealthiest individual in Zimbabwe, Mnangagwa has close business links with Colonel Lionel Dyck, a white officer from the old Rhodesian army who founded Mine Tech, a landmine clearance company that secured lucrative contracts from the Zimbabwean government to clear landmines in Zimbabwe border areas after the war,” Wikipedia said in a post updated after Mnangagwa was appointed vice-president in December 2014.

This, according to the the United Nations Security Council reports in 2002 and 2003, was supplemented by his involvement as one of the illegal mineral exploiters in the Congo. The report named Mnangagwa in a long-standing United Nations investigation into the looting of the Congo’s mineral wealth.

 

The Wikileaks exposed lend credence to claims that as finance secretary, Mnangagwa controlled Zanu-PF’s octopus-like business empire spanning motor vehicles, duty-free shops, banking, airline catering, mining, retail, food processing, agriculture and manufacturing.

In the past, it was also reported Zanu-PF owned companies such as M&S Syndicate, Zidco Holdings and Zidlee Enterprises. In turn, the two companies reportedly owned stakes in FBC Bank, Lobels Bread, SMM Holdings, Catercraft and Tregers, among others.

 

Like most of Mugabe’s trusted lieutenants, he also allegedly seized a farm from a white owner called Koos Burger. Burger was forced to claim political asylum in the US due to death threats when he contested the seizure, the New Statesman reported at the time. Zimbabwe media also previously reported that Mnangagwa previously seized the 1 600-hectare Sherwood farm in Kwe Kwe without compensating its white owner.

Mnangagwa’s private interests include retailers Jaggers and Metropeech, farms and mines. It was also alleged a lot of his businesses are run in partnership with white, ex-Rhodesian businessmen.

 

General Mujuru Assassination

In 2004, the Zanu-PF politburo launched an investigation into reported massive theft of party funds. Former army commander General Solomon Mujuru was appointed to lead the investigations. Before he could present his final report to the politburo, Mujuru died in a mysterious inferno that has been blamed on Mnangagwa.

Solomon Mujuru aka GENERAL REX NHONGO with Dumiso Dabengwa

Solomon Mujuru aka GENERAL REX NHONGO with Dumiso Dabengwa

Jonathan Moyo also revealed that Mnangagwa owns over 700 gold  claims in Zimbabwe.

 

According to another WikiLeaks cable Mnangagwa, John Bredenkamp, Billy Rautenbauch, Constantino Chiwenga, Sibusiso Moyo are known to be major beneficiaries of Zimbabwe’s military contracts and mining concessions in the DRC .

Mnangagwa, who as the Zimbabwe African National Union-Patriotic Front secretary for administration was in charge of the party’s businesses, was to chair the First National Bank of Congo which had given the ZANU-PF owned First Banking Corporation of Zimbabwe a five-year management contract.

John Mushawara was to manage the bank.

Mnangagwa was the government’s point man in the Democratic Republic of Congo but he told United States embassy officials that he was no longer involved.

The embassy, however, doubted this prompting ambassador Tom McDonald to comment: “The tight-lipped Mnangagwa is clearly trying to give us the impression he is no longer deeply involved in the DROC, but his ongoing and ever-growing financial interests there belie that claim.

“Although he may not participate in all the high-level DROC meetings he used to, he still has a paramount interest in maintaining his old contacts.”

Zunaid Moti The Notorius Businessman behind Mnangagwa

Fanshawe Mining Holdings Director is Zunaid Moti a Moslem businessman from South Africa whose name has been linked with a number of shady and criminal deals.  Moti, a flashy car-loving tycoon was arrested in 2012 over an armed robbery and attempted murder allegations.

Zunaid Moti posing next to one of his high-end cars

Moti’s private security force shut down Silverstar Casino in November 2011, in the alleged attempted murder of Naemm Cassim. It is alleged that Moti’s business partner Rafik Mohamed owed Cassim money and there had been death threats before. On the night of the siege, both Rafik and Moti were present at the casino where three attempts were made on Cassim’s life.

Moti‚ along with his father‚ Abbas Aboo Baker Moti‚ and their business associates‚ Ashruf Kaka and Salim Bobat were placed on Interpol’s wanted list. They are accused of defrauding a Russian citizen Alibek Issaev – out of $500 000  in an apparent bogus mining deal. The fraud allegedly took place in Lebanon in 2013.

 

ACF And Special Treatment

 

According to ACF’s 2013 Investor Handbook,  Zimbabwe Investment Authority issued ACF a licence to own a 70% equity interest in African Chrome Fields on condition that Farvic Consolidated Mines (Pvt) Ltd has the right to claw back a 21% equity interest in African Chrome Fields. These were stock options.

 

Farvic Consolidated Mines (Pvt) Ltd is owned by Duncan (Harry) Greaves a  Zimbabwean who also had shareholding interests in  Prince Olaf, Farvic and Nicholson gold mines in southern Zimbabwe. Mr Greaves was connected to deposed Former Vice President Phelekezela Mphoko.

Under the laws of Zimbabwe, all operating companies must be either 51% owned by

indigenous parties however ACF was given a pass due to its connections.

 

In 2014 ACF was granted a duty-free fuel importation certificate by the Ministry of Transport. The duty-free certificate was issued through the Central Mechanical Equipment Department (CMED). Under Statutory Instrument (SI) 184 of 2014, equipment for national projects  can be imported duty-free.  The company was allowed to import more than 12 million litres of diesel without paying duty.

The old equipment at Chinyika Chrome mine which Mugabe was duped to believe was high-tech.

Share.
%d bloggers like this: