HARARE – Another leaked doc has revealed that Attorney General Virginia Mabiza instructed the People’s Own Savings Bank (POSB) to grant entry to its vaults to Hebrew Investment Group (HIG), a controversial personal investor fronted by President Emmerson Mnangagwa’s ally Morris Brown Gwedegwe.
The directive, which has raised eyebrows, is a part of a broader initiative to arrange and operationalise the BOMA Financial System. Critics argue that this transfer reeks of corruption and lack of transparency.
According to the leaked paperwork, Mabiza instructed the CEO of POSB to offer HIG with entry to the financial institution’s vaults for the injection of operational money, in addition to entry to all branches and essential assist from personnel.
“In accordance with the directive from His Excellency the President of the Republic of Zimbabwe, I am instructing you to immediately join hands with HIG, a joint venture partner of the Government of Zimbabwe, for the setup and operationalization of the BOMA Financial System. This collaboration is critical to enhancing our financial infrastructure and ensuring efficient banking operations,” reads a part of Mabiza’s letter dated 13 February 2025.
“As a part of this initiative, you’re required to offer HIG with entry to the POSB financial institution’s vaults for the injection of operational money, entry to all branches, and the mandatory assist from all personnel, in accordance with the phrases of the three way partnership settlement.
“Your prompt cooperation and active participation in this endeavour are essential for the successful implementation of the BOMA Financial System.”
This growth comes amid reviews that Mnangagwa has ordered the sale of POSB to a non-public investor, regardless of denials by the Reserve Bank of Zimbabwe (RBZ).
Controversy surrounds the sale of POSB, with reviews alleging that Mnangagwa personally chosen HIG because the funding associate, bypassing the standard public bidding course of.
The group is about to amass a 70% stake in POSB by injecting US$70 million into the financial institution’s recapitalisation efforts.
Under the phrases of the deal, the Zimbabwean authorities will retain a ten% stake, using current POSB belongings, whereas personal traders will contribute US$20 million for a 20% stake.
A three way partnership settlement additionally outlines a considerable US$6 billion mortgage from HIG to the Zimbabwean authorities, repayable over 30 years.
The leaked paperwork have sparked outrage, with critics labelling the deal “corrupt”.
According to investigative journalist Hopewell Chin’ono, this scandal is the rationale why Alpha Media Holdings senior journalist Blessed Mhlanga is being detained. Mhlanga was arrested two weeks in the past for allegedly transmitting messages prone to incite public violence.
“Bank vaults retailer beneficial gadgets akin to money, which incorporates massive sums of cash that must be securely saved. They additionally maintain vital paperwork, together with authorized papers, contracts, and deeds.
“Gold and valuable metals, akin to bars, cash, and different beneficial metals, are additionally generally saved in vaults.
“This scandal is the true cause why Zimbabwean journalist and now political prisoner Blessed Mhlanga was arrested and jailed, after he gave a tv platform to Jealousy Mawarire, who blew the whistle on this tried financial institution theft throughout Mhlanga’s programme.
“I will share more documentation (on this scandal) that has been given to me by government officials who are fed up with Mnangagwa’s looting and plundering of state assets using criminal elements purported to be businessmen,” Chin’ono mentioned.
