HARARE – Controversial Zimbabwean tenderpreneur Wicknell Chivayo has requested Ecobank to extend the utmost month-to-month money withdrawal restrict on his firm’s account to US$20 million.
According to a letter dated December 5, 2024, Chivayo cites a current contract secured by his firm, IMC Technologies Incorporated, with the federal government by the Ministry of Information Communications and Technology, valued at US$100 million.
Chivayo claims that the contract, which includes the availability and supply of software program, {hardware}, and different consumables, requires constant entry to international foreign money for varied transactional wants, together with money funds for native obligations.
“This request is made contemplating a current contract secured by IMC Technologies Incorporated with the federal government by the Ministry of ICT for the availability and supply of crucial software program, {hardware}, and different consumables valued at US$100 million.
“This equipment will be imported from China, Dubai, India, and Europe, necessitating the requirements for access to considerable amounts of foreign currency, a major priority,” Chivayo mentioned within the letter directed to Ecobank.
“To efficiently fulfil this contract, IMC Technologies Incorporated requires constant entry to international foreign money for a variety of transactional wants, lots of which require money funds significantly for native obligations corresponding to transportation, clearing brokers, customs, and different recurrent bills.
“Accordingly, we kindly request that the maximum monthly cash withdrawal limit on the account be raised to US$20 million permanently to ensure sufficient cash flow in support of this project which is of significant national importance.”
In one other letter, Chivayo, has once more made one other request to the identical financial institution to extend the utmost month-to-month money withdrawal restrict on considered one of his corporations, Edenbreeze Pvt Ltd’s accounts to US$20 million.
This time, he claims to have secured authorities contracts valued at US$120 million, requiring entry to giant quantities of international foreign money for imports and native bills.
This growth has raised eyebrows, given Chivayo’s controversial enterprise dealings and his historical past as an ex-convict.
Critics have questioned the federal government’s choice to award such a profitable contract to Chivayo’s firm, regardless of his checkered previous.
Former Mt Pleasant MP Fadzayi Mahere questioned the ICT Minister Tatenda Mavetera:
“Please might you give us the main points of the US$100 million contract you awarded to @wicknellchivayo. On what foundation was his firm chosen to produce consumables?
“Kindly present particulars of the precise nature of the {hardware} and software program he has been contracted to produce?
“Did this contract go to tender as required by regulation? Or was he handpicked? Can you please furnish us with the general public tender commercial in respect of those agreements if one exists?
“Thank you prematurely on your engagement on the above in mild of the constitutional crucial of transparency in all issues of public finance administration.
“We need new leaders.”
The request for a US$20 million month-to-month withdrawal restrict has additionally sparked considerations in regards to the potential for cash laundering and different monetary irregularities.
UK based mostly Development Economist Chenayi Mutambasere requested the Zimbabwe Anti-Corruption Commission (ZACC) and different anti-corruption our bodies world wide to analyze Chivayo and his corporations.
“Dear @anticorruption, @iccwbo, @ICCFraudNet, @Global_Witness, please are you able to examine this particular person @wicknellchivayo who’s enterprise nefarious financially exercise.
“The letter beneath is him asking to withdraw US$20m as money each month from a financial institution in Zimbabwe with out query or scrutiny. @wicknellchivayo has simply requested the financial institution to permit him to withdraw US$20m as and when he likes with out additional scrutiny.
“He has talked about Dubai, China, India and Europe because the counties he’ll transact in money in but these international locations have caps on money transactions.
“Interestingly Zimbabwe in accordance with its nationwide funds has solely US$540 its reserves which implies this one banking buyer has deposits equalling half the nation’s reserves but it isn’t clear what enterprise he does.
“The different attention-grabbing level is in accordance with the 2025 funds the ICT ministry solely has US$25m allotted. Where has the minister @TateMavetera sourced the alleged US$100m highlighted on this letter? Or is she a part of the cash laundering ring pls assist us examine.
“Globally the spending cap outside of AML scrutiny is US$10,000 so this warrants investigation. Thank you”
Ecobank has not publicly commented on Chivayo’s request.
Chivayo is presently receiving hundreds of thousands of {dollars} from the Zimbabwean authorities for a contentious US$40 million tender he secured a number of years in the past to produce election supplies to the Zimbabwe Electoral Commission (ZEC) for the 2023 harmonised basic election.
