HARARE – Contrary to current denials by the Reserve Bank of Zimbabwe (RBZ), President Emmerson Mnangagwa reportedly ordered the sale of the People’s Own Savings Bank (POSB) to a personal investor.
A presidential directive, dated February 12, 2025, outlines Mnangagwa’s plan to associate with a personal investor to capitalise, handle, and operationalise the POSB.
Mnangagwa, in response to the directive, believes that the transaction is a part of a broader initiative to help Zimbabwe’s socio-economic and sustainable growth.
“I ordered a three-pronged coverage to help my initiatives for a affluent higher middle-income society by 2030.
“Setup a partnership with a personal investor to capitalize, handle and operationalize the POSB. Put in place a particular crew to allow amongst different issues, the socio-economic and sustainable growth initiative for Zimbabwe.
“Its intention being to course of fee of arrears and future improved salaries of civil servants, members of parliament, armed forces in addition to warfare veterans welfare; unemployment; job creations; healthcare protection; grants and tuition help for low earnings college college students; small enterprise loans; secured centralized system for revenues assortment to get rid of misappropriation of presidency’s funds and guarantee funding of the socio-economic and sustainable growth of Zimbabwe, in addition to the instant amelioration of the dwelling circumstances and high quality of lifetime of all Zimbabweans.
“Timely investigate, report progress, and recommend appropriate legal actions for accountability,” learn a part of the directive.
The sale has been shrouded in controversy, with reviews suggesting that Mnangagwa handpicked Hebrew Investment Group because the funding associate with out a public bidding course of.
The group, led by CEO Professor Emile Kue, is allegedly set to accumulate a 70% stake in POSB by contributing $70 million in direction of the financial institution’s recapitalization.
Reports additional point out that the Zimbabwean authorities would retain a ten% stake utilizing present POSB property, whereas personal buyers would contribute the remaining US$20 million for a 20% stake.
A three way partnership settlement additionally outlines a US$6 billion mortgage from Hebrew Investment Group to the Zimbabwean authorities, repayable over 30 years.
The RBZ had beforehand denied reviews of the sale, stating that it had not acquired any software or directive concerning the sale of POSB. But, the presidential directive seems to contradict this declare.
“The Reserve Bank categorically states that these claims are false and has not received an application from any investor for the purchase of POSB, neither has it received any correspondence from any Zimbabwean Government authority, including His Excellency The President.” RBZ acknowledged.
“If there had been any directive for the sale, it could have needed to be addressed to the Reserve Bank because the approving authority.
“We can categorically affirm that the Reserve Bank by no means acquired any such directive, neither has it processed any software from the named buyers.
“Accordingly, any reference to the purported sale of POSB cannot be true as the sale cannot be consummated without Reserve Bank approval.”
Prominent anti-corruption journalist Hopewell Chin’ono weighed in on the matter and printed a number of the paperwork leaked by political activist Jealousy Mawarire.
“Consequent to President Mnangagwa’s corrupt directive to Zimbabwe’s Attorney General and his trusted aide for years, Virginia Mabhiza, to create a pathway to steal the Post Office Savings Bank (POSB), the Attorney General wrote this letter to the Chief Executive Officer of the financial institution.
“The aggressive letter was labelled CONFIDENTIAL to stop the small print from being leaked.
“She instructed the CEO to work with the so referred to as HIG Investment Group, fronted by considered one of Mnangagwa’s corrupt lieutenants, Morris Brown Gwedegwe.
“Morris Brown Gwedegwe was expelled from the Anglican Church over allegations of embezzlement. Despite this, in May 2019, President Emmerson Mnangagwa appointed him to the Zimbabwe Defence Commission.
“In October 2022, Gwedegwe attended the ZANU PF seventh National People’s Congress, claiming to symbolize the Zimbabwe Council of Churches (ZCC). The ZCC later disassociated itself from him, stating that that they had not despatched any consultant to the occasion.
“Mabhiza instructed the POSB CEO to open the financial institution’s vaults to Gwedegwe and his crew. Bank vaults retailer helpful objects corresponding to money, which incorporates giant sums of cash that have to be securely saved. They additionally maintain vital paperwork, together with authorized papers, contracts, and deeds.
“Gold and valuable metals, corresponding to bars, cash, and different helpful metals, are additionally generally saved in vaults.
“This scandal is the actual 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 wrote.
