{"id":48321,"date":"2021-10-15T19:05:46","date_gmt":"2021-10-15T17:05:46","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/?p=48321"},"modified":"2021-10-15T18:23:02","modified_gmt":"2021-10-15T16:23:02","slug":"how-tagwirei-made-wealth-from-trafigura-partnership-and-spiralling-national-debt","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/how-tagwirei-made-wealth-from-trafigura-partnership-and-spiralling-national-debt","title":{"rendered":"How Tagwirei Made Wealth From Trafigura Partnership And Spiralling National Debt"},"content":{"rendered":"

Africa-Press<\/a> – Zimbabwe<\/a>. <\/strong><\/span>Local business tycoon, Kudakwashe Tagwirei, has reportedly earned at least US$100 million in fees from a partnership with Swiss-based Trafigura.<\/p>\n

Together, they have profited extensively by dominating Zimbabwe\u2019s fuel market since 2013. He is the owner of Sakunda Holdings.<\/p>\n

Trafigura is said to have quietly extended US$1 billion in loans to the Zimbabwean government, at exorbitant interest rates, thereby worsening the national debt.<\/p>\n

As the controversy grew, Tagwirei reportedly moved his business network offshore to Mauritius, where he secured a new near-monopoly fuel deal with the government.<\/p>\n

Tagwirei, who is a close associate of President Emmerson Mnangagwa, is still active in mining and fuel deals in Zimbabwe.<\/p>\n

Government officials appear on key company records and Tagwirei\u2019s own correspondence, indicating that there might be more powerful people behind the network.<\/p>\n

Tagwirei is said to have benefitted from Zimbabwe\u2019s economy which remains in tatters despite Mnangagwa\u2019s pledge in 2017 to turn around the country\u2019s fortunes.<\/p>\n

Over the past four years, public debt \u2014 much of it illegally accrued \u2014 has ballooned; a lack of foreign currency and fuel shortages continue to cripple the economy, and the value of Zimbabwe\u2019s local currency has plummeted.<\/p>\n

Kudakwashe Tagwirei, a tycoon known locally as \u201cQueen Bee\u201d because of his vast economic influence, has enormously benefitted from the opaquely awarded government contracts worth billions of dollars and preferential access to minerals as well as scarce foreign currency.<\/p>\n

Sanctioned by the U.S. and U.K. for corruption, Tagwirei allegedly continued to do business by relocating his network to Mauritius.<\/p>\n

More: OCCRP<\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. Local business tycoon, Kudakwashe Tagwirei, has reportedly earned at least US$100 million in fees from a partnership with Swiss-based Trafigura. Together, they have profited extensively by dominating Zimbabwe\u2019s fuel market since 2013. He is the owner of Sakunda Holdings. Trafigura is said to have quietly extended US$1 billion in loans to the […]<\/p>\n","protected":false},"author":84,"featured_media":48320,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,8,35,12,15],"tags":[1493,2189,6284,19],"class_list":{"0":"post-48321","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-head-lines","9":"category-homepage-english","10":"category-policy","11":"category-twitter","12":"tag-africa-press","13":"tag-africa-press-zimbabwe-2","14":"tag-kudakwashe-tagwirei","15":"tag-zimbabwe"},"yoast_head":"\nHow Tagwirei Made Wealth From Trafigura Partnership And Spiralling National Debt - zimbabwe<\/title>\n<meta name=\"description\" content=\"Local business tycoon, Kudakwashe Tagwirei, has reportedly earned at least US$100 million in fees from a partnership wit ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/how-tagwirei-made-wealth-from-trafigura-partnership-and-spiralling-national-debt\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"How Tagwirei Made Wealth From Trafigura Partnership And Spiralling National Debt\" \/>\n<meta property=\"og:description\" content=\"Local business tycoon, Kudakwashe Tagwirei, has reportedly earned at least US$100 million in fees from a partnership wit ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/how-tagwirei-made-wealth-from-trafigura-partnership-and-spiralling-national-debt\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2021-10-15T17:05:46+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2021-10-15T16:23:02+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2021\/10\/img-6169aac85f7d1.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1200\" \/>\n\t<meta property=\"og:image:height\" content=\"600\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"1 minute\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/how-tagwirei-made-wealth-from-trafigura-partnership-and-spiralling-national-debt\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/how-tagwirei-made-wealth-from-trafigura-partnership-and-spiralling-national-debt\",\"name\":\"How Tagwirei Made Wealth From Trafigura Partnership And Spiralling National Debt - 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