{"id":80200,"date":"2023-07-08T11:02:08","date_gmt":"2023-07-08T09:02:08","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/report-says-kuda-tagwirei-illegally-moved-money-from-rbz-to-london"},"modified":"2023-07-08T16:55:56","modified_gmt":"2023-07-08T14:55:56","slug":"report-says-kuda-tagwirei-illegally-moved-money-from-rbz-to-london","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/report-says-kuda-tagwirei-illegally-moved-money-from-rbz-to-london","title":{"rendered":"Report Says Kuda Tagwirei Illegally Moved Money From RBZ To London"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>A new report<\/b> by The Sentry and Open Secrets ZA has exposed how politically-connected Zimbabwean oil tycoon, Kudakwashe Tagwirei<\/b>, allegedly moved suspect funds from the Reserve Bank of Zimbabwe (RBZ) to the City of London using fronts, false invoices, and offshore financial fac\u0327ades.<\/p>\n

The report highlights that in 2019, Tagwirei used Sotic International, a Mauritian company that acted as his front, to buy two Zimbabwean mines from ASA Resource Group for $29.5 million. To get money into Mauritius from Zimbabwe for Sotic\u2019s second \u00a312 million payment, South African directors created invoices for exports that could not be found in Zimbabwe\u2019s official customs records, raising questions as to whether trade misinvoicing, a technique commonly used in trade-based money laundering, had occurred. The directors discussed these invoices openly in internal emails, describing a $3.5 million payment as being \u201cin the guise of cooking oil.\u201d<\/p>\n

The report also says emails show that Zimbabwean government officials, including \u201cHE\u201d\u2014likely His Excellency President Emmerson Mnangagwa\u2014and the permanent secretary at the finance ministry, took a close interest in Sotic\u2019s affairs. For example, in a separate transaction that also took place in mid-2019, Foreign Minister SB Moyo forwarded Sotic\u2019s $1.2 billion pre-financing proposal to the state-owned National Oil Infrastructure Company (NOIC), proposing an upfront loan in return for discounted access to Zimbabwe\u2019s only oil pipeline. NOIC\u2019s board noted that as the term sheet of Sotic\u2019s loan proposal had already been signed by the RBZ governor, the decision to accept the proposal had already been made.<\/p>\n

Accusations of corruption and cronyism had already been swirling around Tagwirei at the time of the purchase. He is known as Queen B. The report claims that South African directors, Mauritian company agents, and offshore financiers created structures that had the effect of disguising where the money came from.<\/p>\n

The payments to purchase the mines took place in three stages, each involving behaviour that raises questions and may carry policy implications for deterring powerful and connected individuals from exploiting the system.<\/p>\n

After Tagwirei was sanctioned for corruption by the US government in 2020, control of the mines shifted from Sotic to Kuvimba Mining, which is 65% owned by the Zimbabwean state and 35% owned by companies and trusts linked to Tagwirei.<\/p>\n

For More News And Analysis About Zimbabwe<\/a> Follow Africa-Press<\/a><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. A new report by The Sentry and Open Secrets ZA has exposed how politically-connected Zimbabwean oil tycoon, Kudakwashe Tagwirei, allegedly moved suspect funds from the Reserve Bank of Zimbabwe (RBZ) to the City of London using fronts, false invoices, and offshore financial fac\u0327ades. The report highlights that in 2019, Tagwirei used Sotic […]<\/p>\n","protected":false},"author":84,"featured_media":80199,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6,8],"tags":[1493,2189,1804,19],"class_list":{"0":"post-80200","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"category-head-lines","10":"tag-africa-press","11":"tag-africa-press-zimbabwe-2","12":"tag-kuda-tagwirei","13":"tag-zimbabwe"},"yoast_head":"\nReport Says Kuda Tagwirei Illegally Moved Money From RBZ To London - zimbabwe<\/title>\n<meta name=\"description\" content=\"A new report by The Sentry and Open Secrets ZA has exposed how politically-connected Zimbabwean oil tycoon, Ku ...\" \/>\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\/report-says-kuda-tagwirei-illegally-moved-money-from-rbz-to-london\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Report Says Kuda Tagwirei Illegally Moved Money From RBZ To London\" \/>\n<meta property=\"og:description\" content=\"A new report by The Sentry and Open Secrets ZA has exposed how politically-connected Zimbabwean oil tycoon, Ku ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/report-says-kuda-tagwirei-illegally-moved-money-from-rbz-to-london\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2023-07-08T09:02:08+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2023-07-08T14:55:56+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2023\/07\/sm_1688802584.4691.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"735\" \/>\n\t<meta property=\"og:image:height\" content=\"450\" \/>\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=\"2 minutes\" \/>\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\/report-says-kuda-tagwirei-illegally-moved-money-from-rbz-to-london\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/report-says-kuda-tagwirei-illegally-moved-money-from-rbz-to-london\",\"name\":\"Report Says Kuda Tagwirei Illegally Moved Money From RBZ To London - 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