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Despite being sanctioned by the United States and United Kingdom, controversial businessman Kudakwashe Tagwirei keeps earning billions of dollars from Zimbabwe’s perforated economy.
“Queen Bee,” as he is popularly called given his sprawling business empire, has been the subject of scandal as of late due to alleged corrupt business schemes that have deprived the economy of enormous revenue and contributed to its poverty.
Zimbabwe is a landlocked country bordered by Botswana, Zambia, Mozambique and South Africa. It is ruled by President Emmerson Mnangagwa, who came to power in 2017 after the forced resignation of Robert Mugabe. Mugabe and his inner circle faced U.S. sanctions and targeted embargoes during his three decades in power.
Since Mnangagwa assumed office in 2017, Tagwirei has served in his cabinet as a special advisor — a position that many believe he has leveraged to benefit his business.
ZimLive recently reported that Tagwirei’s links with the president helped him become a dominant figure on the fuel, platinum and gold markets in Zimbabwe. He has also benefited from opaquely awarded state contracts worth billions of dollars and preferential access to minerals and scarce foreign currency.
Parliamentary documents have revealed that at least $3 billion in treasury bills issued by the country’s Reserve Bank were awarded to Tagwirei’s businesses between 2017 and 2019, which were then used to expand his commercial empire.
Tagwirei is a commodities trader with extensive interests in the energy sector. He is the founder and current CEO of Sakunda Holdings Group, which has a controlling grip on critical sectors of the economy, from mining to real estate to agriculture to banking.
In July 2019, Tagwirei reportedly held about 30 percent of the shares of one of Zimbabwe’s largest banks, CBZ Holdings (CBZ). However, last month, the government announced a plan to create its largest financial services company focused on banking, insurance, investment, property, and agriculture, through the merger of the country’s leading financial institutions, including CBZ.
The bank is expected to have an asset base of more than $2.5 billion, with the Tagwirei-linked CBZ Holdings leading the merger and consolidation process.
Despite the sanctions and criticism from the media, the businessman has managed to remain calm and audacious in his business dealings.
Recently, Tagwirei was lambasted for lavishing his “ill-gotten wealth” on Treasury Secretary George Guvamatanga during his 50th-birthday celebration.
The controversial businessman was said to have pledged a private jet, $50,000 in spending money, an executive box at the Emirates Stadium in London, and a shirt signed by Arsenal Captain Pierre-Emerick Aubameyang.
“We’re on sanctions, but we make things happen over there (in the United Kingdom),” Tagwirei said during the ceremony.
