Friday, August 2, 2019

Mthuli Ncube in USD$ 500 million scam

Finance and Economic Development Minister Mthuli Ncube has been sucked into a U SD$ 500 million scam involving Treasury Bills Professor Jonathan Moyo has alleged.

Posting on Twitter Moyo, "According to information from a multilateral; in July 3 Mthuli Ncube illegally issued USD 500m in TBs to buy shares at a bank and ZMDC to benefit himself, Emmerson Mnangagwa,Sibusiso Moyo and Sakunda's Kuda Tagwirei, the fixer in the scheme assisted by the Reserve Bank of Zimbabwe."

On Thursday the Ministry of Finance claimed that only ZWL$230 million were issued by the Minister. 

"Total Treasury bills issued amounted to ZWL$230m , sorely for budget support and cash-flow management. Going forward, Government borrowings for Budget purposes will observe the new TBs Auction Framework in order to promote transparency and the rebuilding of market confidence," The Ministry said. 

Professor Moyo dismissed the claim and said the number was conservative. "A useful but not honest disclosure. Evidence from a multilateral, which is in a position to know, suggests that Mthuli Ncube has issued far more than ZWL$230m in TBs this year alone; for purposes that have nothing to do with budget support or cash flow management!"