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Critics Say Mnangagwa Administration Must Do Due Diligence On $5.2b Deal, Say Company Is Suspect

5 years agoSun, 27 May 2018 09:16:35 GMT
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Critics Say Mnangagwa Administration Must Do Due Diligence On $5.2b Deal, Say Company Is Suspect

 

Critics have questioned the $5,2 billion deal signed by President Emmerson Mnangagwa and Nkosikhona Holdings saying that the company is suspect. Nkosikhona Holdings is supposed to turn coal into liquid fuels although it has no known record of doing so. Said Eddie Cross,

The most serious aspect of this is that the president was personally involved in signing the deal. I think much more research needed to be done by people before they brought the project to the president. When the president endorses a project like this, it has national implications and it implies that he knows what he is doing and that there is substance in the project…The only coal in Zimbabwe which is suitable for that is that at Sengwa in Gokwe district and that is already under the control of the Rio Tinto Limited company in London…The second thing, which crosses my head is that there is no substance to the companies involved. They don’t have the technology and financial resources. You know (extracting) oil from a coal plant is a multi-billion dollar enterprise.

More: The Standard

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