FULL THREAD: RBZ Governor In Conflict Of Interest Storm Involving ZAMCO, AfreximBank

Former Chief of Staff in the late former Prime Minister Tsvangirai’s office, Alex Magaisa has suggested that the Reserve Bank of Zimbabwe governor, John Mangudya might have breached corporate governance principles.

Below is Magaisa’s Twitter thread.

ZAMCO-Mangundya-AfreximBank 1. Last week I did a thread on the RBZ-ZAMCO-CBZ axis of corruption & showed how the bank formerly headed by RBZ Governor Mangundya was the principal beneficiary of the ZAMCO scheme that he set up upon taking office. Today, it’s about @afreximbank

2. One of the banks that sold non-performing loans is AfreximBank, the only non-Zimbabwean financial institution in the list. @afreximbank is based in Cairo. It has a regional office in Harare. I was surprised to see it on the list of banks from whom NPLs were bought by ZAMCO.

3. AfreximBank doesn’t just give loans to the likes of Tom, Dick & Harry. Whoever got these loans & failed to repay is no small person. @afreximbank made reckless lending decisions. Didn’t it ask for collateral? Why should the Zim taxpayer pick the cost of their recklessness?

4. This is why it’s important to know who is on the list of borrowers who got loans from @afreximbank but failed, refused or neglected to pay them back. It is because of that failure that they became NPLs & now the Zimbabwean taxpayer is carrying the cost #ZAMCOlist

5. RBZ Governor John Mangundya is a board member of @afreximbank and has been for a long time. This places Mangundya at the centre of 2 relationships with ZAMCO, 1st as CBZ CEO, which sold US$698 million NPLs & 2nd as AfreximBank Director which sold US$42,7 million NPLs.

6. This presents a prima facie case of conflict of interest & demands full transparency. This is to ensure that Governor Mangundya did not abuse his position to benefit himself or those with whom he was/is associated. If there’s nothing to hide the #ZAMCOlist should be disclosed.

More: Alex Magaisa

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