Some Zimbabwean have responded with disgust to reports that ZB Financial Holdings has a new major shareholder linked to business tycoon and Sakunda boss, Kuda Tagwirei.
After 57 million shares, worth over $1 bln, traded on the Zimbabwe Stock Exchange this morning worth, the shares which were held by NSSA are now held by an investment vehicle linked to Tagwirei.
Some said Tagwirei was now controlling all the means of production in the country creating a monopoly. One Hamutioni Ndoro said:
The systematic risk from these acquisitions is now too glaring to ignore. Tagwirei is now owning a significant chunk of our financial services sector. If Tagwirei coughs, it’s chaos for the financial services industry.
Another commentator said:
The cartel now has significant shareholding in CBZ, FBCorp and now ZB. Is Zim financial sector going to remain sound/safe?
Some analysts say as long as he is using different investment companies, there won’t be a problem, on his part, because they are treated as separate legal personas.
Meanwhile, some claim that Tagwirei is merely a proxy, working on behalf of, and or in cahoots with political elites in the country.
Tagwirei who is closely linked to the ruling ZANU PF, especially President Emmerson Mnangagwa and his deputy Constantino Chiwenga, already has huge shares in other sectors including health, mining and energy.
More: Financial Express