Pindula
Register Login

Zimbabwe Loses US$23 Million Diamond Money Through Externalisation

Zimbabwe Loses US$23 Million Diamond Money Through Externalisation

Zimbabwe has reportedly lost US$23 million that had been attained from the sale of one million carats of diamonds from the Minerals Marketing Corporation of Zimbabwe (MMCZ) recently.

The Independent’s Tinashe Makichi reports that the money could have been illegally moved out of the country. 

It is alleged that a blacklisted Lebanese diamond dealer, Jamal Ahmed, used representatives to buy the diamonds.

High-level government investigators say Ahmed did not bring money to Zimbabwe but funds were secured locally from known money launderers, who would then get their money in offshore accounts with Ahmed allegedly getting a 3-5% commission.

Ahmed was once locked in a fierce court battle with former first lady Grace Mugabe over a US$1.4 million diamond ring.

The Independent says banking documents and deposit slips show that some of the funds were jointly deposited into the Zimbabwe Consolidated Diamond Company (ZCDC) bank accounts allegedly by Diamore DMCC and NRTS  on March 23, 2022.

It was deposited into Agribank and CBZ accounts in batches of varying denominations. 

The quantity of smaller notes deposited by the two companies allegedly linked to Ahmed raised eyebrows in government corridors, prompting an investigation into the matter. The Independent was told:

Some of the funds were deposited as US$10 notes and looking at the quantum of the funds, a serious suspicion emerged as to how the monies were transported from outside the country. There are strong indications that the funds were secured locally by people who wanted to externalise their funds to offshore accounts.

That meant the country was selling diamonds at the same time losing about US$23 million through externalisation.

There are indications that the cash entry documents were stamped by customs officials after a suspected US$5 000 bribe. These stamps have been issued to the same customs official (name withheld), who is also under probe.

Indications are also that the last diamond buying firms allegedly linked to Ahmed had no documents from the country of origin to support that there was a movement of money to Zimbabwe. This sparked suspicion that no money was brought into the country.

More: Pindula News is best enjoyed via the App. Download it here

Share Article

Sponsored

More

9 Comments

Tkt 1 month ago

Get it from me
- 12bnUS was never an amount gotten at once as some think
-12bnUS was the total amount of money Zim got from the sale of minerals primarily Diamonds followed by Gold from the period 2009-2015
- large amounts of this money were traded by the State in exchange for the Hard Cash that was in circulation
- So basically Former Finance Minister Biting and his then team of technocrat did not realize that they were hood winked by their masters into believing that the deal was okay yet it was just milking the Country's resources

Well I know bcoz I'm a ZANU-PF supporter muchati I hate ccc asi chokwadi ndicho ichi

Bcoz we had no local currency 💹 the only source of it was to buy it. But how do you buy without Cash? You Swap with what you have iya inonzi Barter Trade.

The other chunk of it went through payment of civil services salaries, government other programs including the 2013 elections as we all know kuti that is the most expensive thing

Musapikisa bcoz hamuzive

Wakeup guys Let's support the Zimdollar thru thick and thin. Ngati shandise Mari yedu as is without listening to politicians they just want power unlike economists


PoVo 1 month ago

Mmm ma diamonds emuno anyanya zuru ndizuro 12 b yakarova pasi


Jah🇿🇼Tsvarie-07 1 month ago

Then Mthuli Ncube tells citizens to use Rtgs$ 😂


Freda 1 month ago

Ma Zanu pf ndoane type yemari for these trans.


ABSA 1 month ago

Ummm pa airport ndipo pane yese. smuggling of gold &diamonds


Kanda 1 month ago

who else vangaita maaccounts at Agribank and CBZ besides Zanu pf ministers


Asalif 1 month ago

Lebanon look East friends of Zanu pf government nothing is going to be done after all


Sponsored

More
**** 1 month ago

hazvakanyanya



Leave a comment


Recent News


News Categories



Give us Feedback