Mnangagwa’s POSB Heist: A Corrupt Regime’s Latest Betrayal

The corrupt ZANU PF government has once again demonstrated its utter disregard for the law and the people of Zimbabwe. The attempted sale of the state-owned People’s Own Savings Bank (POSB) to a shadowy entity, Hebrew Investment Group (HIG), is nothing short of a brazen heist. Despite Attorney-General Virginia Mabiza’s dubious involvement, a direct directive from President Emmerson Mnangagwa, and letters to POSB management, this deal is unlawful and reeks of corruption.

At the heart of this scandal is a $100 million transaction to hand over a critical public asset to a private entity with little known background, in exchange for a so-called $6 billion loan to the government. This deal was pushed through without following the necessary legal procedures, making it a blatant act of theft from the Zimbabwean people.

Under Zimbabwean law, the sale of a public asset like POSB must undergo strict processes to ensure transparency and accountability. The Public Procurement and Disposal of Public Assets Act [Chapter 22:23] lays out clear guidelines that must be followed to prevent the looting of national assets. Any sale of public property requires a shareholders’ agreement, board approval, and a transparent tendering process. None of these were followed in this scandalous deal.

A shareholders’ agreement is crucial as it determines how such major decisions are made. Yet, in this case, the agreement seems non-existent. The board of directors, which should have been involved in approving such a significant transaction, was completely bypassed. The Public Procurement and Disposal of Public Assets Act was deliberately ignored, denying Zimbabweans their right to a fair and transparent process.

The Procurement Regulatory Authority of Zimbabwe (PRAZ) exists to supervise and regulate procurement processes, ensuring they are fair, honest, and cost-effective. Additionally, a Special Procurement Oversight Committee was established to oversee public procurement and prevent exactly this type of shady deal. Despite these legal safeguards, Mnangagwa and his cronies steamrolled ahead, disregarding the law with impunity.

Selling POSB without a competitive tendering process is a clear indication that this was never about the bank’s value or the public interest. Instead, it was a money-laundering scheme designed to benefit a corrupt elite at the expense of millions of struggling Zimbabweans. The law mandates that such sales be conducted through competitive bidding, ensuring transparency and the best possible deal for the country. However, this was ignored, as Mnangagwa and his inner circle sought to enrich themselves while the nation suffers.

The secrecy surrounding HIG raises even more alarm. Who owns this entity? What is its track record? How was it identified as the ideal buyer of POSB? These are questions Zimbabweans must ask. This deal is reminiscent of past ZANU PF scams, where public resources were siphoned off into the pockets of politically connected individuals.

This latest scandal is a stark reminder that ZANU PF does not care about legality, transparency, or the well-being of Zimbabweans. Instead, it thrives on corruption, looting, and plundering public resources. Mnangagwa’s directive to push through this illegal sale is further proof that he is no reformist but merely a continuation of the same corrupt system that has ruined Zimbabwe for decades.

The people of Zimbabwe must reject these underhand dealings and demand accountability. Mnangagwa and his government have proven time and again that they cannot be trusted with national assets. This heist must not be allowed to proceed, and those responsible must be held to account. It is time for Zimbabweans to stand up and fight against this never-ending plunder of national resources. The future of our country depends on it.