Accessibility links

Zimbabwe Mining Agency Suspends Four Executives Alleging Funds Misappropriation

  • Gibbs Dube

Zimbabwean government sources said the Mining Development Corp. board is accusing the four of looting funds under the pretext that they were setting up a diamond mining venture in the controversial Marange field

The Zimbabwe Mining Development Corporation has suspended the company’s chief executive officer and three other top managers alleging the misappropriation of US$40 million in proceeds from gold and diamond sales.

Government sources said Chief Executive Dominic Mubayiwa, Finance Director Robert Karemba, Group Technical Manager Albert Chitambo and Corporate Secretary Tichaona Muhonde have been placed on forced leave.

ZMDC Chairman Goodwills Masimirembwa declined to comment.

The sources said the board is accusing the four of looting ZMDC funds under the pretext that they were setting up a diamond mining venture in the controversial Marange field in eastern Zimbabwe.

They said that following the suspension of the four executives, police have been called in to probe the alleged theft of the gold and diamond proceeds from various ZMDC mining activities.

The sources said the investigations will also focus on the alleged theft of US$30 million which the company earned from diamond sales between October 2008 and April of this year.

Parliamentary Committee on Mines member Moses Mare told VOA Studio 7 reporter Gibbs Dube the investigations are especially welcome as the Ministry of State Enterprises is trying to rein in corrupt parastatal executives.

Political and economic commentator Rejoice Ngwenya said the investigations risk being derailed by ZANU-PF as it will fight for the reinstatement of the executives, who are party functionaries.

Show comments

XS
SM
MD
LG