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Mnangagwa's mega deal deception unmasked
12 Mar 2019 at 13:55hrs | Views
Since assuming power President Emmerson Mnangagwa has been engaged in a desperate attempt to attract Foreign Direct Investment.
One of the greatest deceptions that Mnangagwa pulled out in May 2018 was the controversial $5,2 billion signed between South Africa's Nkosikhona Holdings and Verify Engineering, a company owned by the government through the Ministry of Higher and Tertiary Education, Science and Technology Development.
The President who was personally involved in the signing of the deal said:
Yesterday we signed a $5.2bn deal with Nkosikhona Holdings of South Africa, enabling us to produce over 8m litres of liquid fuels per day from coal. This will help make us self-sufficient in fuel manufacturing, boost our economic development and create jobs.
Ten months down the line Zimbabwe is experiencing an acute shortage of fuel which even prompted the January 14 uprising that was followed by a brutal state-sponsored crackdown.
The deal sells President Mnangagwa as a person who does not follow due diligence in his dealings.
At the time of signing the deal, Nkosikhona Holdings did not have a website. Today their website lists the Zimbabwean deal as their flagship project meaning they had and still do not have another deal that amounts to the kind they got from Zimbabwe.
Their website says:
Vectol Zimbabwe is the flagship Project of Nkosikhona Holdings. The CTX Project is a 14-year-old dream that has finally come to life via a Joint Venture between the Government of the Republic of Zimbabwe through their State Owned Entity, Verify Engineering, and Nkosikhona Holdings as a Consortium Member of Magcor Consortium Group of Companies. Consequently, this dream has now become a reality, and this National Status Project under the auspices of the Minister of Higher & Tertiary Education, Science and Technology Development will henceforth be known as Vectol Zimbabwe (Private) Limited.
Nkosikhona Holdings is a private firm established in 2013 under registration number K2013/011831/07 in South Africa.
One of the greatest deceptions that Mnangagwa pulled out in May 2018 was the controversial $5,2 billion signed between South Africa's Nkosikhona Holdings and Verify Engineering, a company owned by the government through the Ministry of Higher and Tertiary Education, Science and Technology Development.
The President who was personally involved in the signing of the deal said:
Yesterday we signed a $5.2bn deal with Nkosikhona Holdings of South Africa, enabling us to produce over 8m litres of liquid fuels per day from coal. This will help make us self-sufficient in fuel manufacturing, boost our economic development and create jobs.
Ten months down the line Zimbabwe is experiencing an acute shortage of fuel which even prompted the January 14 uprising that was followed by a brutal state-sponsored crackdown.
The deal sells President Mnangagwa as a person who does not follow due diligence in his dealings.
At the time of signing the deal, Nkosikhona Holdings did not have a website. Today their website lists the Zimbabwean deal as their flagship project meaning they had and still do not have another deal that amounts to the kind they got from Zimbabwe.
Their website says:
Vectol Zimbabwe is the flagship Project of Nkosikhona Holdings. The CTX Project is a 14-year-old dream that has finally come to life via a Joint Venture between the Government of the Republic of Zimbabwe through their State Owned Entity, Verify Engineering, and Nkosikhona Holdings as a Consortium Member of Magcor Consortium Group of Companies. Consequently, this dream has now become a reality, and this National Status Project under the auspices of the Minister of Higher & Tertiary Education, Science and Technology Development will henceforth be known as Vectol Zimbabwe (Private) Limited.
Nkosikhona Holdings is a private firm established in 2013 under registration number K2013/011831/07 in South Africa.
Source - Byo24News
