Mthuli Ncube in USD$ 500 million scam

Finance and Economic Development Minister Mthuli Ncube has been sucked into a U SD$ 500 million scam involving Treasury Bills Professor Jonathan Moyo, a fugitive from justice, has alleged.

Posting on Twitter Moyo, "According to information from a multilateral; in July 3 Mthuli Ncube illegally issued USD 500m in TBs to buy shares at a bank and ZMDC to benefit himself, Emmerson Mnangagwa, Sibusiso Moyo and Sakunda's Kuda Tagwirei, the fixer in the scheme assisted by the Reserve Bank of Zimbabwe."

On Thursday the Ministry of Finance claimed that only ZWL$230 million were issued by the Minister.

"Total Treasury bills issued amounted to ZWL$230m , sorely for budget support and cash-flow management. Going forward, Government borrowings for Budget purposes will observe the new TBs Auction Framework in order to promote transparency and the rebuilding of market confidence," The Ministry said.

A useful but not honest disclosure. Evidence from a multilateral, which is in a position to know, suggests that @MthuliNcube has issued far more than ZWL$230m in TBs this year alone; for purposes that have nothing to do with budget support or cash flow management!#TBgate https://t.co/1CNGCqNp2W

— Prof Jonathan Moyo (@ProfJNMoyo) August 1, 2019

Professor Moyo dismissed the claim and said the number was conservative.

"A useful but not honest disclosure. Evidence from a multilateral, which is in a position to know, suggests that Mthuli Ncube has issued far more than ZWL$230m in TBs this year alone; for purposes that have nothing to do with budget support or cash flow management!"

Professor Moyo ran away from justice after allegations of Zimdef funds abuse.

Former President Robert Mugabe blocked the arrest of Higher and Tertiary Education minister Jonathan Moyo by Zimbabwe Anti-Corruption Commission (Zacc) officers who were investigating him in connection with fraud involving the Zimbabwe Manpower Development Fund (Zimdef).

A team of Zacc investigators led by chief investigations officer Alex Masiye, in the company of police, invaded the Zanu-PF national headquarters in Harare seeking to arrest Moyo while he attended a politburo meeting chaired by Mugabe.

Sources say the team was holed up on the ground floor while waiting for the meeting to end in order to pounce on Moyo who has been evading them since they called him to their offices three weeks ago. Moyo is accused of benefitting from close to US$270 000 which was corruptly syphoned out of Zimdef by ministry and fund officials.

Zimdef, a State enterprise in the Ministry of Higher and Tertiary Education, Science and Technology Development, was created in terms of Section 47(1) of the Manpower Planning and Development Act Chapter 28:02 and Sub-section 2. The objective of the fund is to develop skilled manpower in the country.

Documents seen by the Independent summarising the investigations show that Moyo through his personal assistant allegedly used close to US$50 000 from the fund to purchase bicycles, which he distributed to his constituency as well as a US$24 000 loan which he has since repaid.

The investigations by Zacc uncovered that Moyo, his deputy Godfrey Gandawa, Fredrick Mandizvidza (Zimdef chief executive officer), who is currently out on bail and Shephard Honzeri (Moyo's personal assistant) allegedly connived to prejudice Zimdef of thousands of US dollars.