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Why Tagwirei sold his Trafigura stake

by Staff reporter
11 Feb 2020 at 18:17hrs | Views
BUSINESSMAN Kudakwashe Tagwirei apparently sold his stake in multinational commodities firm Trafigura to allow him - among other things - to perform his role without conflict as an advisor to President Emmerson Mnangagwa.

This comes as Tagwirei has been targeted by some Zanu-PF officials for the central role he has played in the country's fuel industry - where there are fresh ructions for the control of the lucrative sector.

It also comes as the Sakunda Holdings boss has lately been accused of being among the businesspeople who are allegedly fuelling corruption in the country.

Well-placed sources told the Daily News at the weekend that Tagwirei had been under pressure to sell his stake in Trafigura after both Mnangagwa and other Presidential Advisory Council (PAC) members apparently expressed their discomfort about discussing matters pertaining to the fuel industry in their caucuses when he was also a major player.

"After carefully considering his position in the PAC and the concerns coming from the president and advisory council members, Tagwirei decided to exit Trafigura.

"It was nothing extraordinary, but a decision made after taking into account his role in the PAC, the conflict that his continued role in Trafigura brought and other considerations.

"With regards to his PAC role, he could not in all honesty offer advice to the president and the council on the fuel sector without questions being asked about his investments in the industry," one of the sources said.
Last week, Trafigura — a multinational commodities firm — announced that it had signed an agreement to become a 100 percent owner of Trafigura Zimbabwe in December last year.

"This follows the purchase of Sakunda Holding's 51 percent stake in the company which is currently awaiting final regulatory approval.

"This will bring improved clarity on Trafigura's activities in the country, an opportunity for more robust financing of Trafigura Zimbabwe and aims to help improve the security of supply of fuel to Zimbabwe.

"Trafigura wishes to assure Trafigura Zimbabwe's counter parties that the change in ownership will not cause any interruption to …   supply of fuel to Zimbabwe," Trafigura said last week.

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Source - daily

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