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Tagwirei amassed his wealth through legal means
25 Mar 2024 at 02:31hrs | Views
Former opposition politician Eddie Cross has defended Zanu-PF-affiliated business magnate Kudakwashe Tagwirei, asserting that the billionaire's wealth was accumulated through lawful means.
Tagwirei's financial success was primarily driven by investments in Zimbabwe's fuel sector and various mining ventures. Despite being ousted from fuel company Sakunda Holdings by global conglomerate Trafigura in a reported multibillion-dollar deal, Tagwirei's investments continued to flourish.
His association with the ruling Zanu-PF party led to his inclusion on America's sanctions list. However, Cross, formerly part of the leadership structure in the Movement for Democratic Change (MDC) under the late Morgan Tsvangirai, emphasized that Tagwirei's prosperity was not solely dependent on political connections.
"Tagwirei is no longer referred to as Queen B. His wealth did not solely stem from political affiliations. Before Trafigura's acquisition, he already owned one of Zimbabwe's largest companies. His subsequent partnership with Trafigura exponentially expanded his business, making it one of the world's top trading companies," Cross stated.
Reports indicate that Tagwirei has been divesting shares in several of his enterprises, with government assuming control of his stake in the mining giant Kuvimba, engaged in platinum, lithium, and gold mining. The move was purportedly aimed at clarifying the ownership of Kuvimba by placing it under the State Sovereign Wealth Fund.
"He is a self-made billionaire, utilizing his personal funds. These success stories are emblematic of Zimbabwe's potential," Cross added.
Cross, a former member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee, has been critical of Tagwirei's initiatives, notably opposing the construction of a second fuel pipeline from Beira.
Tagwirei, previously associated with wielding significant influence over President Emmerson Mnangagwa's administration, has been colloquially referred to as Queen B. Unconfirmed reports have linked him to the government's Command Agriculture scheme, which provided agricultural inputs to farmers in exchange for a portion of their produce.
Tagwirei's financial success was primarily driven by investments in Zimbabwe's fuel sector and various mining ventures. Despite being ousted from fuel company Sakunda Holdings by global conglomerate Trafigura in a reported multibillion-dollar deal, Tagwirei's investments continued to flourish.
His association with the ruling Zanu-PF party led to his inclusion on America's sanctions list. However, Cross, formerly part of the leadership structure in the Movement for Democratic Change (MDC) under the late Morgan Tsvangirai, emphasized that Tagwirei's prosperity was not solely dependent on political connections.
"Tagwirei is no longer referred to as Queen B. His wealth did not solely stem from political affiliations. Before Trafigura's acquisition, he already owned one of Zimbabwe's largest companies. His subsequent partnership with Trafigura exponentially expanded his business, making it one of the world's top trading companies," Cross stated.
Reports indicate that Tagwirei has been divesting shares in several of his enterprises, with government assuming control of his stake in the mining giant Kuvimba, engaged in platinum, lithium, and gold mining. The move was purportedly aimed at clarifying the ownership of Kuvimba by placing it under the State Sovereign Wealth Fund.
"He is a self-made billionaire, utilizing his personal funds. These success stories are emblematic of Zimbabwe's potential," Cross added.
Cross, a former member of the Reserve Bank of Zimbabwe (RBZ) Monetary Policy Committee, has been critical of Tagwirei's initiatives, notably opposing the construction of a second fuel pipeline from Beira.
Tagwirei, previously associated with wielding significant influence over President Emmerson Mnangagwa's administration, has been colloquially referred to as Queen B. Unconfirmed reports have linked him to the government's Command Agriculture scheme, which provided agricultural inputs to farmers in exchange for a portion of their produce.
Source - newzimbabwe
