Mphoko outfox Mugabe

Vice-President Phelekezela Mphoko seem to have dribbled past President Robert Mugabe on the $350 million loan deal between the Zimbabwe Electricity Supply Authority (Zesa) and Botswana's Capital Management Africa (CMA).

Recently, Mugabe tried to block the deal after he became suspicious.

He cited corruption.

Mphoko's son - Siqokoqela is a shareholder, at CMA and once worked as the head of business development from January 2008 to August 2013.

He holds a 5% stake at the financial services company.

However, according to media reports in Botswana, the deal is still on.

CMA has reportedly approached the Botswana Public Officer Pension Fund with a proposal seeking a recapitalisation loan of on behalf of the Zimbabwe Power Company.

The deal has been under negotiation since late 2014 and involves the advancement of a loan which would be repaid by Zimbabwe at an interest rate of 20 percent, in addition to power exports to Botswana.

Reports say CMA has ignored Mugabe's order and started searching for partners for funds for the deal.

Boitumelo Molefe, chief executive of Botswana Public Officer Pension Fund, told Business Weekly, a local paper, that CMA had submitted a proposal asking them to finance the Zimbabwe credit and power purchase deal. "We do not have a say as to where they (CMA) invest the money as long as we get our returns. They say they will be managing a power project and the proposal is currently under consideration," she said.

Reports further say BPC spokesman Dineo Seleke said CMA had approached them with a proposal to help with the importation of power from Zimbabwe but said no agreement had been signed yet.