ZESA Pension Fund board calls for crisis meeting…as land,property deals are under scrutiny

Zimbabwe Electricity Industry Pension Fund board held a crisis meeting on Wednesday and resolved to lay off and re-assign clerks in the Estates department, the Zim Morning Post has learnt.

This development follows an expose made by this publication last week in which the Speaker of Parliament Jacob Mudenda approached ZESA Holdings Pension Fund and sold them 3000 square metres of land located at Stand Number 1351 Victoria Falls township for more than $1 million in 2018-  a price which is twice the market value.

Our sources said the board’s resolution to re-assign  the Estates clerks was a deliberate ploy to conceal information of inexplicable transactions involving land and property.

“The clerks at the Estates department were reassigned after the board’s crisis meeting yesterday.The board members suspected that the clerks leaked details of dubious transactions like that Mudenda land sale where the price was inflated .

“It is obvious they(board members) are interested parties in these deals so they assumed the clerks were now knowing too much,” said our source.

“Imagine, some of the clerks were asked to resubmit their CVs yet they have been at the same position for more than a decade, why ask them now?” reasoned our source.

Documents at hand show that the land was valued at 500 000  United States Dollars but ZESA Holdings Pension Fund paid twice the market value – a transaction that was sanctioned by the board.

This publication gleaned copies of the bank transfers dated May 24 2018 where ZESA Holdings Pension Fund paid out $500 000 United States Dollars from its Stanbic Bank account number 9140002086010 into Mudenda’s ZB Bank Limited account.

The other $500 000 was deposited to Vic Falls town council  and Mudenda literally acted as a ‘middle man’ pocketing half a million United States Dollars in the dubious transaction.

ZESA spokesperson Fullard Gwasira could not be reached for comment as his mobile phone went unanswered on Thursday.