ZANU PF bigwigs ‘bled’ US$160 million CBZ funds… Grace Mugabe, Obert Mpofu top the list

Top ZANU PF officials and opposition leaders allegedly abused office to acquire loans without collateral and owe CBZ bank a cumulative of at least US$160 million accrued between 2010 and 2014, Zim Morning Post can exclusively reveal.

Impeccable sources revealed that the list of the high profile bad debtors will be handed over to Biti and Associates this week so that the firm can institute litigation proceedings to recover the outstanding amounts which adversely affect the performance of the bank.

Zim Morning Post is in possession of a copy of the list of names (and amounts owing) of more than 20 bigwigs to be handed over to the CBZ bank lawyers.

Interestingly, all the loans were accrued during former president  Robert Mugabe’s administration where bigwigs were ‘immune’ to corruption and would arm twist ‘stewards’ and powers that be of any institution of their choice.

“The previous management led by former chief executive Never Nyemudzo was not comfortable in giving out names and contacts of the debtors as he (Nyemudzo) cited banker-client confidentiality.

“This is because most of these guys are big fish and powerful and the challenge is there was no collateral to backup the loans.

“Some of them have fled the country because of their perceived G40 links and recovering that money will be a major hustle.

“Biti will be handling the case in a bid to recover the funds .

“He is a neutral lawyer who is not conflicted or compromised in this matter since he has no ties whatsoever with the ZANU PF bigwigs on the list,” revealed our highly placed source.

This publication understands that the bigwigs used their political muscle to arm twist management and coercive methods to compel bank management to bow down to their loan demands without collateral.

On top of the list is former first lady Grace Mugabe who owes US$4.5 million followed by Obert Mpofu $2,5 million, Vice President Constantino Chiwenga’s ex-wife Jocelyn $900 000 and former Reserve Bank governor Gideon Gono $2 million.

Other notable figures include Professor Jonathan Moyo,  MDC vice chairperson Job Sikhala, Leo Mugabe, Supa Mandiwanzira, Undenge couple (Samuel and Retina), Ignatious Chombo and Douglas Mahiya among others.

In 2018, CBZ had the largest non performing loans (NPLs) of US$95 million followed by CABS which was sitting on US$42 million.

Essentially, NPLs represent the loans that the borrower is neither servicing the interest nor the principal debt. 

They are not yet regarded as write offs due to a number of factors, including the possible fact that the collateral security could still be sufficient to recover the loan.

However, in this case the high profile borrowers did not tender collateral – making it a unique scenario that will see its day in court if CBZ pursues. 

A case study research design of CBZ Bank Limited conducted by economist and researcher Tendai Mabvure  revealed that external factors are more prevalent in causing non performing loans in CBZ Bank Limited. 

The major factors causing non performing loans were natural disasters, government policy and the integrity of the borrower. 

Hereunder is the list of the bigwigs

Grace Mugabe $4,5 million

Obert Mpofu $2,5 million

Gideon Gono $2 million

Jocelyn Chiwenga $900k

Andrew Mhlanga $200k

Ignatious Chombo $500k

Douglas Mahiya $75k

Prof Jonathan Moyo $200k

Supa Mandiwanzira $400k

Leo Mugabe $300k

Mandivepi Chimene $100k

Happyton Bonyongwe $800k

Olivia Muchena $200k

Didymus Mutasa $375k

Temba Mliswa $350k

Joseph Chinotimba $100K

Job Sikhala $100k

Edna Madzongwe $650k

Mabel Chinomona  $88k