$130 million diamonds disappear in Zimbabwe

via Bulawayo24 NEWS | $130 million diamonds disappear in Zimbabwe by Staff Reporter 27 September 2013 

A POLICE probe team tasked to investigate the $6 million diamond saga involving former Zimbabwe Mining Development Corporation (ZMDC) board chairman Godwills Masimirembwa has reportedly widened its net to include unearthing the disappearance of gems worth $130 million.

The diamonds went missing following the disbandment of a joint venture deal between Core Mining and Mineral Resources and government through ZMDC.

Core Mining is owned by Lovemore Kurotwi, who has been taken to court over allegations of prejudicing government of a potential $2 billion investment in diamond mining.

Impeccable sources told NewsDay yesterday that the investigators were now keen on establishing what became of the 1,3 million carats of the gems following the termination of the joint venture.

Core Mining and ZMDC had formed a joint venture which operated as Canadile Miners.

Core Mining director Kurotwi is on record as having told the High Court that his firm left over 1,3 million carats of diamonds, when ZMDC, under the chairmanship of Masimirembwa, allegedly prematurely terminated the joint venture agreement, forcing him out without his dividends.

Kurotwi further told the court that the joint venture had over $10 million in cash, which money was supposed to be paid as dividends between the firms with Core Mining getting over $3,5 million, but it never received anything.

During the trial of Kurotwi, one of the State witnesses, ZMDC board member Ashton Ndlovu, told High Court judge Justice Chinembiri Bhunu that the $3,5 million which Core Mining was supposed to have received as dividends could not be accounted for at ZMDC.

Former Finance minister Tendai Biti yesterday told a civil society roundtable discussion that: “There are frightening things, shocking things that are going to come out of this Masimirembwa thing.

“You see, when I was minister, officials would not tell me what was happening because they were afraid of being called sell-outs, but the truth is coming out now.”

Biti said there was need for transparency in the sale of diamonds and other government activities.

He said his successor as Finance minister Patrick Chinamasa would also face the problem of “lack of fiscal leg room” against “huge expectations from government”.

Meanwhile, Masimirembwa told NewsDay yesterday that he had not yet been interrogated by either the police or officials from the Zimbabwe Anti-Corruption Commission over the $6 million bribery allegation against him made public by President Robert Mugabe a fortnight ago.

 

COMMENTS

WORDPRESS: 8
  • comment-avatar

    SOUNDS LOGICAL

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    zimcoruption 7 years ago

    Its amazing how diamonds worth 130mill can disappear in a nation with one of the best security operatives on the continent. Or maybe they are only best when it comes to curbing political oppoenents..

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    Charles Chamunorwa 7 years ago

    Those who know zanu pf will tell you that this US$6 million case is going nowhere. In zanu pf corruption is legalised. It will die a natural dearth like many other cases before it.

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    Chamunorwa 7 years ago

    We will leave with this until they eat themselves. They will not go anywhere with this issue since there appears to be big guns involved. Do you remember the GMB case between Samson Paweni, Benard Mashata, Kumbirayi Kangai in the 1980s?

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    Inini 7 years ago

    When the net start catching the big fish the fishers will disappear. ZANU can’t eat ZANU woo

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    Jogo Bonita 7 years ago

    The fishermen are scared of the sharks.

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    True, chamunorwa. The same pipo u mentioned in the 80s gmb scandal were kept in the cabinet until they died because they were protected species.

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    jongwe power 7 years ago

    The money disappeared because of..um…the tokoloshe, which were…er…summoned by the MDC, the British, the Americans, and the Illuminati.