CIO squandered $70m loan – Mutsvangwa

via CIO squandered $70m loan — Mutsvangwa – DailyNews Live by Lloyd Mbiba  6 APRIL 2014

The Central Intelligence Organisation (CIO) allegedly squandered a $70 million loan facility from China meant to bankroll a tractor company, a senior government official has said.

Outspoken Foreign Affairs deputy minister Christopher Mutsvangwa, who has been shooting from the hip this week, tore into the government for failing to pay back international loans when he addressed students taking Joint Command and Staff Course No. 27 at the Zimbabwe Staff College in Harare on Wednesday.

Mutsvangwa said such behaviour impacted negatively on the country’s relations with the international community.

He cited a case where the President’s Office borrowed $70 million from China to start a tractor company in partnership with locals.

“The directors of that company squandered all that money,” Mutsvangwa said. “Today the loan is with the minister of Finance. It is being paid by taxpayers’ money. We have no good credit rating with China.

“We have moves here to say let us ask China to get forgiveness. Getting forgiveness means you are committing credit suicide. You are denying yourself capital access. We somehow believe that loans from China should not be serviced when we do not perform.”

The Norton legislator said there was need for the country to keep good diplomatic relations with China because the Asian tiger was a global giant.

He said even Western countries were now looking to China.

“Britain is looking for money from China,” Mutsvangwa said. “If you go to church and the bishop has gone to another church, then you are going to the wrong church. Go to the church where the bishop is. Ask where the British have gone to look for money.”

The opposition MDC said the state intelligence organisation should be taken to task over the abuse of the loan.

Douglas Mwonzora, MDC spokesperson, said Treasury should not use taxpayers’ money to service odious debt.

“We are appalled that the intelligence borrowed money from an international donor for a tractor business. Since when has CIOs been into tractors,” Mwonzora said. “Are tractors now State security? Surely, can we have a serious State security organisation taking loans and squandering them?

“CIOs took the loan and squandered it and this amounts to theft and they should pay.  The treasury should not service the loans.

“Why should taxpayers’ money be used to cover up for corrupt State security elements?”

Mwonzora said State security apparatus were dabbling in activities that have nothing to do with their mandate.

“This is bad and it cannot be allowed to continue any day longer,” Mwonzora said. “President Mugabe is allowing State security to operate wily nily as long as they remain loyal to him. This is bad and as the MDC we say no to this.”

COMMENTS

WORDPRESS: 19
  • comment-avatar
    Gondobwe 7 years ago

    Only the weird, the abnormal are sanitised in Zimbabwe. CIO venturing into industrial production of tractors, ZIFA venturing into agriculture, the army into mining! Hey madoda, hindaba?

    • comment-avatar
      Don Cox 7 years ago

      It seems to be usual under dictatorships for the military and the secret police to get involved in business. You can find the same in North Korea, Egypt, Iran and China.

      The next stage is that the industry is sold at absurdly low prices to generals, who become business tycoons overnight.

      None of this works well.

  • comment-avatar

    Hey madoda, hindaba? they are mad mfondini.

  • comment-avatar
    John Thomas 7 years ago

    If any of them were well adjusted adult human beings they would shoot themselves for what they have done. These are all overgrown children unable to tell right from wrong.

    • comment-avatar

      A very dangerous place to be! One day they may wake up on the end of the devils pitchfork!

  • comment-avatar
    Mixed Race 7 years ago

    Next time they will be asking for money for manufacturing a Boeing 777 to replace the missing one.It looks like everybody is going crazy in this country.

  • comment-avatar

    Misappropriation of Government funds is theft and those involved should be prosecuted. Mutsvangwa and Jonathan Moyo have nothing to hide and are giving out information about corruption bedevilling our country but Robert Mugabe is protecting the criminals.

  • comment-avatar
    Isu Zvedu 7 years ago

    The opposition must publish fliers of these corrupt practices, name and shame in all languages and distribute them in Zvimba and Uzumba.

    • comment-avatar
      Roving Ambassador 7 years ago

      OGood idea, but, unfortunately the opposition is an extension of Zanu. They went into government and came out with nothing, pathetic.

  • comment-avatar
    jobolinko 7 years ago

    Its they were born by one mother the whole lot is just a joke

  • comment-avatar
    Daniel Berejena 7 years ago

    Abuse money, and blame it all on sanctions

  • comment-avatar
    Zvichanaka. 7 years ago

    This government must come out clean with all their failures like the case in point if at all it is true and let the tax payers decide the next course of action. I believe this is just but the tip of the iceberg. Nassa needs to be scrutinised, so should individual ministries and parastatals. There has been a lot of waste and theiving going on.

  • comment-avatar
    Zvichanaka. 7 years ago

    Looks to me like Zanu pf is now shooting itself in the foot through Mr Mutsvangwa and Mr Mliswa.

  • comment-avatar

    “WHERE’S APO”.? WE NEED THOSE INTELLECTUAL ZANU EXCUSES!!!!!

  • comment-avatar
    Mixed Race 7 years ago

    The idea of detailed debating is to win the brainy people not to humiliate them gentlemen.Wait patiently to hear from Apolitical who might surprise you with his useful contribution.

  • comment-avatar

    is this the implosion of ZANU PF.

  • comment-avatar
    Kondo 7 years ago

    Under these conditions, do we expect the CIO or president’s office and Mugabe to investigate corruption and prosecute the offenders or punish them? Fellow countrymen, those of us who hate corruption are on our own. We must get up and drive the corrupt and their corruption out of power. Mugabe and Tsvangirai will not fight corruption. Arise Patriots!