By Kudzai Zvivanashe
Harare – Political and economic analysts are calling for an urgent investigation into the sources of controversial businessman Wicknell Chivayo’s wealth following revelations that he sought approval to increase the monthly cash withdrawal limit for two companies linked to him to US$20 million each.
Chivayo, has however, since denied he signed the withdrawal requests branding the leaked documents “blatant forgeries.”
The reported requests made for Edenbreeze Pvt Ltd and IMC Technologies Incorporated Pvt Ltd by Chivayo have sparked outrage and raised alarm over the apparent collapse of governance structures in Zimbabwe, with critics accusing the state of enabling impunity for the politically connected.
In the two separate applications made to Ecobank Zimbabwe, Chivayo claims he has been awarded multi-million government contracts and needs huge amounts of cash to pay service and materials providers.
The revelations have drawn sharp criticism from prominent figures, including former Finance Minister Tendai Biti, who insisted that such vast sums of money warrant immediate scrutiny.
“Anyone who has those types of funds should be investigated. This is an economy with the majority of the population in poverty.
“The Zimbabwe Anti-Corruption Commission (ZACC) and the tax authority should be taking an interest in this,” said Biti.
His sentiments were echoed by economist and former Reserve Bank of Zimbabwe (RBZ) adviser, Eddie Cross, who remarked: “The story of Wicknell keeps getting ridiculous, it’s about time he got his wings cut.”
Political analyst Rashweat Mukundu went further, arguing that Chivayo’s request is emblematic of a deeper systemic rot.
“Essentially, we are seeing the extent of the collapse of governance structures in Zimbabwe.
“If someone makes a request to withdraw US$20 million from a bank in Zimbabwe, that can tell you the levels of criminality in terms of where that money is going,” Mukundu said.
He highlighted the stark contrast between such brazen financial requests and the dire state of public services in the country.
“This request exemplifies the rot that Zimbabwe is dealing with at a time that our hospitals have no medicines and we are travelling on potholed roads.
“Many people have no accommodation, our public education system has collapsed.
‘’We have school children in rural areas who are learning in leaking and almost collapsing classrooms and yet someone is making a request for US$20 million in cash,” he added.
Another analyst, Vivid Gwede, told NewsHub that the withdrawal requests by Chivayo, if they were to succeed, would severely liquidity in the banking sector and fuel illicit activities.
“Massive withdrawals of that nature will obviously strain the banking sector and other activities in the economy.
“One wonders why wire transfers wouldn’t suffice. Why the specific persistence on cash?
“The circulation of unregulated amounts of cash can also promote illicit activities,” Vivid Gwede.
Chivayo, a former convict turned businessman, is no stranger to controversy.
In 2015, his company, Intratek Zimbabwe Pvt Ltd, was awarded a US $172.8 million tender to construct a 100-megawatt solar power station in Gwanda.
Despite receiving over US$5 million upfront, the 262-hectare site earmarked for the project remains virtually abandoned, featuring termite-infested wooden structures and a solitary solar panel used for security lighting.
In July 2024, Chivayo was embroiled in a US$100 million scandal involving Ren-Form CC, a South African company with which he is associated.
The company was awarded a tender to supply electoral materials to the Zimbabwe Electoral Commission at prices inflated by up to 235 percent.
This has further intensified scrutiny over his business dealings.
Chivayo has been on a lavish spending spree, gifting millions of US dollars’ worth of cars to his church members, musicians, and Zanu PF supporters.
This ostentatious display of wealth has raised further questions about the sources of his income and heightened calls for accountability.
The demands for an investigation into Chivayo’s monthly withdrawals, which reportedly exceed US$40 million, come at a critical time for Zimbabwe.
The country is facing severe economic challenges, including hyperinflation, currency instability, and rampant unemployment.
Source – IDT
