Some Zimbabweans have responded with disgust to reports that ZB Financial Holdings has a new major shareholder linked to business mogul and Sakunda boss Kuda Tagwirei.
After 57 million shares, worth over $ 1 billion, traded on the Zimbabwe Stock Exchange this morning is worth, tThe shares that were held by NSSA are now held by an investment vehicle linked to Tagwirei.
Some have said that Tagwirei now controls all means of production in the country, creating a monopoly. A Hamutioni Ndoro noted:
The systematic risk of these acquisitions is now too obvious to be ignored. Tagwirei now owns a significant share of our financial services industry. If Tagwirei coughs, it is chaos for the financial services industry.
Another commentator said:
The cartel now owns a significant stake in CBZ, FBCorp and now ZB. Will Zim’s financial sector stay healthy / secure?
Some analysts say that as long as he uses different investment companies, there will be no problem on his part because they are treated as separate legal persons.
Meanwhile, some argue that Tagwirei is just a proxy, working on behalf of and / or in cahoots with the country’s political elites.
Tagwirei, which is closely linked to the ruling ZANU PF, particularly President Emmerson Mnangagwa and his deputy Constantino Chiwenga, already has huge stakes in other sectors including health, mining and energy.
Following: Express Financial