close

UK imposes sanctions on Tagwirei, firms

kudakwashe tagwirei
Kudakwashe Tagwirei

Zimstar News reporter

Controversial tycoon businessman Kudakwashe Tagwirei has been placed under United Kingdom sanctions for allegedly sabotaging the Zimbabwean economy through opaque deals with government.

The embargo involves an asset freeze and travel ban on the under-fire owner of Sakunda Holdings and close ally to President Emmerson Mnangagwa.

According to a statement by UK foreign secretary Dominic Raab, the measures will also apply to entities owned or controlled by Tagwirei.

Raab said Tagwirei “profited significantly from the misappropriation of property at the expense of wider macroeconomic stability in Zimbabwe, in one of the most serious incidences of corruption under the current government.”

He added, “His company, Sakunda Holdings, redeemed government of Zimbabwe Treasury Bills at up to ten times their official value. His actions accelerated the deflation of Zimbabwe’s currency, increasing the price of essentials, such as food, for Zimbabwean citizens.”

The business mogul was blacklisted together with five individuals who were targeted in the second tranche of UK sanctions under the Global Anti-Corruption sanctions regime.

They include Teodoro Obiang Mangue, who is Equatorial Guinea vice president; Alex Nain Saab Morán and Alvaro Enrique Pulido Vargas of Venezuela and Nawfal Hammadi Al-Sultan, the governor of Nineveh province in Iraq.

Added Raab: “The action we have taken today targets individuals who have lined their own pockets at the expense of their citizens. The UK is committed to fighting the blight of corruption and holding those responsible for its corrosive effect to account.

“Corruption drains the wealth of poorer nations, keeps their people trapped in poverty and poisons the well of democracy.”

The UK official said the measures targeted at the individuals will ensure they were no longer able to channel their money through UK banks or enter the country.

Tagwirei is also under United States sanctions slapped on him last year.

Zimbabwean authorities remain adamant sanctions placed on some top government officials and allies by the US and UK were unjustified and an act of interference on the country’s domestic affairs.

Tags : Kudakwashe TagwireiUK sanctions
Staff Reporter

The author Staff Reporter