The U.S government said it sanctioned Tagwirei for derailing economic development in Zimbabwe.
This X post claiming that Zimbabwean tycoon Kudakwashe Tagwirei was supporting government programs to prevent Zimbabwe from collapsing and was later sanctioned for the efforts is FALSE.
The video clip accompanying the text is part of an interview by China Global Television Network (CGTN) titled: Zimbabwe yet to take steps leading to sanction relief. During the interview, the U.S Senator Chris Coons said Zimbabwe was not ready to adopt democratic practices and uphold human rights to be removed from sanctions. The video clip on the X-post is misleading as it does not reflect the whole interview.
The Besana Mail – Zim Truth Radar, found that Tagwirei was not sanctioned for preventing the economy from collapsing but was alleged to be profiting from misappropriation of property when his company, Sakunda Holdings, is said to have redeemed Government of Zimbabwe Treasury Bills at up to ten times their official value.
It is reported that his actions accelerated the devaluation of Zimbabwe’s currency, increasing the price of essentials, such as food, for Zimbabwean citizens.
On 5 August 2020, the U.S government sanctioned Tagwirei and his company after the government of Zimbabwe failed to account for about US$3 billion disbursed under the Command Agriculture program, a state farm subsidy championed by President Emmerson Mnangagwa and largely financed by Sakunda Holdings.
On 4 March 2024, the U.S. government through the Department of the Treasury’s Office of Foreign Assets Control (OFAC) designated 11 individuals, including Zimbabwe’s President Emmerson Mnangagwa, and three entities for their involvement in corruption or serious human rights abuse pursuant to E.O. 13818, which builds upon and implements the Global Magnitsky Human Rights Accountability Act.
Tagwirei is part of the 11 individuals and his company Sakunda Holdings, one of the three.
“Tagwirei and other Zimbabwean elites have derailed economic development and harmed the Zimbabwean people through corruption,” said Deputy Secretary Justin G. Muzinich.
“The United States supports the economic well-being of the Zimbabwean people and will target repressive and corrupt acts and graft by Zimbabwean politicians and their financiers. Muzinich added.
The Besana Mail, Zim Truth Radar, also discovered on 22 July 2021, the UK government announced new sanctions against individuals involved in corruption around the world. Tagwirei is listed for allegedly profiting significantly from the misappropriation of funds at the expense of wider macroeconomic stability in Zimbabwe.
The Besana Mail, Zim Truth radar has examined a claim that Kudakwashe Tagwirei was supporting government programs to prevent Zimbabwe from collapsing and was later sanctioned for the efforts and found it to be FALSE.
This fact-check was produced by The Besana Mail, Zim Truth Radar as part of the African Fact-Checking Alliance’s (AFCA) incubation programme. It was produced with peer-mentorship from Code for Africa’s fact-checking initiative, PesaCheck, with financial support from Norway. AFCA mentorship respects the journalistic independence of the researchers, offering access to advanced techniques and tools. Editorial decision-making remains with The Besana Mail, Zim Truth Radar. Want to learn more? Visit: https://factcheck.africa/
