<\/p>\n
Zimbabwean President Emmerson Mnangagwa appointed a tycoon sanctioned by the US and UK for alleged corruption to his cabinet.<\/p>\n
Kudakwashe Tagwirei, a long-time adviser to Mnangagwa, was named minister of economic development and investment promotion, the president said in a statement on Thursday. Mnangagwa split the finance ministry in two to create the position and retained Mthuli Ncube in the finance portfolio.<\/p>\n
Tagwirei was one of the most vocal backers of Mnangagwa\u2019s successful campaign for a constitutional amendment to extend his term earlier this year. He\u2019s part of a coterie of wealthy businessmen who have drawn closer to the president and benefited from being awarded lucrative deals with the state.<\/p>\n
Known locally as \u201cqueen bee\u201d because of his influence, Tagwirei made his fortune from fuel-supply contracts, the acquisition of mines from the state and government contracts to provide fertilizer and equipment to small-scale farmers.<\/p>\n
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He first entered formal politics when he became a member of the ruling party\u2019s decision-making body last year and gifted 300 luxury vehicles to some of its senior leaders during the process, according to local media reports. Constantino Chiwenga, Mnangagwa\u2019s vice president and a former military leader, accused Tagwirei of \u201cbuying\u201d his way into the party and criticized 84-year-old Mnangagwa\u2019s bid to extend his term.<\/p>\n
Tagwirei was appointed to the senate by Mnangagwa after the constitutional amendment passed in July.<\/p>\n
\u201cTagwirei used a combination of opaque business dealings and his ongoing relationship with President Mnangagwa to grow his business empire dramatically and rake in millions of US dollars,\u201d the US Treasury said in 2020 when it sanctioned him. The UK followed suit a year later.<\/p>\n
Mnangagwa has also courted other wealthy businessmen, including gold trader Scott Sakupwanya, who is now a ruling party lawmaker. Wicknell Chivayo, who was often seen in Mnangagwa\u2019s company including during a meeting with South African President Cyril Ramaphosa, died in a helicopter crash last week.<\/p>\n
In his new role, Tagwirei will oversee state-owned enterprise such as the Mutapa Investment Fund \u2014 a sovereign wealth fund that holds mines he once owned. He will also be responsible for the Zimbabwe Investment and Development Agency, which is tasked with attracting foreign investment.<\/p>\n
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For Western institutional investors, sovereign wealth funds, and multinational corporations, negotiating investment agreements directly with a sanctioned minister presents serious compliance and legal risks, according to Robert Besseling, the chief executive officer of consultantancy Pangea-Risk.<\/p>\n
\u201cBy appointing Tagwirei, Mnangagwa appears to be doubling down on transactional economic diplomacy, relying on alternative capital from China and Russia, and opaque private networks that are indifferent to Western sanctions regimes,\u201d he said.<\/p>\n
\u00a9 2026 Bloomberg<\/p>\n
#USsanctioned #tycoon #named #Zimbabwes #investment #minister<\/p>\n","protected":false},"excerpt":{"rendered":"
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