Zimbabwe Investigation| Fronts, Fakes and Façades

6 July 2023

In 2019, Zimbabwean presidential advisor Kudakwashe Tagwirei moved millions of dollars in suspect funds from the Reserve Bank of Zimbabwe (RBZ) to the City of London. The funds were used to buy two Zimbabwean mines— Bindura Nickel and Freda Rebecca Gold Mine—for $29.5 million (£23 million) from a bankrupt firm being run by British company administrators Duff & Phelps (now known as Kroll). At the time of the purchase, accusations of corruption and cronyism had already been swirling around Tagwirei for years. 

The report relies on almost 2,000 emails and documents, including financial records and correspondence, provided by a whistleblower. These documents and additional investigations reveal that the purchase of the mines involved behaviour that raises questions and may carry policy implications when it comes to deterring powerful and connected individuals from exploiting the international financial system.