Mugabe heir in $37bn scandal

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By Staff Reporter

SPEAKER of Parliament Emmerson Mnangagwa has been named in the $37 billion Treger Group of Companies' foreign currency externalisation case, New Zimbabwe.com can reveal.

The ruling Zanu PF party is the majority shareholder of
Treger Holdings and Mnangagwa, long touted as President Robert Mugabe's preferred successor, sits on the Holding company's board.

Sources close to the case told New Zimbabwe.com that minutes of a meeting in which Mnangagwa authorized the externalization of millions of dollars in foreign
currency will be presented to the Harare High Court in the on-going trial of the company's senior managers.

Gerald Kuong Keyer, the company's operations manager, this week appeared at the Bulawayo High Court on behalf of the company. The company is appearing in
both Bulawayo and Harare courts.

The sources said the company minutes show that some directors of the company, in a meeting held late last year, expressed fear that the company would be penalized for externalizing money but Mnangagwa is said to have insisted that the company continues its business of dealing in foreign currency with unnamed foreign business associates.

"Considering Mnangagwa's position in both the party and government the company directors felt assured and continued dealing in forex," said the source.

Mnangagwa, who has been touted as President Robert Mugabe's successor, has in the past eluded a dragnet enforced by Reserve Bank governor, Gideon Gono, to tighten controls on the banking sector.

Several senior government officials who include Finance Minster, Chris Kuruneri and former Zanu PF legislator and businessman, James Makamba have been nabbed under the new monetary policy controls and have been in custody for several months on charges of externalizing foreign currency.

A probe into the activities of the ruling party's business empire, whose tantacles spread across the country and which Mnangagwa is the frontman, failed to
nail the powerful politician.

The revealations on Mnangagwa's activities are the most damning since opponents within the ruling party launched what observers believe to be a Mugabe succession battle.

Early this year Mnangagwa was named in an illegal gold buying scam but he escaped unscathed. A magistrate ordered journalists to air-brush out Mnangagwa's name in their stories.
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