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SHURUGWI – A sophisticated cybercrime syndicate that has defrauded dozens of victims across Zimbabwe has been dismantled by police in Shurugwi. The trio, who employed advanced techniques to siphon money from unsuspecting individuals, are now in custody and facing a raft of charges related to phishing scams and mobile money fraud. National police spokesperson Commissioner […]

The post Tau, Rumbi and Bradwell arrested for 29 cases of fraud after stealing US$17,000 and ZiG 30 million from multiple individuals first appeared on My Zimbabwe News.

Source: NEW: Zimbabwe, Zambia pick US adviser for US$4,5 billion hydro project – herald

ZIMBABWE and Zambia picked Synergy Consulting Ltd as lead financial advisor for their planned US$4,5 billion Batoka Gorge hydropower dam project.

The joint venture on the Zambezi River is expected to supply the two countries with as much 2 400 megawatts of electricity upon completion.

The tender process is expected to start in the second quarter of next year.

Synergy, based in Virginia near Washington, will help prepare a request for proposals, shortlist potential bidders and provide other services, Mr Munyaradzi Munodawafa, the Zambezi River Authority’s chief executive officer, said in an interview.

The deal with the US firm, which has had extensive experience working with the World Bank, the International Finance Corporation and other development institutions, was signed earlier this month, he added.

Construction of the dam project was initially scheduled to start in 2020 but was delayed due to the onset of the coronavirus pandemic and difficulties in securing funding.

Zambia previously withdrew from a 2019 contract that had been awarded to General Electric Co and Power Construction Corporation of China, citing irregular procurement methods.

The dam will be developed as a public-private partnership with the two governments retaining a controlling stake, Mr Munodawafa said.

Zambia and Zimbabwe were stricken by power cuts last year after a severe drought curbed hydro-electricity generation at Kariba Dam, which is managed by the ZRA. – Bloomberg

The post NEW: Zimbabwe, Zambia pick US adviser for US$4,5 billion hydro project  appeared first on Zimbabwe Situation.

Source: NEW: Zimbabwe, Zambia pick US adviser for US$4,5 billion hydro project – herald

ZIMBABWE and Zambia picked Synergy Consulting Ltd as lead financial advisor for their planned US$4,5 billion Batoka Gorge hydropower dam project.

The joint venture on the Zambezi River is expected to supply the two countries with as much 2 400 megawatts of electricity upon completion.

The tender process is expected to start in the second quarter of next year.

Synergy, based in Virginia near Washington, will help prepare a request for proposals, shortlist potential bidders and provide other services, Mr Munyaradzi Munodawafa, the Zambezi River Authority’s chief executive officer, said in an interview.

The deal with the US firm, which has had extensive experience working with the World Bank, the International Finance Corporation and other development institutions, was signed earlier this month, he added.

Construction of the dam project was initially scheduled to start in 2020 but was delayed due to the onset of the coronavirus pandemic and difficulties in securing funding.

Zambia previously withdrew from a 2019 contract that had been awarded to General Electric Co and Power Construction Corporation of China, citing irregular procurement methods.

The dam will be developed as a public-private partnership with the two governments retaining a controlling stake, Mr Munodawafa said.

Zambia and Zimbabwe were stricken by power cuts last year after a severe drought curbed hydro-electricity generation at Kariba Dam, which is managed by the ZRA. – Bloomberg

The post NEW: Zimbabwe, Zambia pick US adviser for US$4,5 billion hydro project  appeared first on Zimbabwe Situation.

Source: Chimombe, Mpofu risk losing properties as State seeks implementation of Money Laundering act – herald

Zvikomborero Parafini

Woes continue to mount for jailed businessmen Moses Mpofu and Mike Chimombe, after the State in their latest court appearance last Friday, applied to have their properties seized under the Money Laundering Act.

The duo was convicted of fraud involving US$7 million two weeks ago.

The duo, who face a possible minimum 20-year jail term, will now be sentenced on November 17 after the State notified the court that they intend to apply for a confiscation order under Section 50(1) of the Money Laundering and Proceeds of Crime Act [Chapter 9:24].

The act empowers the State to trace, seize, and confiscate assets suspected to have been acquired through criminal activity.

Prosecutors believe some of Mpofu and Chimombe’s properties were bought using proceeds of the goat tender fraud.

Prosecutor Whisper Mabhaudhi said the State’s application is ready but has been delayed pending the uploading of the court’s written judgment prompting him to seek a postponement

“Once the judgment is uploaded, then the State will file its application,” he added.

Justice Pisirayi Kwenda, who convicted the pair, said their separate judgments would be available by next Wednesday.

The two are expected back in court on November 14 for pre-sentencing proceedings.

Sentencing is expected on November 17.

Mpofu and Chimombe were found guilty last week after spending over a year in remand prison.

The State proved that the fraud emanated from false documents submitted through their company, Blackdeck Private Limited, in September 2021, when the Ministry of Lands and Agriculture invited bids for the supply of 632,001 goats worth US$87 million under a national livestock pass-on scheme.

After winning the tender, the contract was instead signed by Blackdeck Livestock and Poultry Farming, an unregistered entity, with Mpofu representing the company and Chimombe acting as a witness. Investigations revealed that Blackdeck Private Limited had no valid tax clearance certificate from the Zimbabwe Revenue Authority, and that the QR code on its National Social Security Authority compliance certificate belonged to another firm, Skywalk Investments.

Relying on these misrepresentations, the ministry paid ZWL$1.6 billion—then equivalent to US$7.7 million—in two instalments on April 21 and June 29, 2022.

When the company failed to deliver, it falsely claimed to have mobilised 32,500 goats across provinces, but verification showed only 3,713 goats were available.

“After the Ministry of Lands realised that they were being deceived by the accused persons, they then cancelled the contract on August 29, 2022,” said the National Prosecuting Authority.

To date, only 4,208 goats worth US$331,445.25 have been delivered, leaving the government prejudiced of US$7,380,751.85.

The post Chimombe, Mpofu risk losing properties as State seeks implementation of Money Laundering act  appeared first on Zimbabwe Situation.