Zimbabwe's ruling party appointed Kudakwashe Tagwirei, a businessman sanctioned by the US for alleged corruption, as a cabinet minister and secretary for economic affairs. President Emmerson Mnangagwa named him minister of economic development and investment promotion on October 10, days after Tagwirei landed a position as a cabinet minister. Tagwirei, a vocal supporter of Mnangagwa's campaign to extend his term until 2030, was part of a coterie of businessmen who benefited from lucrative state deals.
He built his fortune through fuel-supply contracts, mine acquisitions from the state, and government contracts for fertilizer and farming equipment. The US Treasury sanctioned him in 2020, accusing him of using opaque business dealings and his relationship with the president to grow his empire and rake in millions. The UK followed suit a year later.
Tagwirei has denied wrongdoing.
Source: Bloomberg Markets · Summarized by HeadlinesBriefing