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Controversy Surrounds Chivayo’s Wealth as Analysts Call for Investigation

Prominent analysts are demanding an urgent probe into the sources of Wicknell Chivayo’s wealth after revelations that he sought to increase his monthly cash withdrawal limit to US$20 million for two companies linked to him.

Chivayo has denied signing the withdrawal requests, labeling the leaked documents “blatant forgeries.”

Former Finance Minister Tendai Biti insists that such vast sums of money warrant immediate scrutiny.

“Anyone who has those types of funds should be investigated. This is an economy with the majority of the population in poverty. The Zimbabwe Anti-Corruption Commission (ZACC) and the tax authority should be taking an interest in this,” Biti said.

Economist Eddie Cross echoed Biti’s sentiments, remarking, “The story of Wicknell keeps getting ridiculous, it’s about time he got his wings cut.”

Political analyst Rashweat Mukundu argued that Chivayo’s request is emblematic of a deeper systemic rot.

“Essentially, we are seeing the extent of the collapse of governance structures in Zimbabwe… If someone makes a request to withdraw US$20 million from a bank in Zimbabwe, that can tell you the levels of criminality in terms of where that money is going,” Mukundu said.

Chivayo’s business dealings have been marred by controversy, including a US$172.8 million tender to construct a 100-megawatt solar power station in Gwanda, which remains abandoned despite receiving over US$5 million upfront.

His association with Ren-Form CC, a South African company implicated in a US$100 million scandal, has further intensified scrutiny over his business dealings.

As Zimbabwe grapples with severe economic challenges, including hyperinflation and rampant unemployment, the demands for an investigation into Chivayo’s monthly withdrawals, which reportedly exceed US$40 million, have become increasingly urgent.

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