Controversial businessman Wicknell Chivayo is facing serious scrutiny after it was revealed that he allegedly received over R800 million from a R1.1 billion payment made by Zimbabwe’s Ministry of Finance to a South African company contracted to supply election materials.
The Financial Intelligence Centre (FIC) of South Africa uncovered the payments during an investigation into Ren-Form CC, the South African company awarded the contract.
The company received a total of R1.16 billion (US$61 million) from Zimbabwe’s treasury between April 2023 and May 2024 for election-related supplies.
However, the FIC flagged several large transfers made from Ren-Form’s accounts to Chivayo’s companies, including Intratrek Holdings and Dolintel Trading Enterprise.
According to the FIC report, shortly after the payment was made, over R800 million was transferred from Ren-Form’s accounts to accounts linked to Chivayo.
Additionally, a further R156 million was paid directly by Zimbabwe’s Finance Ministry into another of Chivayo’s companies, Edenbreeze, allegedly for “architectural, engineering, and technical services.”
The FIC has submitted its findings to Zimbabwe’s Financial Intelligence Unit, the South African Revenue Service (SARS), and the South African Police Service (SAPS) for further investigation into the matter.
The investigation into the movement of funds revealed significant payments made from Chivayo’s accounts to various individuals, businesses, and service providers.
The FIC report flagged a series of transactions, many of which were described as “round amounts” and included large purchases that appeared inconsistent with the profiles of the account holders.
Among the entities that received large sums from Chivayo’s accounts were:
- Asibambeki Platinum Group, receiving R351 million
- Agile Venture Capital
- Makopah Holdings
- Platinum Group
- WMC Trading
- Opened 4 All Trading & Projects
Other payments included R4 million to law firm Strauss Scher Inc., R5.4 million to luxury car dealership Daytona, R1.6 million to Flight Centre South Africa for travel expenses, and R5.6 million to NN Truck and Trailer.
Payments were also made to Zimbabwean makeup brand Christian by Hadassah and several logistics companies, including Indo Logistics, which received R9.4 million.
The FIC raised concerns over the nature of these transactions, citing numerous payments to luxury businesses and vendors, which appeared out of line with the stated purpose of the funds.
Authorities are continuing to investigate the matter, with Zimbabwean and South African law enforcement agencies now involved.
The findings have raised serious questions about the handling of public funds and the potential misuse of taxpayer money.
Chivayo, who has previously been embroiled in controversy over other business dealings, has yet to respond publicly to the latest allegations.
The ongoing investigation is expected to shed more light on the situation as it unfolds.
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