- The Zimbabwe Anti-Corruption Commission (ZACC) is investigating a US$6.8 million corruption scandal.
- The scandal involves Terrestrial Holdings (Private) Limited, the investment arm of the Central Intelligence Organisation (CIO).
- Allegations include the abuse of CIO influence to secure and divert pension funds from the National Social Security Authority (NSSA).
- Funds were reportedly intended for a multi-purpose three-storey building in Avondale, Harare.
The probe by ZACC focuses on the alleged misuse of power by Terrestrial Holdings to obtain a US$6.78 million loan from NSSA. Initial disbursements amounted to US$4.5 million. Investigators describe the loan’s acquisition as driven by ‘simmering greed and calculated criminal intent for profit and self-enrichment,’ secured through pressure and manipulation.
The money trail indicates funds moved from NSSA via Stanbic Bank Zimbabwe to Chigama Architectural Services and Project Management (Private) Limited. From there, the funds were channeled into Alpha Asset Management and Access Forex (Private) Limited, two financial entities reportedly facing cash-flow challenges and offering high-interest investment deals.
This scandal highlights significant concerns regarding transparency and accountability within state-linked entities and the potential diversion of public pension funds for private gain in Zimbabwe’s development projects. The investigation aims to uncover the full extent of the financial impropriety and bring those responsible to justice.
Timeline
- February 1, 2026: News broke regarding ZACC’s investigation into the CIO’s investment arm.
Key Players
- Zimbabwe Anti-Corruption Commission (ZACC): Investigating body.
- Central Intelligence Organisation (CIO): Zimbabwe’s state security agency.
- Terrestrial Holdings (Private) Limited: CIO’s investment arm, subject of the probe.
- National Social Security Authority (NSSA): Source of the diverted pension funds.
- Fulton Mangwanya: Current CIO Director-General.
- Isaac Moyo: Former CIO Director-General, during whose tenure transactions originated.
- Chigama Architectural Services and Project Management (Private) Limited: Recipient of funds.
- Alpha Asset Management (Run by Rudo Mukamba): Recipient of channeled funds.
- Access Forex (Private) Limited (Led by Raymond Singathini Chigogwana): Recipient of channeled funds.
