Fresh details have emerged that the
Noic borrowed the money from the fuel procurement firm to assume full ownership of the Feruka fuel pipeline in a deal that has raised concerns that the state enterprise could have been prejudiced of millions of
Under a controversial loan deal negotiated in 2018,
However, according to documents gleaned by this newspaper,
A source close to the transaction told the Zimbabwe Independent this week that RBZ had, on behalf of Noic, released a substantial amount of the money owed to
According to communication from the Noic corporate services director,
"From the onset, the board's prudence or lack thereof to receive the
Efforts to settle this loan to Sakunda have been a source of discomfort to Noic considering that it has attracted significant interest," the source said last week.
In a statement issued on Friday, RBZ governor John Mangudya confirmed that Noic had withdrawn the money from the
However, he did not state the commercial Bank into which Noic wired the funds it withdrew from its RBZ account.
"..the
Noic made a withdrawal of funds from its account and transferred the funds to its commercial bank account and not to
The outstanding balance to be paid by Noic, as documents show, will attract 5% interest per annum if it is not paid by
Under the terms of the loan deal, before
When Noic paid the cash cover amount, the Zimbabwean dollar was trading at 1:1 with the US dollar according to the prevailing official exchange rate at that time, while the parallel market exchange rate was around US$1:ZW$3.
Following the introduction of the weekly foreign currency auction rate which currently stands at US$1:ZW$81, ZW$30 million is now equivalent to
Noic board chairperson
He said: "I will have to check. I do not have the information with me." Settlement of the debt to
According to documents seen by this newspaper, Mandizvidza wrote to the entity's board members, seeking approval to settle the parastatal's debt to
Sakunda raised incapacity to proceed with the agreement due to the changes in the law prohibiting the payment to a local company offshore. Sakunda further gave notice to terminate the agreement and requested Noic to pay back the loan amount and interest due," Mandizvidza's letter to board members reads.
"The effect of this communication was to terminate the loan and make repayment due. At the board meeting held on
Noic chief executive officer Wilfred Matukeni, who since July could not explain to the Independent why the state-run entity, which now wholly owns the pipeline through
Similarly, Tagwirei had not, at the time of publishing, responded to questions posed last week on the amount of money his firm has so far received from the central bank.
During the subsistence of the loan agreement Sakunda enjoyed preferential treatment through a
Tagwirei, who is President
As reported by this newspaper on
Copyright Zimbabwe Independent. Distributed by AllAfrica Global Media (allAfrica.com)., source