United Kingdom slaps Tagwirei with sanctions

LONDON – Business tycoon Kudakwashe Tagwirei is the latest Zimbabwean figure to appear on the UK sanctions list released by the government on Thursday, July 22, 2021.

The new UK sanctions were imposed on those involved in corruption around the world, according to a statement by Foreign Secretary Dominic Raab posted on the government’s official website.

“Foreign Secretary Dominic Raab today announces new UK sanctions against 5 people involved in serious corruption in Equatorial Guinea, Zimbabwe, Venezuela and Iraq,” the statement read.

The UK’s global anti-corruption sanctions target cases of serious corruption that have deprived developing countries of vital resources, and Harare businessman Tagwirei appears to fit that equation.

Tagwirei is accused of profiting from “embezzlement” when his company Sakunda Holdings bought up Zimbabwean government-issued treasury bills at a price multiplied by ten.

“Foreign Secretary Dominic Raab today announced new sanctions against individuals under the UK’s global anti-corruption sanctions regime.

“This second round of global anti-corruption sanctions targets corrupt individuals who have lined their pockets through embezzlement, their greed causing untold damage to the countries and communities they exploit.

“The UK will impose asset freezes and travel bans on these people to ensure they can no longer funnel their money through UK banks or enter the country.

“The new sanctions announced today target five people involved in serious corruption cases in Equatorial Guinea, Zimbabwe, Venezuela and Iraq. The people named today are:

“Teodoro Obiang Mangue, Vice President of Equatorial Guinea and son of the current President, for his involvement in the embezzlement of public funds into his own bank accounts, the corruption of contractual arrangements and the acceptance of bribes wine to finance a lavish lifestyle incompatible with his official salary as government ministers, including the purchase of a $100 million mansion in Paris and a $38 million private jet.

“Kudakwashe Regimond Tagwirei for profiting from embezzlement when his company, Sakunda Holdings, redeemed Zimbabwe government treasury bonds at up to 10 times their official value. His actions accelerated the deflation of Zimbabwe’s currency and raised the price of basic necessities, such as food, for Zimbabwean citizens.

“Alex Nain Saab Morán and Alvaro Enrique Pulido Vargas for taking advantage of two Venezuelan public programs set up to provide poor Venezuelans with affordable food and housing. They took advantage of improperly awarded contracts where promised goods were delivered at grossly inflated prices. Their actions, for their own personal gain, have inflicted further suffering on already poverty-stricken Venezuelans.

“Nawfal Hammadi Al-Sultan was involved in serious corruption in his role as Governor of Nineveh Province, Iraq, where he misappropriated public funds intended for reconstruction efforts and civilian aid, and misappropriated contracts and other government property.

“Al-Sultan is currently serving a combined five-year sentence in Iraq for corruption offenses including wasting five billion Iraqi dinars (about £2.5million) on bogus public works,” the government of Britain said in the press release.