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Wednesday, April 24, 2024
HomeBusinessTagwirei No Longer Associated with Kuvimba Mining House, Says Eddie Cross

Tagwirei No Longer Associated with Kuvimba Mining House, Says Eddie Cross

In a recent interview with a private media outlet, former opposition legislator and economist Eddie Cross has revealed that businessman Kudakwashe Tagwirei is nolonger part of Kuvimba Mining House.

Speaking to HSTV, Cross also said Tagwirei had also disposed his stake in the fuel sector including the Feruka pipeline.

“Kuda was kuvimba. He took all the money he got from the fuel business, disposing of the sales, putting the pipeline back to NOIC because he had 50 percent shares of the pipeline and NOIC bought him out. He did a lot of money and bought a lot of properties and put it into Kuvimba. Now Kuvimba has been taken over by the National Wealth Fund (Mutapa Fund),” Cross stated, affirming Tagwirei’s transition away from the mining conglomerate.

The Mutapa Investment Fund, under its purview, has absorbed over twenty companies, including prominent entities like Kuvimba Mining House, ZESA Holdings, HomeLink, Fidelity Gold Refinery, National Railways of Zimbabwe (NRZ), and Air Zimbabwe.

Cross also emphasized Tagwirei’s ascent to billionaire status without relying on political affiliations, highlighting his success in the fuel industry: “It wasn’t political connections that made him rich. He has become extremely rich and Kuda is extremely bright.”

Contrary to widespread belief that Tagwirei amassed his wealth through government programs like command agriculture, Cross pointed out that Tagwirei’s fortune was primarily generated through his ventures in the fuel sector.

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“He owned a fuel company, one of the bigger ones, and the Trafigura guys bought him out and made him a director and trebled the size of the business as they (Trafigura) are the third-largest trading company in the world.”

Moreover, Cross revealed Tagwirei’s shift away from the fuel industry towards other endeavors, indicating a strategic diversification of his interests.

Reflecting on his own experiences, Cross disclosed a decade-long struggle against Tagwirei’s perceived dominance over the country’s fuel pipeline.

He advocated for the construction of a second pipeline from Beira, Mozambique to Harare, challenging Tagwirei’s influence.

Government statements reiterated their stance against granting total control of the fuel pipeline to private entities, emphasizing the importance of state oversight in critical infrastructure.

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