POSB HEIST SHOWS ZANU PF WILL NEVER CHANGE

The corrupt ZANU PF government has once again shown that it does not care about the law or the people of Zimbabwe. The plan to sell the state-owned People’s Own Savings Bank to a shadowy group called Hebrew Investment Group is a clear example of this. This was not a normal deal. It was a secret and illegal move that looks like a brazen heist. Even the involvement of Attorney-General Virginia Mabiza and a direct order from President Mnangagwa does not change the fact that this deal breaks the law and shows deep corruption.

The centre of this scandal is a one hundred million dollar plan to hand over a public bank to a private group that nobody knows well. In return, the government says it will get a six billion dollar loan. This deal was pushed fast without any proper legal process. It is a clear act of theft from the people, because a national asset was almost given away without rules being followed.

In Zimbabwe, the law is very clear on how a public asset like POSB can be sold. The Public Procurement and Disposal of Public Assets Act explains the steps that must be taken to protect national property. For any sale, there must be a shareholders’ agreement, approval from the board, and a fair and open tender process. But in this case, none of these basic steps were followed.

A shareholders’ agreement is important because it guides how big decisions are made. But in this deal, such an agreement seems to not even exist. The board of directors, who must approve any big move like this, were ignored. The law was pushed aside on purpose, leaving Zimbabweans with no fair process and no protection.

PRAZ, which is the Procurement Regulatory Authority of Zimbabwe, is supposed to make sure all procurement is fair and honest. There is also a Special Procurement Oversight Committee that was created to stop exactly these kinds of corrupt deals. But Mnangagwa and his team ignored these bodies and broke the law as if it did not matter.

Selling POSB without a competitive tender shows that this deal had nothing to do with national interest. It was not about building the bank or helping the country. It was a money-laundering plan to benefit a small corrupt group while millions of citizens struggle every day. The law says public assets must be sold through open bidding so that the country gets the best value. But this was ignored because the goal was to enrich a few people at the top.

The secrecy around HIG makes everything even more worrying. No one knows who really owns it, what work it has done before, or why it was chosen. These are questions every Zimbabwean must ask. This whole plan looks just like past ZANU PF scams where public resources are taken and given to politically connected people.

This scandal is another reminder that ZANU PF does not care about the law, the truth, or the people. Mnangagwa’s push for this illegal sale shows he is not a reformer. He is part of the same corrupt system that has destroyed Zimbabwe for many years.

Zimbabweans must speak out and reject these dirty deals. Those behind this heist must be held responsible. The future of our country depends on stopping this never-ending looting.