Africa-Press – Zimbabwe. A STORM is brewing at Defold Mine, a subsidiary of Mutapa Investment Fund (MIF), following reports of abuse of office and financial misconduct.
Wilfred Tanyanyiwa, the acting general manager at the mine, is accused of ethical breaches and financial mismanagement.
Defold Mine is a wholly-owned subsidiary of MIF.
Insiders alleged that Tanyanyiwa has been collecting three salaries as acting general manager, acting company secretary and legal officer.
“This open violation of the Zimbabwe Corporate Governance Act exposes the collapse of internal controls and oversight at the fund,” the sources said.
“The scandal widened during the recent Australia-Africa Down Under Conference, where internal HR records expose shocking financial irregularities.”
Another source added: “Tanyanyiwa was cleared to attend, but pocketed above the stipulated limit.
“Two loyal associates were approved for US$3 500 each, but walked away with US$8 000 apiece.”
The sources said Innocent Ganyani, an accountant, allegedly hired to manage payments and cover up earlier rental scandals, was rewarded with a spot on the Australian trip.
“Even more alarming, he personally processed travel and subsistence allowances — a function reserved for HR — in what appears to be a deliberate breach of internal controls,” a source privy to the matter said.
“What emerges is a disturbing pattern of systematic abuse — triple-dipping salaries, inflated allowances, manipulated processes and nepotistic appointments — all carried out under the banner of an institution entrusted with managing billions in State assets.”
Another source said: “Despite the weight of evidence and clear breach of governance law, regulatory and law, oversight bodies have remained silent.
“Their silence has fuelled growing public suspicion of protectionism, collusion or deliberate neglect by those mandated to uphold accountability.”
Contacted for a comment, Ganyani could neither confirm nor deny the allegations.
“I cannot talk to you until you tell me who gave you my number. You should contact our corporate affairs manager,” he said before hanging up.
Efforts to get a comment from Tanyanyiwa were fruitless as his mobile phone was not being answered.
MIF represents Zimbabwe’s sovereign wealth fund, established in 2014 under the Sovereign Wealth Fund of Zimbabwe Act with the mandate to drive strategic investments for national growth and economic prosperity.
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