A new multi-million-dollar gold scandal has rocked Zimbabwe’s Finance Ministry, unveiling an elaborate scheme involving illegal payments of nearly US$100 million to a mysterious company with close ties to Zanu PF elites, in clear violation of public finance laws.
Confidential government documents obtained by The NewsHawks reveal that Gaingrid Investments (Pvt) Ltd, a shadowy entity with no known track record, was awarded a massive contract to procure and sell gold on behalf of the state. The company is allegedly linked to Zanu PF MP and gold baron Pedzisayi “Scott” Sakupwanya, an ally of President Emmerson Mnangagwa.
This deal was overseen and executed not by the legally mandated Minister of Finance, but by Finance Ministry permanent secretary George Guvamatanga, raising serious legal and constitutional red flags. Critics are calling it one of the most egregious examples of state capture and abuse of public funds in Zimbabwe’s recent history.
The Scheme: A Briefcase Company, a Gold Deal, and a Suspicious Overpayment
The scheme was simple yet deeply corrupt. Gaingrid was engaged to buy gold from miners across Zimbabwe, delivering it to Fidelity Printers and Refiners, the state’s official bullion buyer. For this service, the company was promised a 5% incentive—a standard arrangement, but what followed was anything but.
Guvamatanga insisted that the government owed Gaingrid US$60 million. However, an agreement reached in September 2024 committed Treasury to pay US$8 million per month for 12 months, totaling a shocking US$96 million—a full US$36 million more than the original debt.
No explanation has been provided for the inflated repayment amount, which sources close to the matter say was deliberately padded to create “money for the boys”—kickbacks and bribes disguised as transaction costs.
“There’s method in the madness,” a source familiar with the deal told The NewsHawks, describing it as a calculated looting operation.
Ecobank at the Centre, Treasury Laws Flouted
Banking giant Ecobank Zimbabwe acted as the financial conduit, discounting Treasury Bills to release cash to Gaingrid. Documents show that Ecobank agreed to discount the US$60 million incentive down to US$20 million, yet the government proceeded to pay nearly US$100 million, a discrepancy that officials have failed to justify.