How a Zimbabwe Tycoon Made a Fortune from a Trafigura Partnership and Spiralling National Debt
- Editor
- Oct 13, 2021
- 1 min read
Summary: This investigation reveals how Zimbabwean tycoon Kudakwashe Tagwirei built a vast fortune through a decade-long partnership with Trafigura. The joint venture, initiated in 2013, gave Trafigura a dominant share in Zimbabwe’s fuel market, aided by Tagwirei’s deep political connections. In return, Trafigura paid Tagwirei over $100 million in fees, and extended more than $1 billion in pre-financing to Zimbabwe’s government, often under opaque and high-interest terms. The funds came with repayment guarantees from the Reserve Bank and access to crucial fuel infrastructure. Though Trafigura claimed to sever ties before sanctions hit Tagwirei in 2019, evidence shows they maintained indirect links through offshore shell companies. The arrangement coincided with Zimbabwe’s mounting public debt, raising serious concerns about governance and state capture .
Source: OCCRP
