CIO squandered $70m loan — Mutsvangwa

HARARE - The Central Intelligence Organisation (CIO) allegedly squandered a $70 million loan facility from China meant to bankroll a tractor company, a senior government official has said.

Outspoken Foreign Affairs deputy minister Christopher Mutsvangwa, who has been shooting from the hip this week, tore into the government for failing to pay back international loans when he addressed students taking Joint Command and Staff Course No. 27 at the Zimbabwe Staff College in Harare on Wednesday.

Mutsvangwa said such behaviour impacted negatively on the country’s relations with the international community.

He cited a case where the President’s Office borrowed $70 million from China to start a tractor company in partnership with locals.

“The directors of that company squandered all that money,” Mutsvangwa said. “Today the loan is with the minister of Finance. It is being paid by taxpayers’ money. We have no good credit rating with China.

“We have moves here to say let us ask China to get forgiveness. Getting forgiveness means you are committing credit suicide. You are denying yourself capital access. We somehow believe that loans from China should not be serviced when we do not perform.”

The Norton legislator said there was need for the country to keep good diplomatic relations with China because the Asian tiger was a global giant.

He said even Western countries were now looking to China.

“Britain is looking for money from China,” Mutsvangwa said. “If you go to church and the bishop has gone to another church, then you are going to the wrong church. Go to the church where the bishop is. Ask where the British have gone to look for money.”

The opposition MDC said the state intelligence organisation should be taken to task over the abuse of the loan.

Douglas Mwonzora, MDC spokesperson, said Treasury should not use taxpayers’ money to service odious debt.

“We are appalled that the intelligence borrowed money from an international donor for a tractor business. Since when has CIOs been into tractors,” Mwonzora said. “Are tractors now State security? Surely, can we have a serious State security organisation taking loans and squandering them?

“CIOs took the loan and squandered it and this amounts to theft and they should pay.  The treasury should not service the loans.

“Why should taxpayers’ money be used to cover up for corrupt State security elements?”

Mwonzora said State security apparatus were dabbling in activities that have nothing to do with their mandate.

“This is bad and it cannot be allowed to continue any day longer,” Mwonzora said. “President Mugabe is allowing State security to operate wily nily as long as they remain loyal to him. This is bad and as the MDC we say no to this.”


Comments (5)

Jonso for prezo and Chris for deputy..! Kkkkk...

"Panonetsa" Fumurai - 6 April 2014

Mr Mutsvangwa must tell us something we do not know. In any case that is how he and his friends have always behaved. Always borrowing, stealing what they have borrowed, giving lame excuses including the sanctions nonsense for failing to pay back, and then borrowing again and so on. What then is going to happen now that the money was stolen. NOTHING. The British like all other good business people go to where the money is. Today money is in China and so all the world is in China looking for it. That can be true now but not forever. The Chinese have left you guys doing business, thinking and behaving the Communist, Socialist and Marxist way, deliberately and for their own benefit. Why have they migrated to full Capitalism if Capitalism is western and not good. Not very long ago, we are told the Portuguese ,Italian and Chinese traded with African tribal states and kingdoms. Then civilisation was NOT advanced as today, but they risked everything to come and trade with African 'states' including our own Monomutapa. That is where the money was. Mr Mutsvangwa and his party are primitive and are slow learners. They should move over to the new millennium. Its not surprising the same party has one Jonathan insisting on 75% local content when now there is internet and satellite Radio/TV and MP3/4 players. Who is going to be forced to listen to it when there are various alternatives. The same party also holds one Tafataona a man who still strongly lobbies that we should go back to animal skin half nakedness of the 17th century with our mothers and sisters walking bare breasted and our fathers backsides being common sight because we are AFRICAN. What security importance do our FM airwaves have in this era that they are so reluctant to give out broadcasting licences so desperately. They still want to use radio for propaganda despite clear signs that this has failed . So shallow.

mosquito - 6 April 2014

Chris Mutsvangwa's workers at his farm in Chegutu have gone for more than 6 months without pay. Saka chii chaangatiudza? Zanu PF vampires are just that, vampires, heartless,merciless and stupid.

Kachembere kekwaChivi - 7 April 2014

Anombova ku faction ipi eyeyu?

Vonai - 7 April 2014

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