Home LOCAL NEWS Kuda Tagwirei Among 5 Individuals UK Put On Sanctions

Kuda Tagwirei Among 5 Individuals UK Put On Sanctions

Sakunda Tastes Sanctions, Kuda Tagwirei embarks on a massive retrenchment drive

Kuda Tagwirei Among 5 Individuals UK Put On Sanctions

Zimbabwean businessman, Kudakwashe Tagwirei who is considered a close friend of President Emmerson Mnangagwa is among five individuals listed under the UK’s Global Anti-Corruption sanctions regime.

United Kingdom’s Foreign Secretary Dominic Raab today said this second set of Global Anti-Corruption sanctions targets corrupt individuals who have lined their own pockets through misappropriation, with their greed causing untold damage to the countries and communities they exploit.

The UK will impose asset freezes and travel bans against these individuals to ensure they will no longer be able to channel their money through UK banks or enter the country.

The new sanctions announced today target five individuals involved in serious corruption in Equatorial Guinea, Zimbabwe, Venezuela and Iraq.

Zimbabwean businessman, Kudakwashe Tagwirei who is considered a close friend of President Emmerson Mnangagwa is among those sanctioned. On Tagwirei, Raab said:

Kudakwashe Regimond Tagwirei (was sanctioned) for profiting from misappropriation of property when his company, Sakunda Holdings, redeemed Government of Zimbabwe Treasury Bills at up to ten times their official value. His actions accelerated the deflation of Zimbabwe’s currency, increasing the price of essentials, such as food, for Zimbabwean citizens.

The UK also sanctioned Teodoro Obiang Mangue, Vice President of Equatorial Guinea, and son of the current President, for his involvement in the misappropriation of state funds. His purchase of a $100m mansion in Paris and a $38 million private jet put his lifestyle under scrutiny.

Another one is Alex Nain Saab Morán and Alvaro Enrique Pulido Vargas who is accused of exploiting two of Venezuela’s public programmes which were set up to supply poor Venezuelans with affordable foodstuffs and housing.

The other is Nawfal Hammadi Al-Sultan who is said to have been involved in serious corruption involving about £2.5 million in his role as Governor of Nineveh province, Iraq, where he misappropriated public funds intended for reconstruction.

Over 2% of global GDP is lost to corruption every single year.

Since April when Foreign Secretary Dominic Raab launched the Global Anti-Corruption sanctions regime, the UK has now sanctioned 27 individuals around the world involved in serious corruption.

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