Professor Jonathan Moyo has given the Ministry of Finance and Economic Development 48n hours to give full disclosure of the alleged US$1.2 Billion SOTIC deal.
Prof Moyo alleges that NOIC was forced to mortgage the national oil pipeline to secure the said loan.
The threat from Moyo came after the Ministry’s Permanent Secretary George Guvamatanga dismissed allegations that former Minister Fortune Chasi was expelled form the Energy Ministry for investigation the SOTIC deal.
“Guvamatanga is criminally lying to hide serious crimes. Nobody said the #Sotic USD 1,2 billion #NOIC deal was a signed loan; it was grand theft. I give the Ministry of Finance 48 hours to come clean on the deal or face hell!
“Ministry of Finance and Reserve Bank of Zimbabwe take note. The people deserve the truth about the #Sotic USD 1,2 billion #Noic deal, which was, in fact, grand theft structured by Minister SB Moyo as a pretend loan; call it a facility!”
State media quoted George Guvamatanga on Monday saying said no such deal was ever signed.
“The information is false. The value of the pipeline is US$300 million. Sotic could only lend money that it would have raised from its bankers unless it had free cash flows.” Guvamatanda said. “Which bank would lend you US$1.2 billion against security of an asset worth US$300 million? One of the critical tenets of lending is the purpose of the loan and the source of repayment. An international lender would not conduct adequate due diligence and lend a country $1,2 billion which will then be fraudulently diverted.”-Byo24