Frank Buyanga, a Zimbabwean millionaire investor, wants the government to check state-owned enterprises, which according to him, are corrupt.
Frank Buyanga is one of the richest entrepreneurs in Zimbabwe. He is said to have a fortune of about US$20 million. The businessman directed a letter to President Mugabe’s office asking that these government enterprises should be reformed.
In the letter directed at the director of State residences in the Office of the President and Cabinet, Innocent Tizora, he said:
“In the spirit of harnessing State resources to correctly cascade to the benefit of the people of Zimbabwe, I strongly feel that your good office should come up with additional strategies to curb corruption, improve capacity utilisation (in industries) and instill a culture of accountability within all government parastatals as well as any companies that government has shareholding.”
Buyanga added that there have been reports of massive misappropriation of resources enshrined in these parastatals. He likewise added that this gross misconduct has a negative impact on the welfare of the Zimbabwean people.
Although the letter was written to the government last year, it was recently obtained by the Financial Gazette.
Frank Buyanga said the pervasiveness of corruption in parastatals are the major cause of unemployment and deterioration of public infrastructure, reduced confidence in government, migration of Zimbabweans, as well as a rising informal sector in Zimbabwe.
Reports have revealed that CEOs of about 28 state-owned firms siphoned almost US$1 billion between 2014 and 2015 through acts of corporate crime.
Also, US$800 million was drained from Zimbabwe between 2014 and 2015, through avenues of unpaid taxes, as well as diverted and untaxed benefits.
Furthermore, some administrators of state-owned governments granted themselves luxury benefits such as massive educational loans, luxury cars, holiday allowances even though their institutions were swelling with tax liabilities.
“Ahead of the 2018 elections, I recommend that an economic surveillance, strategy and implementation unit is set up by your good office with immediate effect,” he told Tizora in the letter dated January 13, 2015.
“The scope and limitation of its functions will be authored by your office taking into consideration key players from the security cluster. If this suggestion is permissible, I am available for further engagement on the matter,” said Buyanga.
The Zimbabwean government have over time declared their inclination to get rid of corruption in the government, however, no policies or actions have been taken.