Leaked: AG Virginia Mabiza instructed POSB to grant access to its vaults to HIG
HARARE – Another leaked document has revealed that Attorney General Virginia Mabiza instructed the People’s Own Savings Bank (POSB) to grant access to its vaults to Hebrew Investment Group (HIG), a controversial private investor fronted by President Emmerson Mnangagwa’s ally Morris Brown Gwedegwe.
The directive, which has raised eyebrows, is part of a broader initiative to set up and operationalise the BOMA Financial System. Critics argue that this move reeks of corruption and lack of transparency.
According to the leaked documents, Mabiza instructed the CEO of POSB to provide HIG with access to the bank’s vaults for the injection of operational cash, as well as access to all branches and necessary support from personnel.
“In accordance with the directive from His Excellency the President of the Republic of Zimbabwe, I am instructing you to immediately join hands with HIG, a joint venture partner of the Government of Zimbabwe, for the setup and operationalization of the BOMA Financial System. This collaboration is critical to enhancing our financial infrastructure and ensuring efficient banking operations,” reads part of Mabiza’s letter dated 13 February 2025.
“As part of this initiative, you are required to provide HIG with access to the POSB bank’s vaults for the injection of operational cash, access to all branches, and the necessary support from all personnel, in accordance with the terms of the joint venture agreement.
“Your prompt cooperation and active participation in this endeavour are essential for the successful implementation of the BOMA Financial System.”
This development comes amid reports that Mnangagwa has ordered the sale of POSB to a private investor, despite denials by the Reserve Bank of Zimbabwe (RBZ).
Controversy surrounds the sale of POSB, with reports alleging that Mnangagwa personally selected HIG as the investment partner, bypassing the traditional public bidding process.
The group is set to acquire a 70% stake in POSB by injecting US$70 million into the bank’s recapitalisation efforts.
Under the terms of the deal, the Zimbabwean government will retain a 10% stake, utilizing existing POSB assets, while private investors will contribute US$20 million for a 20% stake.
A joint venture agreement also outlines a substantial US$6 billion loan from HIG to the Zimbabwean government, repayable over 30 years.
The leaked documents have sparked outrage, with critics labelling the deal “corrupt”.
According to investigative journalist Hopewell Chin’ono, this scandal is the reason why Alpha Media Holdings senior journalist Blessed Mhlanga is being detained. Mhlanga was arrested two weeks ago for allegedly transmitting messages likely to incite public violence.
“Bank vaults store valuable items such as cash, which includes large sums of money that need to be securely stored. They also hold important documents, including legal papers, contracts, and deeds.
“Gold and precious metals, such as bars, coins, and other valuable metals, are also commonly stored in vaults.
“This scandal is the real reason why Zimbabwean journalist and now political prisoner Blessed Mhlanga was arrested and jailed, after he gave a television platform to Jealousy Mawarire, who blew the whistle on this attempted bank theft during Mhlanga’s programme.
“I will share more documentation (on this scandal) that has been given to me by government officials who are fed up with Mnangagwa’s looting and plundering of state assets using criminal elements purported to be businessmen,” Chin’ono said.
