HARARE – The proposed sale of the state-owned Post Office Savings Bank (POSB) remains shrouded in controversy and conflicting information, following the latest statements from the Minister of Finance Mthuli Ncube stating that his ministry has not received any formal approach from the purported investors, further deepening the uncertainty surrounding the alleged transaction.
Ncube on Wednesday told Parliament that his ministry has not been approached by any investors regarding the proposed sale of the POSB, a subsidiary of Mutapa Investment Fund, to Hebrews Investment Group.
Responding to a question from opposition Citizens Coalition for Change MP Corban Madzivanyika, Ncube said;
“I must say that the Ministry has not been approached by investors regarding this transaction. We will wait to hear from them if this is a serious offer. So far, we have not been approached, so we have no information as a Ministry.”
He further added that the Reserve Bank of Zimbabwe (RBZ) has also issued a public statement indicating that they have not received any approach from the purported investors.
Madzivanyika pressed the Minister for a confirmation of his awareness of the transaction in a supplementary question. Ncube, however, reiterated his position, stating, “I am not aware of the transaction.”
Minister Ncube’s statement comes amid reports last month alleging that President Emmerson Mnangagwa had directed the sale of POSB to a private investor, contrary to earlier denials by the RBZ.
A purported presidential directive dated February 12, 2025, outlined a plan to partner with a private investor, identified as Hebrews Investment Group, to capitalize and manage the state-owned savings bank.
The directive reportedly suggested that Hebrew Investment Group would acquire a 70% stake in POSB with a $70 million investment, while the Zimbabwean government would retain a 10% stake through existing POSB assets.
The remaining 20% stake was reportedly earmarked for other private investors contributing US$20 million. Additionally, a US$6 billion loan from Hebrew Investment Group to the Zimbabwean government was also mentioned in reports.
The RBZ had previously issued a denial of any such directive or application, emphasising that any sale would require their approval, which had not been granted.
The issue has also drawn commentary from critics such as anti-corruption journalist Hopewell Chin’ono, who published leaked documents suggesting a more direct involvement of government officials in facilitating the deal with Hebrews Investment Group, allegedly fronted by Morris Brown Gwedegwe.
A presidential directive, dated February 12, 2025, outlined the President’s plan to partner with a private investor to capitalise, manage, and operationalise the POSB.
The directive further highlighted that the transaction was part of a broader initiative to support Zimbabwe’s socio-economic and sustainable development.
“I ordered a three-pronged policy to support my initiatives for a prosperous upper middle-income society by 2030.
“Setup a partnership with a private investor to capitalize, manage and operationalize the POSB. Put in place a special team to enable amongst other things, the socio-economic and sustainable development initiative for Zimbabwe.
“Its aim being to process payment of arrears and future improved salaries of civil servants, members of parliament, armed forces as well as war veterans welfare; unemployment; job creations; healthcare coverage; grants and tuition assistance for low income university students; small business loans; secured centralized system for revenues collection to eliminate misappropriation of government’s funds and ensure funding of the socio-economic and sustainable development of Zimbabwe, as well as the immediate amelioration of the living conditions and quality of life of all Zimbabweans.
“Timely investigate, report progress, and recommend appropriate legal actions for accountability,” read part of the directive.
Against this backdrop the conflicting statements from the Minister of Finance and the reported presidential directive, coupled with the RBZ’s denial, leave the status and details of the proposed sale of POSB shrouded in uncertainty.
