Mnangagwa’s POSB Heist: A Criminal Betrayal of Zimbabwe’s Public Wealth

The latest scandal involving the sale of the People’s Own Savings Bank (POSB) to the shadowy Hebrew Investment Group (HIG) exposes yet another brazen looting scheme under the corrupt ZANU PF regime. Despite legal procedures designed to protect public assets, President Emmerson Mnangagwa and his inner circle orchestrated a blatant violation of procurement laws to siphon off national wealth for their personal gain.

The deal, which involved the sale of the state-owned bank for US$100 million and a US$6 billion loan to the government, was pushed through without adhering to the fundamental requirements of transparency and due process. Attorney-General Virginia Mabiza’s letters to POSB’s management and Mnangagwa’s directive show a regime desperate to legitimize a heist that is, at its core, unlawful and exploitative. Insiders have already confirmed what Zimbabweans know too well—this is a money laundering scheme, carefully crafted to loot public resources under the guise of an investment deal.

Zimbabwe’s legal framework, specifically the Public Procurement and Disposal of Public Assets Act [Chapter 22:23], mandates a strict process for selling public assets. The law requires a shareholders’ agreement, board approval, and an open tendering process to ensure that such transactions are conducted fairly and transparently. None of these requirements were followed. There was no competitive bidding process, no oversight, and no genuine effort to obtain the best value for the bank. Instead, this was a backroom deal orchestrated for the benefit of a corrupt elite.

POSB, which handles civil servants’ salaries, is not just another state asset—it is a critical financial institution that affects the livelihoods of thousands of workers. Handing it over to an obscure and unproven entity like HIG without following due process raises serious concerns about the real motives behind the transaction. Who really owns HIG? Who in Mnangagwa’s circle is set to benefit from this deal? Given ZANU PF’s long history of plundering state resources, it is clear that this was never about investment or economic growth—it was about enriching the ruling elite at the expense of Zimbabwean citizens.

Legal safeguards such as the Procurement Regulatory Authority of Zimbabwe and the Special Procurement Oversight Committee exist to prevent precisely this kind of abuse. These institutions are meant to ensure that public procurement is transparent, fair, and competitive. Yet, under ZANU PF, these regulations are routinely ignored, and state institutions are reduced to rubber-stamping the theft of public resources.

The fact that Mnangagwa had to issue a directive to push this deal through speaks volumes about the fraudulent nature of the transaction. If it was above board, why the secrecy? Why bypass the legal framework? Why push a deal that so clearly violates the law? The answer is simple—because this was never about economic progress. It was about looting.

This scandal is yet another reminder that under ZANU PF rule, Zimbabweans are being robbed blind. Public resources are being sold off to private entities in dubious deals, while ordinary citizens suffer under worsening economic conditions. The Mnangagwa regime has mastered the art of corruption, disguising outright theft as economic reforms.

Zimbabweans must reject this daylight robbery and demand accountability. The sale of POSB is not just an economic crime; it is a betrayal of public trust. It is yet another reason why ZANU PF must be removed from power. Mnangagwa and his cronies must be held accountable for their relentless plundering of national resources. Until then, the looting will continue, and Zimbabwe’s future will remain in the hands of criminals masquerading as leaders.