Dear Friend,
How much cash could Spincash spin, if Spincash could spin cash?
Well, according to our latest investigation, the answer might be $120 million.
In “Spincash Machine,” we examine a $120 million chrome mining deal signed in the midst of Zimbabwe’s 2017 coup, or “military-assisted transition,” that was followed by payments to companies linked to President Mnangagwa and Vice President Chiwenga, as well as deals with President Mnangagwa’s son, a Supreme Court judge, the military, a government minister, and ruling party benefactor Kudakwashe Tagwirei.
During the week-long coup in 2017, Tagwirei bought a 30% share of African Chrome Fields (ACF) from the holding company Spincash Investments for $120 million. ACF was already a well-connected firm and had been benefiting from valuable tax and regulatory decisions. The purchase deal was followed by a money-moving operation in which $130 million was paid in 595 installments to a mix of established firms, unidentified companies, and politically linked entities in Zimbabwe.
This investigation shines new light into the hidden corners of Zimbabwe’s “Second Republic” and the financial ties that bound President Mnangagwa’s faction together before, during, and after the country’s “military-assisted transition.”
