Millions missing from Zim diamond sales

2011-02-16 16:35

Harare - A total sum of $300m from the sale of diamonds by Zimbabwe from its controversial Marange diamond field and two smaller mines has not been accounted for, Finance Minister Tendai Biti was quoted as saying on Wednesday.

According to the independent daily Newsday, Biti told parliament on Tuesday that the recent diamond sales and remittances have "lacked transparency" and that an official investigation would be launched.

The Zimbabwe Mining Development Corporation (ZMDC) has indicated that an amount of $174.2m should have been remitted to the treasury, while an additional amount of $125.8m realised in January 2011 remains outstanding.

However, the state treasury had received only $62m from the sale of the gems, Biti said.

"Clearly the ZMDC and the Minerals Marketing Corporation of Zimbabwe are not remitting in full the revenues which they have themselves declared as due. I hope officials are not speculating with this money," he was quoted as saying.

Biti said he had ordered audits of the missing cash by the state accountant's office, the auditor general and the state revenue authority.

The missing millions add to the controversy surrounding the Marange field in the east of the country, where operations are shrouded in secrecy.

The Kimberley Process, which monitors the global trade in diamonds used to fuel conflicts, allowed Zimbabwe to sell some of the Marange gems in July, but is yet to approve further export and marketing.


  • Graham - 2011-02-16 17:24

    What do they expect ..... it's an African country...nothing has or ever will change!! The same will happen here when they nationalise the mines, this is the reason they want to nationalise the mines...the ANC fat cats find it easy to pull the wool over the eyes of the unsophisticated, uneducated, masses who know no better who vote them into power over and over again. It pays the ANC government to keep their voters uneducated don't expect any great shake ups in the education system...This Is Africa!!

  • Phil - 2011-02-16 18:51

    Yup, and when the Protection of Information Bill comes into being, it'll be even easier to steal this money. The disadvantage sector of society, who, according to Malema, this money is meant to benefit, wont see a penny. Its rather blatant how the pieces of this puzzle fit together. It may be Malema's one and only A result woodwork project, although it wont be surprising if, at the end of the day, he gets screwed over by his puppet masters as well.

  • Rodney - 2011-02-16 18:51

    Look at FNB (effen bob) for the money

  • John - 2011-02-17 10:48

    Dissapointing! My heart breaks to such news. All the same, what would one expect from starving leaders? Their time is up, and they can feel it.They are trying to make hay while the sun shines! The Egypt style should be used in Zim, or else this is just the beggining.

  • croix - 2011-03-02 21:54

    Look no further than Lady Grace Mugape - and her boyfriend?

  • astrix1 - 2011-06-21 13:24

    Do not waste any time looking for the lost revenue, Bob is your man. Whilst his people starve, Bob and his croonies cash in.

  • astrix1 - 2011-06-21 13:34

    Ask Bob, he knows the answer

  • onetickie - 2011-06-21 14:13

    Start looking into mooogabe's investments/bank accounts (and those of his wife's).

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