Share

Millions missing from Zim diamond sales

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.

 
We live in a world where facts and fiction get blurred
Who we choose to trust can have a profound impact on our lives. Join thousands of devoted South Africans who look to News24 to bring them news they can trust every day. As we celebrate 25 years, become a News24 subscriber as we strive to keep you informed, inspired and empowered.
Join News24 today
heading
description
username
Show Comments ()
Rand - Dollar
18.97
-0.2%
Rand - Pound
24.09
+0.1%
Rand - Euro
20.61
-0.1%
Rand - Aus dollar
12.37
+0.4%
Rand - Yen
0.13
+0.6%
Platinum
906.50
-1.8%
Palladium
1,010.52
+0.4%
Gold
2,155.30
-0.2%
Silver
24.97
-0.3%
Brent Crude
86.89
+1.8%
Top 40
66,018
-0.4%
All Share
72,192
-0.3%
Resource 10
53,225
-0.2%
Industrial 25
99,730
-0.7%
Financial 15
16,631
+0.1%
All JSE data delayed by at least 15 minutes Iress logo
Company Snapshot
Editorial feedback and complaints

Contact the public editor with feedback for our journalists, complaints, queries or suggestions about articles on News24.

LEARN MORE
Government tenders

Find public sector tender opportunities in South Africa here.

Government tenders
This portal provides access to information on all tenders made by all public sector organisations in all spheres of government.
Browse tenders