The corrupt ZANU PF government has once again shown that it does not care about the people of Zimbabwe. This time, the crime is the attempted illegal sale of the People’s Own Savings Bank (POSB), a state-owned institution that belongs to the nation, not to the few powerful elites. The plan to hand over POSB to a suspicious private entity called Hebrew Investment Group (HIG) is a clear act of theft.
This scandal involves a shady $100 million transaction in exchange for a so-called $6 billion loan to the government. But there is no transparency, no proper paperwork, and no legal process. Attorney-General Virginia Mabiza is involved, and President Emmerson Mnangagwa reportedly gave direct instructions to POSB management to go ahead with the sale. This is not just wrong — it is illegal.
By law, the sale of a public asset like POSB must go through strict processes. Zimbabwe’s Public Procurement and Disposal of Public Assets Act [Chapter 22:23] was made to stop corruption. It says any public asset sale must involve a shareholders’ agreement, board approval, and a fair, open tender process. In this case, none of these steps were taken.
There was no shareholders’ agreement. The board of directors — who are supposed to make decisions on major deals — were ignored. The law was bypassed on purpose. The very institutions created to prevent this kind of theft, like the Procurement Regulatory Authority of Zimbabwe (PRAZ) and the Special Procurement Oversight Committee, were ignored. These bodies exist to make sure deals are honest, fair, and good for the country. But Mnangagwa and his team did not care.
Selling a major public bank like POSB without any competitive bidding is proof that this deal was never about the people. It was not about improving the bank or helping the economy. It was about looting. It was about enriching a few people in high places while ordinary Zimbabweans continue to suffer.
The identity of HIG is also a big concern. Who owns it? What business have they done before? Why were they chosen? No answers have been given. This deal smells just like many of the scams ZANU PF has pulled off in the past — shady companies, no transparency, and stolen public money.
This attempted sale shows again that Mnangagwa is not a reformer. He is not here to clean up government. He is just like those who came before him — looting public wealth, breaking the law, and ignoring the cries of the people. While Zimbabweans suffer under high inflation, joblessness, and hunger, ZANU PF continues to steal what little we have left.
The people of Zimbabwe must wake up. This heist must not go ahead. The POSB belongs to all of us, not to Mnangagwa and his corrupt friends. We must demand answers. We must demand justice. We must not allow the continued sale of our future.
If we do not stop this, what comes next? More banks? Our hospitals? Our schools? How much more will ZANU PF sell before we say enough is enough?
The future of Zimbabwe is at risk. The people must rise and reject this latest crime. We must protect our national assets and hold every thief accountable — no matter their position. This is our country. Let us defend it.