Treasury Under Scrutiny Over US$4.2M Payment to Sc...

Treasury Under Scrutiny Over US$4.2M Payment to Scott Sakupwanya's Firm

ZimNow Reporter

A recently leaked letter has cast a spotlight on a significant financial transaction from the Zimbabwean Ministry of Finance and Economic Development to Betterbrands Petroleum, a company owned by Zanu PF MP Scott Sakupwanya.

The letter, dated May 30, 2025, instructs ECOBANK to debit the Treasury USD Tax Nostro Account with US$4,295,916.87 and pay Betterbrands Petroleum.

The payment has raised questions, particularly given the existence of Petrotrade, the government's own petroleum company, which is mandated to import and distribute fuel efficiently and ensure the government's presence in the fuel industry.

The rationale for the Ministry of Finance directly instructing a payment of this magnitude to a private entity for bulk fuel supply, when a state-owned alternative exists, remains unclear.

According to ZimLive, attempts to obtain an explanation from both Finance Secretary George Guvamatanga and Scott Sakupwanya have, as of this report, been unsuccessful.

The leaked document specifies the transaction details, including the Treasury USD Tax Nostro Account Number 5783600003612 and Betterbrands Petroleum's ECOBANK account number 5712000014236. The letter concludes with a standard request for "usual cooperation," signed by an Accountant General Signatory "For: SECRETARY FOR FINANCE AND ECONOMIC DEVELOPMENT."

The use of a Treasury Nostro account for this direct payment also warrants examination. Nostro accounts are typically used by domestic banks to hold foreign currency in overseas banks to facilitate international transactions and trade.

The direct instruction from the Ministry of Finance to debit such an account for a payment to a local company raises questions about the specific financial mechanisms and protocols involved.

This development comes amidst ongoing public scrutiny of government expenditures and procurement processes, particularly concerning direct payments to suppliers and the bypassing of established tender procedures.

Prosecutor General Justice Loice Matanda-Moyo recently raised concerns about the severe impact of corruption in Zimbabwe, disclosing that the nation was incurring an annual loss of US$1.8 billion due to corrupt practices.

Having previously led the Zimbabwe Anti-Corruption Commission, she emphasised that illicit financial flows were significantly jeopardising the country's economic recovery and its aspirations to achieve Vision 2030 development goals.

Matanda-Moyo also stated that corruption was severely impeding the government's capacity to finance vital development initiatives and deliver essential public services like healthcare and education.

Justice Matanda-Moyo asserted that ordinary citizens bore the direct brunt of corruption in Zimbabwe, suffering the most from its consequences. She stressed that such substantial illicit financial flows were unacceptable, as they drained the economy of revenue intended for sustainable economic development and to improve the lives of all Zimbabweans.