Controversial businessman Wicknell Chivayo is once again in the spotlight after shocking revelations about his involvement in a massive financial transaction.
It’s claimed that he received more than R800 million from a total of R1.1 billion paid by Zimbabwe’s Ministry of Finance to a South African company hired to supply election materials.
The Financial Intelligence Centre (FIC) of South Africa uncovered these findings in an investigation into the accounts of Ren-Form CC, the South African firm that received over R1.16 billion (US$61 million) from Zimbabwe for election contracts.
According to the FIC, a large chunk of this money was quickly transferred into Chivayo’s companies, including Intratrek Holdings and Dolintel Trading Enterprise.
The FIC report highlights how more than R800 million from Ren-Form’s accounts was sent to Chivayo’s businesses. Additionally, R156 million was paid to another Chivayo-linked company, Edenbreeze, for what was listed as “technical services”.
The money didn’t remain in Chivayo’s accounts for long. The report details significant payments, including over R36 million spent on luxury items, mainly cars.
Other notable payments went to businesses and service providers linked to Chivayo, such as a luxury car dealership, a law firm, and various other companies, with some payments totalling millions of rands.
The FIC flagged the transactions as suspicious, pointing to unusual spending patterns, including frequent luxury purchases and transactions that didn’t align with the typical activities of the businesses involved.
