ED hands over $140 Million to wicknell Chivayo

PRESIDENT Emmerson Mnangagwa’s administration has reportedly allowed socialite Wicknell Chivayo to access US$140 million from Zimbabwe Power Company in order to to complete implementation of the stalled Gwanda Solar Power Project.

The development comes at a time Chivayo, a controversial businessman, on behalf of his company Intratrek, wrote to Mnangagwa seeking his intervention to compel the Zimbabwe Power Company (ZPC) to facilitate the release of funds.

Apparently, ZPC had turned a deaf ear to Chivayo’s application.

“Your excellency, the correct position, to allay fears and rising speculation on Intratrek/CHiNT’s capacity to implement the project, CHiNT advised ZPC on 20 April 2018 that China Exim Bank is ready and willing to issue an internationally backed advance payment bank guarantee to cover an aggregate of US$51 854 579,28 (30% of the contract value) and requested for relevant banking details in order to process the bank guarantee. This overture has been met with a deafening silence from ZPC as have many progressive advances that we have made towards resolving this.

ZPC acting managing director Patrick Chivaura said they were currently finalising issues with Intratrek, although he could not shed more light on the issue.

“What I can say at the moment is that we are finalising some issues with Intratrek before work can resume. Unfortunately, I am not at liberty to disclose the nature of those issues because talks are still in progress and they largely involve the parent ministry,” he said.

The Independent