The UK had imposed asset freezes and travel bans against 5 individuals including Kuda Tagwirei to ensure that they will no longer be able to channel their money through UK banks or enter the country.
Foreign Secretary Dominic Raab today announces new UK sanctions against 5 individuals involved in serious corruption in Equatorial Guinea, Zimbabwe, Venezuela and Iraq
He said the sanctions target cases of serious corruption which have deprived developing countries of vital resources.
Meanwhile, he said Tagwirei has been sanctioned for profiting from misappropriation of property when his company, Sakunda Holdings, redeemed Government of Zimbabwe Treasury Bills at up to ten times their official value.
According to the British government, Tagwirei’s actions accelerated the deflation of Zimbabwe’s currency, increasing the price of essentials, such as food, for Zimbabwean citizens.
“Both Sakunda and Tagwirei, as its CEO and owner, profited significantly from the misappropriation of property at the expense of wider macroeconomic stability in Zimbabwe, in one of the most serious incidences of corruption under the current government,” said Raab.