Biti said Norange Capital Markets outlandish offer was very suspicious and reeked of a strange ‘financial smell’.

“That company, Norange Capital Markets IS dodgy. They are not HSBC, they are not Stanley Morgan and they are not Barclays Bank International. So who are they?

“One of those guys is actually an arms dealer and might have links with the Russian Mafia. I only met them once but I had my suspicions,” Biti told The Daily News in an exclusive interview.

The aggressive MDC T secretary general threw water on  claims by ex-service man and businessman, Retired Major Kudzai Mbudzi, who lashed at him for allegedly blocking the release of a US$50 billion gigantic loan from Norange Capital Markets.

Norange Capital Markets loan offer was swiftly rejected by the cash-strapped government after a security check indicated that the South African company might have been involved in money laundering.

Their  offer was viewed as a way of cleaning their  dirty money.

“Where in the world have you heard such sums of money being bandied around? How can someone offer you a free US$100 million, just like that? Why didn’t they go somewhere, to better economies than ours? Surely we are poor and ranked number 2 out of 133 and why would someone want to sink their money here?” asked Biti.

He said the Central Intelligence Organisation (CIO) had done a thorough job on Norange Capital Markets and therefore, their decision to dismiss the offer, was made on sound and unquestionable grounds.

But Mbudzi, whose company was involved in the facilitation of the loan deal, spiritedly accused Biti and his subordinates of failing Zimbabwe and lying that President Robert Mugabe had backed the rejection of the loan.


“President Robert Mugabe did not turn down the loan. Biti lied about the company. My company was involved in the facilitation of this loan and Norange Capital Markets are clean,” said Mbudzi.

The former service man said Biti took a unilateral decision and turned down the loan offer without taking the matter to Cabinet for deliberations.

Mbudzi said his consultancy firm – Business Support Services – discussed the Norange Capital Markets offer with Biti in March but there was a snail’s pace in the minister’s actions.

“He sat on the papers until round about May when we pressured him. This is when Mrs Makuvaza who is in the Domestic and International Banking department was tasked to deal with the issue.

“We did not end there. We approached the Attorney General who phoned the chief secretary to the President and Cabinet – Dr Misheck Sibanda – who in turn approached the permanent secretary in the Ministry of Finance, Willard Manungo, who released a letter purporting that Norange Capital Markets loan offer had been rejected on the grounds of suspicious money laundering,” Mbudzi told The Daily News.

But Mbudzi claimed Norange Capital Markets money sheltered in the Malaysian central bank – Bank of Negara – was clean .

Mbudzi further  argued for Norange Capital Markets, citing the "professional" job held at Geneva-based United Nations Humanitarian wing by one of the officials whom he refused to name.

“Norange (Capital Markets) had told Biti that they would first communicate with the International Monetary Fund, World Bank and Interpol before releasing the money. How then can you suspect such people of moving dirty money?

“What Biti did was just to deny Zimbabweans relief. I am not sure if he is working with his friends in the MDC or it is just his own work but whatever it is, he has denied Zimbabwe an opportunity  to receive the much-need loan,” said Mbudzi, who at one time, was a leading figure in the Simba Makoni led Mavambo/Kusile/Dawn opposition party.

Zimbabwe needs about US$10 billion to resuscitate  its once vibrant  economy which currently bears scars of mismanagement, corruption and profligacy, all blamed on Mugabe and Zanu PF senior officials.

Western donors who are  withholding their money insist there must been meaningful reforms before they can commit any financial support to Zimbabwe.

By Daily News