Treasury secretary Guvamatanga gave company ‘illegal’ bank guarantee on $20 million loan

Treasury Secretary George Guvamatanga Allegedly Issues 'Illegal' Bank Guarantee for $20 Million Loan - Gambakwe Media

Treasury Secretary George Guvamatanga faces allegations of providing an ‘illegal’ bank guarantee in connection with a $20 million loan. The move has drawn criticism from prominent political figures and raised concerns about governance and accountability within the nation’s financial institutions.Tendai Biti, a former finance minister and a vocal critic of the current administration, has alleged that Guvamatanga’s actions violate both legal and c…

Treasury secretary Guvamatanga gave company ‘illegal’ bank guarantee on $20 million loan

Festival of illegalities … Treasury secretary George Guvamatanga with finance minister Mthuli Ncube HARARE – Treasury secretary George Guvamatanga has been accused of providing an “illegal and unconstitutional” bank guarantee for a US$20 million loan to a seed company linked to command agriculture corruption. Guvamatanga, in a letter to Ecobank, said Zimbabwe owed Valley Seeds US$191,578,835 as of February 2025. Ecobank, he added, had now agree…

Treasury secretary Guvamatanga gave company ‘illegal’ bank guarantee on $20 million loan - Zimbabwe News Now

HARARE – Treasury secretary George Guvamatanga has been accused of providing an “illegal and unconstitutional” bank guarantee for a US$20 million loan to a seed company linked to command agriculture corruption. Guvamatanga, in a letter to Ecobank, said Zimbabwe owed Valley Seeds US$191,578,835 as of February 2025. Ecobank, he added, had now agreed to discount this legacy debt “up to a limit of US$20 million” which would be advanced as a loan to …