By A Correspondent- Controversy ridden tycoon, Kuda Tagwirei, is set for a massive windfall after the government handpicked CBZ Bank, in which he has interests, to monopolistically receive payments for newly introduced electronic passports.

Tagwirei holds 30% stake in the bank which he acquired in 2019.

Under the statutory instrument 273 of 2021, every person shall pay a normal fee of $20 through CBZ bank.

“A normal fee of $20 shall be charged for the application fee through CBZ bank countrywide,” reads the instrument.

With all Zimbabwean passports set to expire in December 2023, the current arrangement will see CBZ harvesting millions of dollars in bank fees.

Zimbabwe has an estimated six million passport holders.

The United Kingdom and the United States last year slapped Tagwirei for his alleged involvement in corrupt deals.

Tagwirei uses his company, Sotic International, to invest in businesses nationally and internationally.

In July, the UK announced an asset freeze and travel ban against the scandal ridden money magnet under its Global Anti-Corruption Sanctions regime, accusing him of enriching himself through misappropriation and causing untold damages to the Zimbabwean economy.

This follows earlier sanctions by the United States in August 2020 and a July publication by The Sentry that accused him of using complex corporate structures and preferential state treatment to loot the economy.

Tagwirei has vast business empire cutting across numerous sectors, including mining, banking and agriculture .

-NewZimbabwe