Zimbabwe vice president’s wife arrested for suspected fraud, money laundering – The Zimbabwean

Marry Mubaiwa

Marry Mubaiwa was arrested on Saturday evening and will likely appear in court on Monday, ZACC spokesman John Makamure said. He declined to give further details.

Mubaiwa could not be reached for comment on Sunday.

Appointed by President Emmerson Mnangagwa this year, ZACC is under pressure to show that it can tackle high-level graft, which watchdog Transparency International estimates is costing the country $1 billion annually.

An internal ZACC memorandum of the charges seen by Reuters showed that between October 2018 and May this year Mubaiwa is accused of unlawfully transferring $919,000 to South Africa under the guise of importing goods, which it claims she never did.

The timing of Mubaiwa’s arrest will likely raise eyebrows after local private media reported two weeks ago that she was going through a divorce with her husband Chiwenga.

The ZACC memo accused Mubaiwa of fraudulently obtaining a marriage certificate without Chiwenga’s consent earlier this year when the vice president was ill. The two have been married under Zimbabwe’s customary law since 2011 and have two children.

Chiwenga returned home last month after spending four months in China receiving medical treatment for a blocked esophagus. He has not been seen with Chiwenga in public, including at the annual ruling party conference that ended on Saturday.

Critics of ZACC say the agency is conflicted because its head judge, Loice Matanda-Moyo, is the wife of Zimbabwe’s Foreign Minister Sibusiso Moyo, a top ally of President Emmerson Mnangagwa.

Zanu PF feasts – Zimbabwe Vigil Diary

Post published in: Featured

Jury awards BMS subsidiary $752M in CAR-T patent infringement suit – MedCity News

One of the two companies that markets CAR-T cell therapies for blood cancer will have to pay more than $700 million to a competing company and a cancer hospital over allegations that its product violated one of their patents.

A jury in the U.S. District Court for the Central District of California in Los Angeles ordered Gilead Sciences subsidiary Kite Pharma to pay $752 million to Juno Therapeutics – now part of Bristol-Myers Squibb – and New York’s Memorial Sloan Kettering Cancer Center after finding that Kite’s Yescarta (axicabtagene ciloleucel) violated an MSKCC patent that Juno had licensed. The suit was filed in 2017.

The award includes $585 million in damages and 27.6% of running royalty on sales of Yescarta. Sales of Yescarta were $264 million in 2018. Gilead acquired Kite for $11.9 billion in 2017.

On Friday, shares of Gilead closed down 2.75% on the Nasdaq from their Thursday closing price.

The patent in question, U.S. Patent No. 7,446,190, concerns the processes used to encode T cells with chimeric antigen receptors, or CARs, costimulatory domains and other components that enable them to target CD19. CD19 is a protein widely expressed on the surface of cells in certain blood cancers, particularly acute lymphoblastic leukemia and non-Hodgkin’s lymphomas. Kite won approval for Yescarta in October 2017 as a treatment for diffuse large B-cell lymphoma, a form of NHL. The other marketed CAR-T therapy is Novartis’ Kymriah (tisagenlecleucel), for DLBCL and acute lymphoblastic leukemia. Juno’s lead product candidate is lisocabtagene maraleucel, for which it intends to file for FDA approval by the end of this year.

In an emailed statement, Gilead said, “We remain steadfast in our opinion that Sloan Kettering’s patent is infringed and is invalid. Given that Kite independently developed Yescarta and assumed all of the risk in its discovery and development, we do not believe Sloan Kettering and Juno are entitled to any level of damages.”

In an emailed statement, a BMS spokesperson said the company was pleased with the verdict. “Bristol-Myers Squibb is committed to defending its intellectual property and that of its research partners and protecting the incentives that drive innovative research, including our pipeline of CAR-T therapies,” the statement read.

Kite had sought to invalidate the claims in the ‘190 patent by filing an inter partes review in August 2015. However, the Patent Trial and Appeal Board upheld the patent in its final decision, in December 2016. Kite subsequently partnered with researchers at the National Cancer Institute, and Juno alleges in its complaint that it used MSKCC’s patented research to develop its own CAR-T construct, Yescarta, which at the time carried the development name KTE-C19.

In a note Friday afternoon, Baird analyst Brian Skorney wrote that investors expect Gilead to divest Kite, following an announcement by CEO Daniel O’Day that Gilead would have the company operate as a separate business.

“All told, we continue to expect that, regardless of the ultimate outcome of this litigation, the $12B acquisition of Kite by Gilead will ultimately be viewed regrettably (if it isn’t already),” Skorney wrote. “The market for CAR-T therapies simply does not seem to be large enough to support the high price Gilead paid for Kite and the [cost of goods sold] now (should this order hold) are likely to make any future margin close to non-existent.”

Photo: Getty Images

Local Scrooge Too Cheap To Pay Measly 3% Surcharge For Servers’ Healthcare Sues Restaurant

Back in my wilder days, one of my favorite books was “The Modern Drunkard” by Frank Kelly Rich. Boy that book had a lot of good advice. Also, a lot of terrible, terrible advice. Anyway, one of the better pieces of wisdom in there really stuck with me over the years: if you can’t afford to tip, you can’t afford to drink in a bar. Go to the liquor store.

Apparently neither Christopher Ashbach nor his lawyer, Jon Farnsworth, ever read “The Modern Drunkard,” or if they did, they certainly didn’t get as much out of it as I did. Ashbach recently had the shocking experience of dining at a restaurant, and then (gasp!) facing the horrifying prospect of having to pay a three percent surcharge on his bill that was disclosed in advance on the menu. And all of this just so that the people making and serving his food could stay alive! You couldn’t blame the guy for being outraged, or Farnsworth for thinking there was a decent lawsuit to squeeze out of the whole ordeal.

Blue Plate Restaurant Co. is the entity being sued, and I’ve been to a number of their fine establishments. Menu prices vary, of course, but at almost any of their locations, you can get out for under $20 if you just want a burger and a beer. In fact, you’d be hard-pressed to run up a tab of over $100 even if you came in for a relatively fancy dinner for two. So, if we’re giving Ashbach the benefit of the doubt, he saw maybe an extra three dollars on his tab. Then, instead of going to some other restaurant next time or cooking at home (or, you know, just living with the fact that going out to eat costs money and three dollars is not a lot of it), he decided to become the named plaintiff in a class action lawsuit.

The three percent charge in question is what is referred to as an “employee wellness surcharge” among the restaurants in my neck of the woods that have started tacking it on to the end of customers’ bills. As in a lot of other big metro areas around the country, in Minneapolis and St. Paul, the local minimum wage has been increasing, and businesses like restaurants have also been increasingly required to pay for healthcare coverage for their employees. Restaurants on the West Coast first pioneered the idea of adding an employee wellness surcharge to customers’ bills so as to both provide health insurance to employees and stay in business. In 2017, the idea caught on in the Twin Cities.

Now, someone finally worked up the courage to put together a class action about the employee wellness surcharge. Why would someone think that it is illegal to disclose that you are going to charge an extra three percent before you actually charge an extra three percent? Well, to paraphrase Dr. Ian Malcolm from Jurassic Park, lawyers find a way.

To be fair, the complaint alleges “fraud, misrepresentation, and deceptive practices.” To the extent a restaurant could be said to be being deceptive by just writing on the menu, where the dumb might not read it, that there would be a three percent surcharge, well, fair enough. Still not a great argument, but I get it. The one actually good point Farnsworth made thus far is when he told Twin Cities Business magazine that “there’s a fundamental lack of disclosure about who’s getting the benefits and where that money is going.” If the restaurants had just jacked up the price of everything on the menu by three percent, instead of wanting to get goodwill points by flagging to their customers that the price increase is so that the people handling their food have healthcare, there wouldn’t be any dispute about the legality of the whole thing. I guess if you want the credit by calling it an employee wellness surcharge, you better actually be applying the proceeds to employee wellness. Even so, I don’t think forcing a restaurant to spends tens, and maybe hundreds, of thousands of dollars defending against a lawsuit is a good way to ensure they have money set aside for people’s health insurance.

All things considered, this is a dumb and miserly lawsuit, especially for this time of year. Running a business costs money, for workers’ healthcare and lots of other stuff. Just pay the three dollars, man, or if you really can’t stomach that, stay home and cook. Maybe “The Modern Drunkard” isn’t for you, maybe give Dickens a try. I believe the Ghost of Christmas Future had a lesson about Tiny Tim’s fate if Scrooge didn’t pay for some goddamn family health coverage for his worker.


Jonathan Wolf is a litigation associate at a midsize, full-service Minnesota firm. He also teaches as an adjunct writing professor at Mitchell Hamline School of Law, has written for a wide variety of publications, and makes it both his business and his pleasure to be financially and scientifically literate. Any views he expresses are probably pure gold, but are nonetheless solely his own and should not be attributed to any organization with which he is affiliated. He wouldn’t want to share the credit anyway. He can be reached at jon_wolf@hotmail.com.

Inside Straight: How Many People Should Attend The Meeting? How Long Should The Memo Be?

How many people should attend the meeting?

At a law firm: The smallest number possible, consistent with getting the job done. Why invite extra people to a meeting?

I suppose I’ll add one caveat: Very occasionally, an associate, whose time will not be billed, will be invited to a meeting to get a sense of what’s happening behind the scenes. But generally, the fewer people who attend a meeting, the better. The meeting will be more efficient and will cost less.

At a corporation: Invite lots of people.

We should invite people who are irrelevant to making the decision, just to make sure that they’re in the loop — or not offended by having been left out of the loop.

We should invite a few junior people. If they have the time to attend, why not? And attending will give them exposure to some of the muckety-mucks and let the junior folks see how we make decisions. And the junior folks might be interested in some of the topics that we’ll discuss.

Everyone’s time is costless — because you’re generally not being billed out by the hour — and many people could be interested in the meeting, or offended by not having been invited, or whatever. So the group expands.

But then it gets funny.

What’s the proper length for the memo describing the decision reached at the meeting?

At a law firm: It’s okay to create a 10-page memo.

Recipients of the memo will want to know the thought process that went into the decision-making. Recipients will want to see that you considered various permutations and that you excluded those permutations for good reasons. We don’t mind if the memo’s a little long — readers can always skim — but be sure to cover all the relevant content for those who are interested.

At a corporation: Three bullet points.

Are you kidding? People are busy. Nobody’s going to read an email that goes into a third or fourth paragraph. That takes too long, and it’s too much to digest. Anyway, people are accustomed to reading bullet points, and people almost never receive memos. Distill the decision down into the things that matter, and convey those things in a few bullet points. Maybe one PowerPoint slide. Without too many words on it. People might read that much, but you can’t take too much of their time.

I’m really not passing judgment on this. There are good reasons for different organizations operating in different ways. I’m just observing. Maybe there’s something to be learned from the observation.


Mark Herrmann is the Chief Counsel – Litigation and Global Chief Compliance Officer at Aon, the world’s leading provider of risk management services, insurance and reinsurance brokerage, and human capital and management consulting. He is the author of The Curmudgeon’s Guide to Practicing Law and Inside Straight: Advice About Lawyering, In-House And Out, That Only The Internet Could Provide (affiliate links). You can reach him by email at inhouse@abovethelaw.com.

Elon Musk Is Looking For Yet Another Babysitter

Morning Docket: 12.16.19

(Photo by David Ryder/Getty Images)

* Amazon and the Justice Department are sparring over a lawsuit about the Pentagon’s procurement efforts. The feds need to be careful, Amazon may pull their Prime memberships! [Washington Post]

* President Trump is shopping around for an impeachment lawyer. Hoping for an Apprentice-style selection process. [Vanity Fair]

* A lawyer has been charged with smuggling drugs into jail for a fee. This attorney shouldn’t quit his day job. [Pittsburgh Post-Gazette]

* There are a few theories explaining how Devin Nunes has the ability to file so many lawsuits against news outlets and others. [Chicago Tribune]

* The New York Attorney General’s Office has egg on its face after a case it filed against Exxon was dismissed. [New York Post]

* A lawyer missing in Georgia for nearly a week was found dead from a car accident. [CNN Intentional]


Jordan Rothman is a partner of The Rothman Law Firm, a full-service New York and New Jersey law firm. He is also the founder of Student Debt Diaries, a website discussing how he paid off his student loans. You can reach Jordan through email at jordan@rothmanlawyer.com.

Zanu PF feasts – Zimbabwe Vigil Diary – The Zimbabwean

A feast of hundreds of cattle and goats, thousands of chicken and 8 tonnes of maize was provided  for the 7,000 delegates while the people starve.

We say ‘a haircut’ because the Reserve Bank’s monetary policy committee apparently wants to reject the majority of government debts. The idea is that, for instance, Zimbabwe may pay only 5% of the US$60 million which it owes South African Airways, which is now itself facing financial challenges (see: https://www.bloomberg.com/news/articles/2019-12-09/south-african-airways-may-only-get-5-of-money-owed-by-zimbabwe).

The Vigil doubts that this will smooth the borrowing path for the planned new version of Zimbabwe Airways, let alone encourage South Africa’s ESKOM to resume its charitable power supplies to Zimbabwe.

But the focus was at Goromonzi High School, where locals watched in awe as Zanu PF bigwigs turned up in their expensive sports utility vehicles. One said ‘if the conference was open to us we would attend and also have a taste of the nice food that we have not eaten for so long. We would at least forget our hunger for those two days.’ (See: https://www.theindependent.co.zw/2019/12/13/zanu-pf-banquet-in-deep-sea-of-poverty/).

A Newsday editorial observed of Zanu PF: ‘They are just functioning according to their default mode — as they have always done even under the late former President Robert Mugabe — to feast and make merry while the rest of the population wallows in abject poverty. (see: https://www.newsday.co.zw/2019/12/editorial-zanu-pfs-opulence-amid-famine-should-not-be-surprising/).

A close observer of Zimbabwe, Professor of World Politics at the University of London, Stephen Chan, said ‘in almost all countries in the world, during times of austerity, all political parties would hold their conferences with a reduction in expensive provision. They would do that to show solidarity with a nation going through hard times.’ (See: https://www.theindependent.co.zw/2019/12/13/zanu-pf-indaba-a-jamboree-in-the-midst-of-biting-hunger/).

Other points

  • A prospective investor planning a US$250 million solar project in Zimbabwe – surely a good thing – got the go-ahead from the government in July. Then his problems began. Officials started demanding a share in the project, so the whole thing is stalled. This typical story is given extra force by appearing in the government mouthpiece the Herald (see: https://www.herald.co.zw/sa-investor-makes-bribery-claims/).
  • Progress is also stalling on Zimbabwe’s application to rejoin the Commonwealth after the British Ambassador said Zimbabwe was failing to implement key reforms. Deputy Information Minister Energy Mutodi responded on twitter that Zimbabwe didn’t care, adding ‘the game of endless reforms is shameful’ (see: https://www.newzimbabwe.com/mutodi-thumbs-nose-at-british-over-zim-commonwealth-snub/).
  • Thanks to those who came early to help set up the front table and put up the banners: Patience  Chimba, Enniah Dube, Jonathan Kariwo, Chido Makawa, Rosemary Maponga, Patricia Masamba, Benjamin Molife, Washington Mugari, Margaret Munenge, Esther Munyira, Molly Ngavaimbe, Hazvinei Saili, Ephraim Tapa and Kevin Wheeldon. Thanks to Margafet, Hazvinei and Molly for looking after the front table, to Rosemary and Kevin for handing out flyers, to Chido and Delice Gavazah for drumming and to Patricia, Hazvinei and Jonathan for photos. It was good to have Enniah with us after a long illness.
  • For latest Vigil pictures check: http://www.flickr.com/photos/zimb88abwevigil/. Please note: Vigil photos can only be downloaded from our Flickr website.

FOR THE RECORD: 20 signed the register.

EVENTS AND NOTICES:

  • The Restoration of Human Rights in Zimbabwe (ROHR) is the Vigil’s partner organization based in Zimbabwe. ROHR grew out of the need for the Vigil to have an organization on the ground in Zimbabwe which reflected the Vigil’s mission statement in a practical way. ROHR in the UK actively fundraises through membership subscriptions, events, sales etc to support the activities of ROHR in Zimbabwe. Please note that the official website of ROHR Zimbabwe is http://www.rohrzimbabwe.org/. Any other website claiming to be the official website of ROHR in no way represents us.
  • The Vigil’s book ‘Zimbabwe Emergency’ is based on our weekly diaries. It records how events in Zimbabwe have unfolded as seen by the diaspora in the UK. It chronicles the economic disintegration, violence, growing oppression and political manoeuvring – and the tragic human cost involved. It is available at the Vigil. All proceeds go to the Vigil and our sister organisation the Restoration of Human Rights in Zimbabwe’s work in Zimbabwe. The book is also available from Amazon.
  • Facebook pages:

Vigil: https://www.facebook.com/zimbabwevigil

ROHR: https://www.facebook.com/Restoration-of-Human-Rights-ROHR-Zimbabwe-International-370825706588551/

ZAF: https://www.facebook.com/pages/Zimbabwe-Action-Forum-ZAF/490257051027515

The Vigil, outside the Zimbabwe Embassy, 429 Strand, London, takes place every Saturday from 14.00 to 17.00 to protest against gross violations of human rights in Zimbabwe. The Vigil which started in October 2002 will continue until internationally-monitored, free and fair elections are held in Zimbabwe. http://www.zimvigil.co.uk.

Hope, in the right way

Post published in: Featured

Nigeria and Zimbabwe have declared war on democracy – The Zimbabwean

  • How Nigeria and Zimbabwe are taming democratic values in Africa.
  • Across Africa, the culture of protests is spreading wide and far as obtainable in Malawi, Guinea, Algeria, South Africa, and Ethiopia.
  • Precious Ohaegbulam in this opinion piece writes on the intolerant attitude by African governments across the continent.

The event was largely attended by citizens who had already developed a growing affiliation for the opposition after having had their hopes shattered by the ZANU-PF and President Emmerson Mnangagwa.

Over the past few months, the government of Zimbabwe has become more intolerant of dissidents. The growing public outrage is linked to the inability of the government to revive the country’s comatose economy. Also, President Mnangagwa now seems to have eroded the stock of goodwill he enjoyed after succeeding Robert Mugabe.

In a similar fashion, though, the government of Nigeria with its history of clamping down on protests and critics also recently deployed State Security Service officers to attack citizens and journalists demanding the release of political prisoners. It is not out of place to say that this intolerant attitude by African governments is common across the continent.

Across Africa, the culture of protests is spreading wide and far as obtainable in MalawiGuineaAlgeria, South AfricaEthiopia, and elsewhere. All is not well on the continent. However, protests are good for democracy; it means Africans are engaged and watchful over the actions of their leaders. Also, criticism of the government has historically been linked to the institutionalization of the many liberties enjoyed by people all across the world.

In the case of Zimbabwe, the dissent is understandable and justified. Foreign direct investment has slowed to a trickle. There is a prevalence of infrastructural decay and the continued exit of skilled citizens presents the picture of a nation in despair.

The country’s inflation rate is pegged by the International Monetary Fund at 161.8 percent, only surpassed by that of Venezuela. Under the weight of its crumbling economy, the budget is said to be the equivalent of almost three national budgets with a significant chunk of it dependent on foreign aid. Other sectors in need of critical attention include its failing pension system, agriculture, mining, and health sectors.

President Mnangagwa has pleaded for more time. How much time he needs is yet another matter because he has said that things have to get worse before they get better. A tighter fiscal policy that features lower income taxes and a reduction in government spending will also make positive impacts. Privatization of dilapidated state enterprises, deregulation in key sectors, and pruning recurrent government expenditure are policies worth equal interest.

In Nigeria, however, the dissent is largely fueled by the government’s lip-service to the eradication of corruption, its shameful recurring defiance of court orders and the glaring subversion of the rule of law. In addition, in the wake of its ill-timed border closure and inability to stem the tide of insecurity around the country, the government of President Muhammadu Buhari has also been desperate.

By its refusal to obey the order of a federal high court for the release of some political prisoners, even after their sureties have met the set bail conditions, the State Security Service, as an institution of government, has exposed the country to international ridicule and it would be wise for the president to intervene both in a bid to stop the needless embarrassment and protect the lives of protesters unjustly attacked.

The protesters in Nigeria are clear on what is necessary for the government to do and it presents a myriad of holistic solutions that will attend to the ills of various sectors including, improving the correctional system for corruption and other criminals who pose security threats, improving the management of resources, creating more jobs and policies towards reducing mass poverty.

Dissidents are only trying to keep Nigeria and Zimbabwe alive. It would be counter-productive and undemocratic for any government to always resort to calling state-backed agencies to arms against protesters before engagement and dialogue. Both countries need to set good precedents.

……….

Precious Ohaegbulam is a Writing Fellow at African Liberty and a freelance writer and communications specialist. He can be reached via @prsh9 on Twitter.

PS: The views and opinions expressed in this article are those of the author and do not reflect the official policy or position of the Business Insider SSA by Pulse and its staff.

Illegal settlers invade one of Zimbabwe’s world famous resorts – The Zimbabwean

Leopard Rock Hotel

The hotel, situated 33 km south-east of the eastern border city of Mutare, is run by foreign nationals since 2014 and is famous for its golf course on which people from all over the world have played.

However, it is understood that the investors are mulling a temporary closure of their 10 million U.S. dollar project until the dust settles.

The government on Friday warned the illegal settlers to vacate the hotel premises or face eviction.

“It has come to the attention government there is some illegal land invasion around part of Leopard Rock Hotel property.

“This has caused some disruption of business in addition to causing some environmental damage. Law enforcement services have been made aware of this lawlessness and are finalizing plans to restore law and order,” said government spokesperson Nick Mangwana.

He said the settlers should vacate the premises or face forced removal.

“We remain committed to provide the landless Zimbabweans with land in an orderly manner respecting the law and property rights,” he added. Enditem

Zimbabwe’s economy is hobbled by a clash of egos – The Zimbabwean

Zimbabwean Finance Minister Mthuli Ncube. Image: Bloomberg

Finance Minister Mthuli Ncube and Reserve Bank of Zimbabwe Governor John Mangudya don’t get on, are pursuing different agendas and at times issue directives without informing each other, two people with direct knowledge of the situation said.

The result: policies that are quickly reversed, confusing contradictions in public statements, an economy that’s forecast by the government to contract 6.5% this year and an annual inflation rate that reached 440% in October.

While Ncube, a Cambridge-trained economist, is often accused of being overly optimistic, his push to cut spending and bring order to chaotic government finances has been lauded. By comparison, Mangudya, an appointee of former President Robert Mugabe, is seen as a governor who puts political considerations ahead of rational economic decisions.

“They seem to be at two polar opposites,” said Jee-A van der Linde, an economic analyst at NKC African Economics in Paarl, South Africa.

The governor has bristled at the minister taking decisions he feels are within the central bank’s domain since a fallout earlier this year, the people said.

The Zimbabwe Independent on Feb. 15 reported on an alleged row between the two men over how to handle the nation’s monetary policy, citing people it didn’t identify. The Harare-based newspaper said Mangudya threw paper files at Ncube before he walked out of a meeting. It later retracted the report, saying it was based on “wrong and unverified information.”

Surprise instruction

There’ve been other points of discord.

On Nov. 29, the Treasury surprised the central bank by issuing an instruction that exporters must pay their bills to the state power utility in foreign currency, one of the people said. On one occasion, the Treasury told the bank it was issuing a directive and not seeking an opinion, the person said.

Earlier unilateral measures include the Treasury’s abolition in June of the decade-old multi-currency system that allowed the use of the greenback and the South African rand within the country, a decision the central bank then had to implement, the person said. On Sept. 30, the Treasury directed the bank to issue a ban on dominant mobile-money service Ecocash paying out cash, a move that would have brought the economy to a halt as almost all transactions are done through the mobile platform.

In at least one instance, Mangudya has pushed back. A Treasury proposal in September to give tourists coupons for their foreign exchange, to starve the black market of supply, was thwarted by the central bank, the person said.

For more on the reaction to the Zimbabwe dollar reintroduction click here

Mangudya is wary of political backlash to monetary-policy decisions, one of the people said.

In September, a parliamentary committee was told that the central bank sold Treasury bills worth $971 million to pay government debt without the necessary approvals by lawmakers. That boosted money supply and weakened the local currency.

The central bank head also convinced President Emmerson Mnangagwa to restore corn and rice subsidies on November 28, two weeks after Ncube had announced in his 2020 budget that they would be scrapped, one of the people said.

While economically crippling, the subsidies are politically prudent in a nation where the United Nations World Food Programme expects half the population to face hunger early next year. The Treasury has yet to pay out the subsidies and prices for the staples have subsequently risen.

For Ncube, Mangudya is an impediment to the task he feels he was given by Mnangagwa when he was appointed in September last year and told to right the economy, one of the people said. The way the central bank handles policy has troubled analysts.

“The blame for the collapse of Zimbabwe’s economy may be squarely placed on the mismanaged reintroduction by the central bank of a local currency after 10 years of dollarisation,” said Robert Besseling, a director at EXX Africa, a South African business-risk advisory firm. “The mismanaged currency regime is being accompanied by interventionist measures that have effectively shut down business and trade in the country.”

Ncube’s focus on austerity and orthodox economics has been seen by Mangudya as unwise in a country with Zimbabwe’s unstable politics, the other person said.

“Ncube seems out of his depth in the current cash-shortage crisis,” said Besseling. “He lacks the political clout to implement real structural change in the distressed economy.”

Mangudya didn’t respond to calls made to his mobile phone seeking comment. The Treasury didn’t immediately respond to a request for comment.

For now, the economy is in dire straits. There isn’t enough money to pay for adequate fuel and food imports, and the currency is trading at 16.54 to the greenback after a 1:1 peg was removed in February. Attempts to attract investors to the country have been largely unsuccesful.

Monetary policy is erratic. Last month, the central bank halved the benchmark interest rate to 35%. In September, it had been raised by 20 percentage points to 70%.

“Monetary policy is an absolute shambles,” Van der Linde said.