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An investigation by South Africa’s Financial Intelligence Centre (FIC) has uncovered a sprawling money laundering network involving Zimbabwean businessman Wicknell Munodaani Chivayo, Renform CC, and millions in suspect transactions linked to Zimbabwe’s 2023 election funds.
The probe, conducted in collaboration with Zimbabwe’s Financial Intelligence Unit (FIU), reveals how taxpayer money was funnelled through South African accounts, with Chivayo allegedly at the centre of the scheme.
By Gamuchirai Mapako
According to the FIC report (Case MIREF-240719-0000003), Renform CC a South African printing company contracted by Zimbabwe’s Ministry of Finance and Economic Development to supply election materials received over R1.167 billion (approx. $62.3 million USD) between April 2023 and May 2024. These funds allegedly originated from Zimbabwean government accounts, including the Reserve Bank of Zimbabwe and First Rand Bank.
Of this amount, R800 million (approx. $42.7 million USD) was rapidly transferred to Chivayo-linked entities, including Intratrek Holdings (R56.4 million), Dolintel Trading Enterprise (R8.67 million) and Edenbreeze Pty Ltd (R156 million)
Chivayo’s personal Standard Bank account (43012094) allegedly received R225.9 million (approx. $12.1 million USD) via inter-account transfers, with additional credits totalling R3.13 million ($167,000 USD) from unspecified sources.
The FIC flagged the rapid movement of funds as indicative of “layering,” a money laundering tactic to obscure the origin of illicit money. Notable warning signs include R36 million ($1.9 million USD) transferred from Chivayo’s account Kumba Group (R28.9 million) and car dealerships including Daytona Pty Ltd (R5.4 million).
These allegations align perfectly with Chivayo’s public persona of gifting luxury cars to celebrities and ordinary Zimbabwean citizens. R58.2 million ($3.1 million USD) was also allegedly paid to entities like NN Truck and Trailer, Strauss Scher Inc (attorneys), and Flight Centre South Africa.
Renform CC was also linked to 2,513 international fund transfers (IFTRs) totalling R2.62 billion ($140 million USD), raising questions about oversight by South African and Zimbabwean authorities. The FIC noted that the Zimbabwean Ministry of Finance allegedly repeatedly paid Renform despite glaring irregularities.
Wicknell Munodaani Chivayo, already infamous for a $100 million Zimbabwe Electoral Commission tender scandal, acted as Renform’s agent. The FIC report suggests he may face charges for money laundering, fraud, and corruption in both countries. Zimbabwe’s FIU has been urged to respond by February 19, 2025, on whether it will pursue prosecution.
The FIC’s findings paint a picture of systemic graft, with Zimbabwean taxpayer funds laundered through South African banks. Chivayo’s lavish spending allegedly funded by state coffers contrasts sharply with Zimbabwe’s economic crisis, where civil servants earn less than $200/month. As pressure mounts for accountability, the case tests the resolve of both nations to combat high-level financial crime.
Financial intelligence revealed that the entity and subject have bank accounts at several financial institutions. Wicknell Chivhayo was discovered to possess directorships and memberships in legal entities in the Republic of South Africa.
Searches in the database showed regulatory reports made against RENFORM and Wicknell Chivhayo
Further research of the reported bank accounts revealed that REN FORM received almost R1 billion from the Zimbabwe Ministry of Finance and Economic Development. More than R800 million was moved to Wicknell Chivhayo’s commercial bank accounts, Intratrek Holdings and Dolintel Trading Enterprise.
Investigations into INTRATREK HOLDINGS uncovered considerable payments to Wicknell CHIVAYO’s personal and commercial bank accounts, including one of a foreign individual. Significant transfers of roughly R36 million were recorded from Wicknell CHIVAYO’s personal bank account, which appeared to be for automobile purchases.
EDENBREEZE‘s company bank account, linked to Wicknell CHIVAYO, got two substantial payments totalling R156 million from the Zimbabwe Ministry of Finance and Economic Development. Large sums of money were transferred instantly to other businesses, including the subject’s.
The quick flow of monies through the subject’s bank accounts raised suspicions, indicating possible stacking of funds.
“The posibility that the funs may have been derived from proceeds of alleged criminal activity cannot be ruled out,” read the statement
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