Friday, September 02, 2016

$300,000 a month for knowing people

 South African businessman Niko Shefer is siphoning millions of dollars from the Zimbabwe National Roads Administration as facilitation fee for the $206 million loan accessed from the Development Bank of Southern Africa (DBSA) to refurbish the Plumtree-Mutare Highway.

It emerged Zinara is depositing a staggering $300 000 in Shefer's FNB account in South Africa monthly and that contract is running for 10 years. All Shefer did to deserve such a golden handshake was to link Zinara and DBSA.

He charged 2 percent of the loan amount extended to the road fund. At the lapse of the 10-year contract between Zinara and Shefer, the road fund would have paid him $36 million. The money that Shefer is receiving is over and above the interest that Zinara is paying to DBSA for the $206 million loan.

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