Grace Mugabe on spending spree



With Zimbabwe teetering on the edge of financial collapse, First Lady Grace Mugabe is spending millions on new properties and jewellery and is building the country’s most expensive schools for the elite.

With grinding poverty and a cash crisis which means there are never-ending queues outside banks, many Zimbabweans, including some within the ruling ZANU-PF, are embarrassed by Mugabe, 51, because there is no rational explanation for the source of her R100 million spending spree.

Among her recent “shopping” was a spectacular diamond, a massive property in the heart of Harare’s richest suburb, a luxury villa and construction of the most expensive private schools in the country.

There is no information about how she generated income to accommodate her purchases, nor how she will pay off an overdraft, estimated at about R280m. And some suggest she has accounts at the state-owned post office bank and one other small, privately-owned bank.

Many are shocked that Mugabe recently paid more than R60m for a property of about 48.5 hectares in the heart of Borrowdale, about 15km north of Harare close to the mansion which the First Family built for about R140m, and where they choose to live rather than in the smaller, colonial era State House.

The Teede family who sold their Borrowdale property to a company controlled by Mugabe did not want to discuss the sale of their land.

Jan Teede said the cash from the sale had been paid into the trust fund of the estate agent who concluded the “long” and “difficult” deal. “I do not want to discuss this,” he said.

Another resident, who asked not to be named, said: “The Teedes probably decided to sell their home and land to Grace Mugabe because they feared she would take it if they refused. We understand Grace Mugabe wants this property to develop many upmarket homes in a security estate.”

Mugabe is also spending several million rand building a complex of private schools, known in the area as the Amai (Mother) Grace Mugabe Schools, near Mazowe village about 20km west of Harare. The schools are built on land taken, without payment, from an old white couple 15 years ago and are housed in three double-storey blocks.

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The Insider

The Insider is a political and business bulletin about Zimbabwe, edited by Charles Rukuni. Founded in 1990, it was a printed 12-page subscription only newsletter until 2003 when Zimbabwe's hyper-inflation made it impossible to continue printing.

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