NetOne Executives On the Run as ZACC Probes $10 Million Looting Scandal
HARARE – A massive corruption scandal has rocked Zimbabwe’s state-owned telecommunications sector as two senior NetOne executives have fled their positions amid allegations of embezzling over US$10 million from the company. The developing story has sent shockwaves through the country’s business community and raised serious questions about governance at parastatal enterprises.
Chief Technical Officer Christopher Muchechemera and Chief Financial Officer Nyasha Nyambuya are currently the subjects of a nationwide manhunt launched by the Zimbabwe Anti-Corruption Commission (ZACC). The two high-ranking officials are wanted for questioning in connection with what investigators describe as “large-scale looting and financial mismanagement” at Zimbabwe’s second-largest mobile network operator.
The Manhunt and Mounting Charges
Authorities confirmed that both executives face multiple criminal charges including abuse of office and financial impropriety after reportedly evading scheduled questioning sessions with anti-corruption investigators. The Zimbabwe Anti-Corruption Commission has escalated its efforts to locate the missing officials, with sources indicating that border alerts have been issued to prevent their potential flight from the country.
“Two senior executives at state-owned mobile operator NetOne are on the run following allegations of large-scale looting and financial mismanagement. Chief Technical Officer Christopher Muchechemera and Chief Financial Officer Nyasha Nyambuya are wanted by the Zimbabwe Anti-Corruption Commission (ZACC) in connection with the disappearance of more than US$10 million.”
The scandal emerges at a critical time for NetOne, which has been struggling to maintain market share against fierce competition from industry leader Econet Wireless and third-placed Telecel Zimbabwe. The company, wholly owned by the Zimbabwean government, has long been considered a strategic national asset in the increasingly important telecommunications sector.
According to initial reports from ZimEye, the investigation centers on suspicious financial transactions and procurement irregularities that allegedly enabled the systematic diversion of company funds. The missing $10 million represents a significant blow to the parastatal’s financial health, potentially impacting its network expansion plans and operational capabilities.
This developing scandal highlights the ongoing challenges facing Zimbabwe’s state-owned enterprises. For comprehensive coverage of this and other important national stories, readers can follow updates through reliable sources like African News Desk’s Zimbabwe news section, which provides timely reporting on matters of public interest.
Systemic Governance Failures at NetOne
This is not the first time NetOne has faced serious allegations of financial misconduct. Previous internal and external audits had repeatedly flagged irregularities in the company’s procurement processes and contract management systems, raising red flags about oversight mechanisms at the telecommunications provider.
“NetOne, Zimbabwe’s second-largest mobile network operator, has long faced criticism over weak governance and recurrent scandals. Employees said the latest case has created unease within the company, which is already under pressure from stiff competition and a difficult economic climate.”
Sources within NetOne describe an atmosphere of anxiety and uncertainty among staff members, who fear the scandal could further destabilize the company’s position in the highly competitive mobile telecommunications market. Employees speaking on condition of anonymity expressed concern about potential job security implications and the company’s ability to invest in necessary network infrastructure improvements.
The pattern of governance failures at NetOne has drawn criticism from economic analysts and transparency advocates alike. As reported by Bulawayo24, previous audit reports had specifically identified weaknesses in the company’s internal financial controls, particularly regarding high-value contracts and procurement decisions that fell under the purview of the now-missing executives.
Industry observers note that the disappearance of such a substantial sum from NetOne’s coffers could hamper the company’s ability to compete effectively in the market, potentially affecting service quality and network expansion projects. This comes at a time when Zimbabwe’s telecommunications sector is crucial for economic development and digital inclusion initiatives.
The scandal has reignited debates about the broader reform needed within Zimbabwe’s parastatal sector, where similar allegations of mismanagement and corruption have surfaced in recent years. The government, as sole shareholder of NetOne, faces increasing pressure to implement stronger oversight mechanisms and ensure accountability at state-owned enterprises.
As the manhunt for Muchechemera and Nyambuya continues, ZACC officials have assured the public that their investigation will be thorough and uncompromising. The anti-corruption body has faced its own scrutiny in recent years regarding its effectiveness in tackling high-profile corruption cases, making this investigation a significant test of its capabilities.
The NetOne scandal represents more than just a financial crime—it strikes at the heart of public trust in state institutions and their ability to manage national assets responsibly. The outcome of this investigation will be closely watched by investors, international partners, and ordinary Zimbabweans who ultimately bear the cost of such corruption through diminished services and economic opportunities.
