Mbada Diamonds under scrutiny

The Zimbabwe Environmental Law Society (Zela) has taken Mbada Diamonds to task over its statement that it had paid $424 million in taxes, dividends and government advances and spent close to $40 million on corporate social responsibility.


Of its $1 billion earnings in four years, Mbada also said it had spent $214 million on capital goods, $225 million on production and $138 million on other operations.

Finance Minister Patrick Chinamasa has insisted that the state received nothing from the Marange diamonds in 2013. His predecessor Tendai Biti said diamond revenue from all mines was only $40 million by 2012.

Obert Mpofu, the former mines minister, has claimed that the diamonds generated a lot of money, but he could only say it was “somewhere”. His successor, Walter Chidakwa, has blamed cartels for externalising money from the gems.

“The disclosure by Mbada diamonds, while a step in the right direction, raises more questions than answers. There are pertinent questions to be answered arising from Mbada diamond’s revenue disclosure,” said Zela in a statement.

“In 2012 and 2013, government did not receive any share of diamond dividends according to budget statements from the ministry of finance. Mbada diamonds should disclose diamond revenue paid yearly from 2010 to 2013,” added Zela.

The lawyers also said Mbada must disclose the salaries paid to top management so as to put to rest suspicion that the executives were getting massive perks.

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