COLIN GONDO
Controversial South Africa based businessman Frank Buyanga’s company Africa Medallion Group (AMG) has written to the Reserve Bank of Zimbabwe (RBZ) requesting to finance the procurement of specified commodities following the amendment of Statutory Instrument (S1) 122 of 2017 which lifted ban on imports on scares commodities.
In a letter dated 29 October 2018, addressed to the RBZ governor John Mangudya, AMG chairman, Estee Mamman said they were prepared to acquire products such as fuel, cooking oil, cement and pharmaceuticals through an infrastructure bond.
Infrastructure bonds are investment opportunities issued by a company that is authorized to sell bonds to investors. After the bonds are released into the market and investors subscribe to them, the proceeds are used to finance projects across a country.
AMG, the Johannesburg based company, was founded by Buyanga. Buyanga founded the African Medallion Group in 2017 as an initiative to raise awareness on wealth creation and wealth inclusion of Africans.
“AMG will require statutory approval to exercise this task,” Mamman wrote in a letter copied to Finance and Economic Development Minister, Mthuli Ncube. “It is common knowledge that the realities of the multi-currency regime are facing challenges therefore partnering with the private sector maybe to your advantage.
“Africa Medallion Group has the requisite resources to allocate for the purchase of the commodities needed by the government and the people of Zimbabwe. Given the purchasers are able to settle AMG in free funds we can begin immediately,” said Mamman.
AMG said its offer was in a bid to be responsible corporate citizens, and the company found it necessary to contribute to alleviating the economic crisis in Zimbabwe. Mamman said given the approval, AMG was ready to begin the procurement of the said commodities. He said it was imperative that Zimbabwe considered the offer, as “the image of the nation at the international stage has been affected as can be seen on media platforms.”
“We greatly look forward to your reply and to add value to the nation of Zimbabwe,” Mamman said.
AMG spread its tentacles by establishing representative offices in Dubai, Lesotho, Mauritius, Namibia and Zambia recently after acquiring the Pagliari Group (Pagliari) and Cape Mint in May.
The company has also set its sights on setting up and partnering African sovereign wealth funds (SWF), starting with Zimbabwe, at the back of its R6 billion gold reserves acquired from Rand Refinery.
With Pagliari having been acquired in April, the 61-year old jewellery maker’s Cape subsidiary was part of the iconic gold processor or refinery.
In addition to his AMG interests, the 38 year-old businessman has several other investments in the financial services sector, mining and property locally, and in South Africa. When the company was established nearly two years ago, it launched a number of products, including the $5 African Union commemorative coin and other medallions.
