Lord Patel's post on Wednesday, April 26, 2006 Davy / Hoogstraten / Zimbabwean funny forex deals is one of the most frequently visited parts of the archives - not probably because of the details of Mr Hoogstraten and his funny financial deals with ZANU Party grandees, mining companies etc., or his deals with Charles Davy who was accused at the time, just as Hoogstraten has just been because of funny Forex deals.
Charles Davy ( temporarily a resident of SA) is of course the future father in law of the red top's friend, the alcoholically challenged , red topped Prince Harry (putative son of the prince of Wales) , whose studious daughter Chelsey sans clothes is (probbly) the principal cause of global interest in this fascinating nugget of journalism.
If convicted murderer (but acquitted on appeal) fun loving landlord, Nicky Hoogstraten has been pulled in (along 20 billion Zimbabwe dollars (£335,883; US$665,148) in cash, US$37,586 (£18,980), 92,880 South African rands (£6,552; US$12,975), £190 (US$376) and 180 Botswana pula (£15; US$29) and a stash of very interesting pornographic films and pictures of local celebrities) it is more to do with having fallen out in his dealing with corrupt ZANU politicians (he was reported to have given Mugabe US$10Mn.)and Ministers (the name of Didymus Mutasa is called to mind) and their desire to steal properties from him and failure to respond to ...er...blackmail.
It is likely of course that the soaring cost of coal, demanded by Eskom in South Africa and Zimbabwe Power Company has attracted interest in his holding in Hwange Colliery Company
"The Company takes cognizance of its role as the backbone of the Zimbabwean economy and supports a plethora of strategic industries", they say on their website." Oddly their notes on Directors page has gone blank.
Ben Rafemoyo of Zimbabwe's ZESA Holdings said on Jan 6th 2008 said they want to re-open 3 thermal stations at Bulawayo, Munyati and Harare, have not been in operation due to coal shortages. They produce a combined 150 megawatts when fired to full capacity. Nearly ZIM$1-trillion has been targeted for building up stocks to fire the thermal juniors. He said the payment for coal would be made to Hwange Colliery Company once the 5.4-trillion dollars (Gulp!!!) it was allocated under the 2008 National Budget was released. Hwange recently took delivery of ten modernised haulage trucks from the Chinese based world acclaimed Norinco Industries.
To put this into perspective , Zim whose peak electricity demand is possibly around 2 900 MW, imports at least half of its national requirements from Hidroelectrica de Caporal Bassa of Mozambique, Eskom of South Africa and SNEL.... however paying for it is a major problem.
Reading for today Ecclesiasticus xiii. 1 He that toucheth pitch, shall be defiled therewith.
Also see The lights are going out all over Africa