USD2.2m scandal at Zimbabwe’s NetOne

20 May 2020

Executives at Zimbabwe’s state-owned cellco NetOne – including CEO Lazarus Muchenje – are suspected of having carried out a fraud which has cost the company over USD2.2 million. Seven executives were arrested last week, with a report from Zim Morning Post claiming that the scandal relates to an interconnect agreement with US-headquartered firm Bankai International which was signed in December. There are also suggestions that terrorism charges could be filed as the illegal interconnect agreement allowed foreigners to access private information of locals without being detected. TeleGeography’s GlobalComms Database notes that NetOne claimed 3.17 million subscribers and a 24% share of the overall market at the end of 2019.

Zimbabwe, NetOne