SAKUNDA Holdings has embarked on a massive retrenchment exercise, a move which has seen the company laying off most of its workers and leaving a skeleton staff of 16 employees.
Things went wrong for the company when it was placed under the US sanctions list.
Sakunda Holdings is owned by Kudakwashe Tagwirei who has also been slapped with economic embargo last year.
According to sources close to the diversified firm, Chief Operating Officer Mberikwazvo Chitambo and Head Special Projects Clement Kahiya have been affected by the retrenchment exercise.
“Sakunda is finding the going tough, people have been arguing about the effects of economic sanctions imposed on Zimbabwe and Sakunda is a good example on the effects of sanctions. The company has retrenched its senior executives in Chitambo (Mberikwazvo) and Kahiya (Clement). The company is only left with 16 employees,” said the source.
United States of America placed businessman Kuda Tagwirei and his firm Sakunda Holdings under sanctions over his support for the Zimbabwe government.
The step had long been expected after Tagwirei received repeated public criticism from American diplomats, leading to his long-time partners Trafigura buying him out in 2020.
In imposing sanctions on Tagwirei and Sakunda Holdings, the US Treasury Department said Tagwirei has been sanctioned “for providing support to the leadership of the Government of Zimbabwe”.
Efforts to get a comment on new developments from Sakunda Chief Executive officer Mr Kudakwashe Tagwirei drew blanks as he did not respond to questions sent to his mobile number.
The US also believes Sakunda was involved in what it says is an unaccounted for US$3 billion allocated under the Command Agriculture program.
It was proved that Sakunda did not receive USD 3 billion but USD1 billion which was fully accounted for according to the Parliamentary enquiry.