JOHANNESBURG, South Africa – South African media house Independent Online (IOL) has admitted it got it wrong when it accused respected Zimbabwean banker, Raymond Chigogwana, of money laundering involving R800 million.
Tellingly, the publication indicated that it appeared as if Chigogwana was the victim of a coordinated smear campaign targeting him personally as well as his business interests. IOL did not say who was behind the malicious campaign, but indications are that a cabal of Zimbabwean financial sector actors are orchestrating the plot.
On May 8, 2025, IOL published a story accusing Chigogwana of money laundering and other financial crimes to the tune of R800 million. The report claimed both South African and Zimbabwean authorities were investigating the alleged financial crimes.
However, after conducting subsequent investigations and ascertaining that authorities in both countries had cleared the transactions in question as above-board, IOL backed fown and apologised.
In a letter to Chigogwana shared with reporters, IOL editor Lance Wittens said: “The story was supplied to us by a trusted source and while IOL did our own investigations and verifications of the facts in the story, which satisfied our curiosities, our naming of you personally in our story was fundamentally flawed and baseless.
“It has become clear to me that there seems to be an apparent coordinated media campaign to tarnish your name, and there may well be actors aiming to use IOL as a platform to further this campaign. For this reason, IOL retracted the story and issued a personal apology to you.”
The South African media house added: “There was no malicious intent on IOL’s behalf to tarnish your name, and I apologise unreservedly on behalf of IOL for any harm that may have come to you or your business interests as a result of the publication of the initial story.
“IOL will take greater care to further verify information in future, and any further submissions to our platform for publication will be scrutinised far more closely, and in any such submission that mentions you personally, I commit to reaching out directly to you or an appointed, trusted representative for background information and potential confirmation or denial.
“Again, please accept my apologies for any harm to yourself or your business interests as a result of the publication of the story.”
IOL, and other media houses that had re-published the allegations, have since removed the articles from their websites and social media handles.
In a notice on its website, IOL said: “Certain aspects of the story, particularly surrounding Raymond Chigogwana’s alleged involvement in the matter, were found, under further investigation, to be false. IOL apologises unreservedly to Mr Chigogwana for any harm caused.”
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