Breaking News

RBZ liquidates McDowells

by Staff reporter
20 June 2012 | 2663 Views
The Reserve Bank of Zimbabwe has cancelled McDowells International's money lending licence with immediate effect following reports that the institution has been illegally mobilising deposits from the unsuspecting public.

In a statement, the RBZ indicated that the public is currently failing to access deposits amounting to $4 million from McDowells International.

The central bank also noted the institution has not been disclosing business conditions to clients while it has been imposing interest rates as high as 50% per month which translates to 600% annually.

RBZ Governor, Dr Gideon Gono announced the liquidation of the institution has commenced, adding the liquidator will be mandated through the High Court to dispose of the institution's assets.

This will include recovery of siphoned funds from shareholders' companies in order to reimburse the duped members.




The development comes a few days after the central bank had issued a stern warning to micro-finance institutions indicating that taking deposits is a banking activity which is a preserve of institutions registered as banks in terms of the Banking Act.

The public has heavily criticised money lending and microfinance institutions for fleecing unsuspecting borrowers.

RBZ McDowells

Source: zbc

Should Zimbabweans be deported from the UK?

Yes
27.48%
No
69.97%
Not sure
2.56%
313

Comments

News Updates

Email:

Latest News

Ian Khama to fund Tsvangirai's MDC-T? - THE financial challenges facin...

by Staff reporter | 25 April 2014 | 6 Views

'Zisco, NRZ to spur Bulawayo revival' - THE resuscitation of the defun...

by Staff reporter | 25 April 2014 | 71 Views

Court rules against Chitungwiza demolitions - Chitungwiza Municipality...

by Lovemore Meya | 25 April 2014 | 65 Views

Stands to watch out for at ZITF - AS the Zimbabwe International Trade ...

by Staff reporter | 25 April 2014 | 74 Views

NGO employee suspended for ridiculing MDC-T rebels - A JUNIOR employee...

by Staff reporter | 25 April 2014 | 193 Views

Man jailed for raping neighbour's granddaughter (13) - A 26-YEAR-OLD M...

by Staff reporter | 25 April 2014 | 162 Views

Disgruntled MDC-T councillors plot to oust Mayor - DISGRUNTLED MDC-T H...

by Staff reporter | 25 April 2014 | 120 Views

Missing girl found dead without her right leg and private parts - A tw...

by Prosper Dembedza | 25 April 2014 | 292 Views

Child named after wife's ex-lover, man refuses to pay maintenance - A ...

by Angeline Mpofu | 25 April 2014 | 285 Views

Botched $5,000 car deal turns nasty - A Bulawayo man who took his girl...

by Patrick Chitumba | 25 April 2014 | 279 Views

Civil servants gets their salary increments - THE government has fulfi...

by Patrick Chitumba | 25 April 2014 | 217 Views

Alick Macheso speaks about his estranged wife - Sungura ace Alick Mach...

by Staff reporter | 25 April 2014 | 345 Views

New book on Robert Mugabe vetted by CIO - PROFESSOR Ken Mufuka, who ha...

by Staff reporter | 25 April 2014 | 211 Views

'No Zimdollar return yet,' says Zanu-PF - ZIMBABWE'S multi-currency re...

by Thandeka Moyo | 25 April 2014 | 159 Views

Lady cops molest suspect, insert bananas into suspect's privates - TWO...

by Thandeka Moyo | 25 April 2014 | 401 Views

Boy's death triggers outrage against police - There was palpable publ...

by Staff reporter | 25 April 2014 | 229 Views

Two bodies with throats cut discovered near SDA in Nkulumane - Two de...

by Staff Reporter | 25 April 2014 | 3293 Views

'Mugabe is fit,' says Jonathan Moyo - Video - In a video below Inform...

by Staff reporter | 25 April 2014 | 3293 Views

Women more likely to cheat on partners with longer penises - Study

by Staff Reporter | 24 April 2014 | 7924 Views

CIO swarm Bulawayo ahead of Mugabe arrival

by Staff Reporter | 24 April 2014 | 4469 Views

CIO pushing Grace Mugabe to become Zanu PF Women's League boss

by Staff Reporter | 24 April 2014 | 4478 Views

Top Air Zim boss fired

by Staff Reporter | 24 April 2014 | 2031 Views

Zanu-PF minister chased away by villagers - Provincial affairs ministe...

by Staff reporter | 24 April 2014 | 2835 Views

Mugabe hints at exit - President Robert Mugabe has hinted that he will...

by Staff reporter | 24 April 2014 | 2769 Views

Man arrested over bogus court orders

by Staff reporter | 24 April 2014 | 874 Views

My friend Robert Mugabe - Video

by BBC | 24 April 2014 | 1649 Views

Voice of Zimbabwe shutdown galls ZBC board - The ZBC board has expre...

by Staff Reporter | 24 April 2014 | 1513 Views

SA man escapes death after being lured to Zim by Satanic cult

by Staff Reporter | 24 April 2014 | 5782 Views

Entertainment

Top SA maskandi musician itching for a Zim stage - South Africa's top ...

by Staff reporter | 24 April 2014 | 1809 Views

Nightclubs scramble for Bev, she is already fully booked

by Auxilia Katongomara | 24 April 2014 | 2541 Views

Bev off to South Africa to buy new costumes

by Brenda Phiri | 24 April 2014 | 2254 Views

Alick Macheso in costly divorce?

by Jonathan Mbiriyamveka | 24 April 2014 | 3959 Views

Majaivana's son to release debut album with Bosso tune - Lovemore Maja...

by Staff reporter | 23 April 2014 | 1685 Views

Rising reggae star Matty Julius comes to Zim Achievers Awards

by Arts Correspondent | 23 April 2014 | 855 Views

Bev confirms return to the dance floor

by Staff reporter | 24 April 2014 | 3249 Views

Tuku Recalls Picky for Greatest Hits Concert

by Staff Reporter | 22 April 2014 | 2274 Views

Oskido, Big Nuz in no show - SCORES of revellers were baying for South...

by Thupeyo Muleya | 22 April 2014 | 1484 Views

Bev, Prophet Magaya severs ties - Raunchy dancer Beverly (Bevy) Siban...

by Takawira Dapi | 24 April 2014 | 2938 Views

Hosiah Chipanga likens self to biblical Noah - VETERAN musician-cum-pr...

by Liberty Dube | 20 April 2014 | 3379 Views
iBlog

Chancellor Breaks Grade 7 National Record, Only One Pupil Fails

chancellor primary school in mutare has broken the national record of excellence after 42 of its grade seven pupils scored four units during this year's examinations. acting manicaland provincial education director mr andrew chigumira said chancello... Read More
iNdabaNdaba 22 December 2013 ago

Snake Girl Attracts Crowd & Tourists To Thailand

I think this is another hoax going around the internet today. online reports claim that 8 year-old mai li fay, from bangkok, is far from living the usual life of a girl her age. everyday, thousands of people gather to the front of her family's house ... Read More
Malema 15 January 2014 ago