Breaking News

RBZ liquidates McDowells

by Staff reporter
20 June 2012 | 3374 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

Is Itai Dzamara eyeing the US Green Card?

Yes
20.21%
No
74.06%
Not sure
5.72%
559

Comments

News Updates

Email:

Latest News

Border jumpers kill charging crocodile

by Thupeyo Muleya | 30 May 2015 | 74 Views

Sepp Blatter re-elected FIFA president - Zurich - Sepp Blatter won th...

by AFP - Reuters | 29 May 2015 | 2392 Views

Unsung hero of Zimbabwe's 'dissident era' speaks out - BULAWAYO - A v...

by Thabo Kunene | 29 May 2015 | 5260 Views

ORAP to host Chevrolet tornament - ORAP Zenzele and Autoworld Bulaway...

by Stephen Jakes | 29 May 2015 | 1208 Views

Dog breeding now source of income in Zimbabwe - Dogs have always been ...

by Erol Ersoy - Anadolu Agency | 29 May 2015 | 2725 Views

Evil destruction caused by Zimbabwe farm invasions of 1999 - Coleen th...

by Nomazulu Thata | 29 May 2015 | 1979 Views

Tsvangirai's secret engagement - They say in a country of blind people...

by Caitlin Kamba | 29 May 2015 | 4068 Views

Is Zimra a Fair, Just and Socially Responsible company?

by Ndzimu-unami Emmanuel Moyo | 29 May 2015 | 926 Views

Archer Clothing workers stage demo

by Thobekile Zhou | 29 May 2015 | 1501 Views

Moses Chunga shuts-door on 'zero budget' teams

by Thobekile Zhou | 29 May 2015 | 2325 Views

Child burning parents jailed - The abusive Raffingora couple that dipp...

by Staff reporter | 29 May 2015 | 1806 Views

Manager forces female workmate to play with his manhood

by Staff Reporter | 29 May 2015 | 4472 Views

'Mujuru can win 2018 elections' - Analysts say the only way Zimbabwe c...

by Staff reporter | 29 May 2015 | 2514 Views

France re-engages Mugabe's Zimbabwe - A HIGH-POWERED delegation from t...

by Staff reporter | 29 May 2015 | 1977 Views

Zanu-PF is not afraid of anyone - I could not believe it when I read...

by Chido Chikuni | 29 May 2015 | 2148 Views

'Baba Jukwa' set free - Sunday Mail editor, Edmund Kudzayi, whom Zimba...

by Thobekile Zhou | 29 May 2015 | 3086 Views

Plot to take Jonathan Moyo 'out' - INFORMATION Minister Jonathan Moyo...

by Staff Reporter | 29 May 2015 | 5576 Views

Maid accused of stealing $1 face-powder from minister's wife acquitted...

by Staff reporter | 29 May 2015 | 3115 Views

Grace Mugabe disappoint Masvingo vendors

by Staff Reporter | 29 May 2015 | 3955 Views

Harare prostitutes offer free sex to regulars

by Staff Reporter | 29 May 2015 | 4623 Views

Woman kills crocodile, suffers night attacks - A Hwange woman - Botsh...

by Staff Reporter | 29 May 2015 | 4963 Views

Beit Trust Scholarship application opens encourage others to apply - T...

by Staff reporter | 29 May 2015 | 2162 Views

Man threatens mother with toy gun - A Zvishavane man, Osborn Shumba (2...

by Staff Reporter | 29 May 2015 | 1753 Views

Welshman Ncube on Friday: The Economics of Happiness

by Welshman Ncube | 29 May 2015 | 2141 Views

Estranged hubby poops at in-laws yard - A Bulawayo man- Richard Tshuma...

by Staff Reporter | 29 May 2015 | 2614 Views

Entertainment

ZiFM caught in royalties storm - THE Zimbabwe Music Rights Associati...

by Thobekile Zhou | 29 May 2015 | 1506 Views

Bev takes raunchy dance to UK - RAUNCHY pole dancer - Beverly Sibanda...

by Thobekile Zhou | 29 May 2015 | 2015 Views

Ex-Generations actress was once involved in an adulterous affair with ...

by Staff reporter | 26 May 2015 | 8189 Views

ZTV blackout looms - ZIMBABWE will likely miss the June 17 Internation...

by Staff reporter | 25 May 2015 | 5353 Views

Bulawayo snubs Big Nuz - AFTER gathering strength to make the long tr...

by Kusile Madlela | 25 May 2015 | 5068 Views

Winky D face 10 year UK ban for fraud

by Staff Reporter | 24 May 2015 | 7328 Views
iBlog

Four In 10 Americans Face Regular Online Fraud Attacks

Microsoft offers four primary tips to help protect users from identity theft:• be selfish and defensive with personal information by not sharing sensitive details in emails, and instant and text messages• create, use and keep secret so-called “... Read More
SecNews 24 October 2014 ago

Protect Your Greatest Small Business Asset: Time

if your work week is way more than 40 hours, your smartphone is glued to your hand, and your to-do list is multiple pages of overdue tasks—you know how valuable every minute of your time is.your smartphone and tablet make doing business from anyw... Read More
Sergey 05 September 2014 ago