Breaking News

RBZ liquidates McDowells

by Staff reporter
20 June 2012 | 3412 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 Miss World Zimbabwe have been dethroned?

Yes
31.27%
No
64.01%
Not sure
4.72%
339

Comments

News Updates

Email:

Latest News

'Mugabe no longer believes Mujuru plotted against him'

by Staff reporter | 29 July 2015 | 18 Views

Mugabe order vendors to leave the streets

by Staff reporter | 29 July 2015 | 90 Views

Dr Mugabe's gracious secret

by Caitlin Kamba | 29 July 2015 | 969 Views

'He pulled my vagina from his pocket' - ritual victim says

by Staff Reporter | 29 July 2015 | 1112 Views

Dunlop dismisses about 85 employees

by Stephen Jakes | 29 July 2015 | 665 Views

Haulage trucks should use Hre-Byo highway not Hre-Masvingo - MP

by Thobekile Zhou | 29 July 2015 | 792 Views

HIV+ teacher gets life imprisonment for raping boy

by Staff Reporter | 29 July 2015 | 989 Views

Zimbabwe must not lose sleep over dead lion Cecil - Sikhala

by Stephen Jakes | 29 July 2015 | 923 Views

Grace Mugabe chosen by God says Prophet

by Staff Reporter | 29 July 2015 | 1449 Views

Bev planned her sex acts in UK

by Staff Reporter | 29 July 2015 | 1839 Views

Hooker murders troublesome client after sex

by Staff Reporter | 29 July 2015 | 1575 Views

Mugabe shares bed with teen son

by Thobekile Zhou | 29 July 2015 | 2845 Views

Barclays Africa hastens talks to buy Barclays Zimbabwe

by Agencies | 29 July 2015 | 1451 Views

Girl (7) narrowly escapes rape by a soldier

by Staff Reporter | 29 July 2015 | 1974 Views

I killed Cecil - American hunter confess

by Staff Reporter | 29 July 2015 | 2539 Views

Why do Bulawayo students fail to enroll at NUST? Zanu PF MP ask

by Thobekile Zhou | 29 July 2015 | 2504 Views

Broken down cars cause havoc in parliament

by Thobekile Zhou | 29 July 2015 | 2079 Views

Invitation to the King Mzilikazi commemoration 2015

by Ibutho Lenqama | 29 July 2015 | 1502 Views

If the US dentist lured Cecil out of the park with food, he needs to be hanged

by Ingrid Newkirk, President, PETA U.S. | 29 July 2015 | 1665 Views

'Infrasonic weapon' caused TB Joshua church collapse - academic

by TB Joshua Fans UK Blog | 29 July 2015 | 2659 Views

Desmond Tutu back in hospital

by BBC | 29 July 2015 | 1672 Views

'Obama is a tricky and mischievous politician'

by AP | 29 July 2015 | 3058 Views

State media publishes fictitious interview with MDC-T Secretary-General

by Obert Gutu, MDC-T National Spokesperson | 29 July 2015 | 1965 Views

Thumbs up to early sex - New Bill

by Staff Reporter | 29 July 2015 | 3415 Views

Fire burns down home industries

by Staff Reporter | 29 July 2015 | 2879 Views

Zim music industry dead - Prof Moyo

by Staff Reporter | 29 July 2015 | 2078 Views

Mnangagwa in near embarrassment at Grace Mugabe bash

by Staff Reporter | 29 July 2015 | 5834 Views

Bashing child (12) lands woman (54) in the dock

by Stephen Jakes | 29 July 2015 | 1667 Views

Entertainment

Gwanda gospel music extravaganza confirmed

by Staff correspondent in Pretoria South Africa | 29 July 2015 | 760 Views

Bev causes UK man to soil pants

by Bongani Ndlovu | 28 July 2015 | 6186 Views

Maskandi Mtshengiseni Gcwensa dies

by Stephen Jakes | 28 July 2015 | 4442 Views

Let me be! - Acie Lumumba

by TWZ | 28 July 2015 | 2184 Views

Bev returns home

by Staff reporter | 28 July 2015 | 5786 Views

Rapper Chad and Grammy winner Soko partner on EFT single

by Anashe Press Relations | 27 July 2015 | 2325 Views

All set for Chibuku Neshamwari National Finals in Bulawayo

by Thobekile Zhou | 25 July 2015 | 1760 Views

Zimbo Rhumba musician to drop third album

by Mafu Sithabile | 28 July 2015 | 5067 Views
iBlog

Apple Watch Teardown Reveals Unique Hardware And Replaceable Parts

The apple watch may not be fine jewelry, but bill detwiler cracks it open and shows you why he thinks it's a fine piece of tech. the apple watch may be beautiful on the outside, but how about on the inside? in this cracking open installment, we go in... Read More
Sergey 11 June 2015 ago

Ios 9 Features Inspired By Android

apple announced ios 9 on monday, and while watching the keynote, i had just a little bit of déjà vu. most of ios 9's new features seem to be squarely aimed at apple's biggest rival in mobile: android. specifically, they were about catching up to ... Read More
Sergey 13 June 2015 ago