Breaking News

RBZ liquidates McDowells

by Staff reporter
20 June 2012 | 3174 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

Could there be war if Grace Mugabe becomes President?

Yes
74.74%
No
8.65%
Who cares?
16.61%
578

Comments

Latest Classifieds (Click Here For More)

News Updates

Email:

Latest News

President Mugabe blasts those who were against Dr Amai's rallies - PRE...

by Staff Reporter | 30 October 2014 | 847 Views

War collaborators denounce Jabulani Sibanda - Video

by Staff reporter | 30 October 2014 | 769 Views

Mutasa booed by war vets, Mugabe says 'you started it' - Zanu-PF Secr...

by Staff Reporter | 30 October 2014 | 1709 Views

'Thina abeNkayi sokhala kuze kube nini ' - WhatsApp update

by Concerned Nkayi Native | 30 October 2014 | 831 Views

'Tisu takanogwadama kukumbira Mai Mugabe,' says Mahofa - Video - Zan...

by Staff Reporter | 30 October 2014 | 1464 Views

SA Police to investigate Zim torture claims

by Staff Reporter | 30 October 2014 | 1272 Views

Fallacy of internal Zanu-PF Revolt - The figments of private press's i...

by Caitlin Kamba | 30 October 2014 | 1526 Views

Grace must give details on Mujuru's corrupt acts

by Zanda Shumba | 30 October 2014 | 2261 Views

A letter to Amai Mujuru and Amai Mugabe - Zimbabwe is a great country ...

by Vince Musewe | 30 October 2014 | 1771 Views

'Jonathan Moyo after my bacon' - Jealousy Mawarire, the journalist who...

by Staff reporter | 30 October 2014 | 1453 Views

Solomon Mujuru haunted in grave - As the Zanu-PF politburo meets today...

by Staff reporter | 30 October 2014 | 1432 Views

One Giant Step for ZAPU - Today on the 29th October 2014 a group of ZA...

by Thulani Nkala | 30 October 2014 | 1079 Views

CBD accident in pictures - This picture collage shows the wrecks of t...

by Munyaradzi Chamalimba | 30 October 2014 | 4106 Views

Zanu-PF decisive Politburo - Live updates

by Staff reporter | 30 October 2014 | 10508 Views

'Insolvent' Matonga fails to pay debts, property attached - FORMER Dep...

by Court Reporter | 30 October 2014 | 2580 Views

Drama as goblin pays family a visit in broad day light - BULAWAYO - A ...

by Staff Reporter | 30 October 2014 | 3933 Views

Mugabe says his time as President isn't over - Zimbabwe's 90-year-old ...

by Bloomberg | 30 October 2014 | 1504 Views

Mugabe's Zanu-PF must bring conspirators to book - There is a group in...

by Chronicle editorial comment | 30 October 2014 | 1144 Views

SK Moyo's ties with Mujuru cost him VP post

by Staff Reporter | 30 October 2014 | 4341 Views

Desperate govt lures more foreign investors, Iran eyes business in Zim...

by Business Reporter | 30 October 2014 | 960 Views

Police struggle to pay former cop's $64 000

by Court reporter | 30 October 2014 | 1964 Views

Ailing Nigeria based Zim driver treated from a car as Ebola fears rage...

by Staff reporter | 30 October 2014 | 2262 Views

Vegetable thief bashes guards, sets dogs on them

by Court Reporter | 30 October 2014 | 1191 Views

Judge applicants accept 'pea nuts' for salaries

by Court Reporter | 30 October 2014 | 1529 Views

Macheso's hubby to 'spill bins' in court

by Court reporter | 30 October 2014 | 2071 Views

MDC officials stampede to share $2000?

by Court reporter | 30 October 2014 | 1618 Views

Zim man who lost wife, three children in Australia car crash speaks - ...

by Staff Reporter | 30 October 2014 | 2544 Views

Mujuru family involved in dirty gold - Evidence has emerged of the se...

by Gerry Jackson | 30 October 2014 | 3758 Views

Entertainment

Zimbabwe's JJ survives Big Brother Africa eviction... again - Zimbabw...

by Staff reporter | 27 October 2014 | 1844 Views

Carl Joshua Ncube to star in game show - Comedian Carl Joshua Ncube wi...

by Staff reporter | 23 October 2014 | 1487 Views

LadyBee Anondida - Official video

by Staff Reporter | 23 October 2014 | 3836 Views

Zim representative in the Big Brother Africa survives eviction - Zimba...

by Staff reporter | 20 October 2014 | 3391 Views

Grace Mugabe's political comedy takes ZTV hostage - For the past two w...

by Staff reporter | 20 October 2014 | 6350 Views

Oliver Mtukudzi to deliver lecture at Musica 2014 - Zimbabwe's interna...

by Staff reporter | 19 October 2014 | 2061 Views

Gezha maoko - Ladybee (Official Video)

by Staff Reporter | 19 October 2014 | 3937 Views

Matebeleland Music & Arts Festival - Sivala umnyaka ngengoma lapho sit...

by Staff Reporter | 17 October 2014 | 2389 Views
iBlog

Advanced Systemcare Free To Optimize The Os Still Support Xp

the update systemcare free 7.3.0.456 (a set of tools to optimize the operating system) – now available.advanced systemcare is a free package to optimize, tweak, fix bugs and improve the overall performance of the operating system.the program anal... Read More
ITnews 02 June 2014 ago

Those Behind Tb Joshua Watch Photo Proof!

when this couple (dave and angie) were indicted of being the masterminds behind tb joshua watch, the blog admins refuted it and denied any sort of connections with the couple, but that’s not what the facts portray as precisely every single one ... Read More
pointblank 13 July 2014 ago