Zimbabwe's AAG wants Muponda's ENG to be reinstated

The Affirmative Action Group (AAG) wants the Reserve Bank of Zimbabwe to reinstate the licence of ENG Capital Group after it paid all its debts.

The company, which held an investment company and an asset management firm, wound up operations in 2004 after its directors, Gilbert Muponda and Nyasha Watyoka applied to liquidate the two operations.

In a statement last Friday, the black empowerment group said the company had committed to fund youth empowerment projects as soon as it resumed operations.

"The National Executive Committee, the supreme decision making body of the AAG is currently seized with matters relating to the ENG Capital and its subsidiary companies. To date we have ascertained that ENG, through liquidation, has fully amortized all its financial debts.

"This has been confirmed by the liquidator, Mr. Reggie Saruchera, Managing Partner of Grant Thornton Camelsa in a communication to AAG," AAG secretary general Mr. Tafadzwa Musarara said in a statement.

"It is our hope that, if all outstanding issues have been settled, the bank must be allowed to resume operations. ENG has committed to AAG that they would want to – as soon as they get all requisite authorizations, set up a Youth Empowerment Fund that will help to kick start the business of many young indigenous men and women," he said.

In a press statement released today by secretary general Tafadzwa Musarara ENG advises that The National Executive Committee (NEC), the supreme decision making body of the Affirmative Action Group is currently seized with the matters relating to the ENG Capital and its subsidiary companies. To date we have ascertained that ENG , through liqudation, has fully amortized all its financial debts.

This has been confirmed by the liquidator, Mr. Reggie Saruchera, Managing Partner of Grant Thornton Calmesa in a communication to AAG. Further, we have copy of the High Court papers declaring that all the ENG's past and present and future debts have been fully paid.

It is our hope that, if all ENG outstanding issues have been settled, the bank must be allowed to resume operations. ENG has committed to AAG that they would want to, as soon as they get all requisite authorizations, set up a Youth Empowerment Fund that will help to kick start the businesses of many young indigenous men and women.

AAG is grateful to the authorities for the de-specification of several leading black business people and the reissuance of their banking licenses. As the country now prosecutes the revolutionary black economic empowerment agenda, we urge all Zimbabweans in the Diaspora to come back and participate in this historical exercise.