Muponda gets full legal capacity to do business in Zimbabwe

In a notice published in an extraordinary Government Gazette, Home Affairs co-Ministers Kembo Mohadi and Theresa Makone, said Mr Muponda had been de-specified in terms of the Prevention of Corruption Act.
"It is hereby notified that the joint Ministers of Home Affairs, in terms of section 6 (2) of the Prevention of Corruption Act (Chapter 9:16) have revoked the specification of Mr Gilbert Muponda," reads the notice signed by the two ministers.

Mr Muponda was specified in 2004.
Mr Muponda and co-director Mr Nyasha Watyoka were arrested in 2003 after ENG Capital failed to pay creditors.

The directors then placed ENG under voluntary liquidation in 2004.
Mr Muponda later skipped bail and fled to Canada.

Mr Watyoka was, however, set free by the magistrates court for lack of evidence and the State was ordered to proceed by way of summons. However, the company has since paid all its debts to its creditors as confirmed by its liquidator, Mr Reggie Saruchera of Grant Thornton Camelsa Chartered Accountants. The company is currently seeking reinstatement of its banking licence and has indicated plans to list on the Zimbabwe Stock Exchange in future.

The Affirmative Action Group Friday welcomed the de-specification of Mr Muponda.

"The AAG is excited with the de-specification of Gilbert Muponda, a black Zimbabwean. We are grateful to the authorities for this dispensation, which gives back Muponda the full legal capacity to act and allow him to carry on with his economic activities in Zimbabwe as an indigenous Zimbabwean.

"Let this be a message to Zimbabweans in the Diaspora that our Government means no harm to them and so they must come home to participate in the indigenisation agenda of Zimbabwe," AAG secretary general, Mr Tafadzwa Musarara said Friday.