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Reserve Bank of Zimbabwe board gets 14-day ultimatum
04 Jul 2011 at 22:28hrs | Views
On Moday a parliamentary portfolio committee gave the Reserve Bank of Zimbabwe board a 14-day ultimatum to appear before it, failure of which the committee will invoke the necessary legal statute to force the members to comply.
The committee on Budget and Finance gave the warning after only three board members who included central bank board chairperson and Governor, Dr Gideon Gono turned up for the hearing.
Dr Gono was accompanied by Justice George Smith and board secretary, Mr Arthur Manase. The committee had wanted the board to give evidence on the operational challenges in the banking sector.
Adjourning the meeting, Goromonzi North legislator, Paddy Zhanda (Zanu-PF) who chairs the committee, said the committee wanted all the board members to attend so that a comprehensive report would be produced for tabling before Parliament.
Zhanda did not have kind words for the absent board members saying it was the committee's view that they were not treating the business of Parliament with the seriousness it deserved.
"The Standing Orders of Parliament gives us powers to summon people. We have a constitutional mandate by the people who elected us to report to Parliament.
"If they can't find time to come to appear before this committee, one wonders if they have time for the bank," said Zhanda.
He said the reason why witnesses were given 14 days notice to attend Parliament hearings was to allow them to adjust their diaries and activities.
"We wanted this committee to know who is who in your board; interrogate issues to do with corporate governance. In all fairness, Governor, you have been on record talking about corporate governance issues we also want to do the same," he said.
The RBZ board was then asked to notify the committee when they would be able to attend the hearing within the next 14 days.
Kambuzuma legislator, Mr Willias Madzimure (MDC-T), described the failure to attend by the committee as a snub.
"I think it's a snub of this committee. Maybe we are not competent enough, but for us to go ahead we will be admitting that we are junior partners and our oversight role remains nothing," he said.
In his response, Dr Gono said it was not the intention of his fellow board members to snub the committee, but had failed owing to some pressing issues.
"I want to apologise on behalf of those members who are absent. I am definitely sure that it is something that is outside their control that has prevented them from coming," said Dr Gono.
"Although they have failed to appear before this committee, they have discharged their duties diligently at the bank. The absence of these board members should not be interpreted to mean otherwise."
Earlier Dr Gono said at least three board members had provisionally confirmed their attendance while others had indicated that they would not be able to make it.
Finance Secretary, Mr Willard Manungo had confirmed his attendance five minutes prior to the commencement of the meeting, said Dr Gono.
Professor Tony Hawkins had sent his apologies at the last minute while Dr Godfrey Kanyenze was still to confirm.
Other board members are Professor Primrose Kurasha, Mr Charles Kuwaza, Mr Daniel Ndlela and Mr Nyasha Zhou.
The committee on Budget and Finance gave the warning after only three board members who included central bank board chairperson and Governor, Dr Gideon Gono turned up for the hearing.
Dr Gono was accompanied by Justice George Smith and board secretary, Mr Arthur Manase. The committee had wanted the board to give evidence on the operational challenges in the banking sector.
Adjourning the meeting, Goromonzi North legislator, Paddy Zhanda (Zanu-PF) who chairs the committee, said the committee wanted all the board members to attend so that a comprehensive report would be produced for tabling before Parliament.
Zhanda did not have kind words for the absent board members saying it was the committee's view that they were not treating the business of Parliament with the seriousness it deserved.
"The Standing Orders of Parliament gives us powers to summon people. We have a constitutional mandate by the people who elected us to report to Parliament.
"If they can't find time to come to appear before this committee, one wonders if they have time for the bank," said Zhanda.
He said the reason why witnesses were given 14 days notice to attend Parliament hearings was to allow them to adjust their diaries and activities.
"We wanted this committee to know who is who in your board; interrogate issues to do with corporate governance. In all fairness, Governor, you have been on record talking about corporate governance issues we also want to do the same," he said.
Kambuzuma legislator, Mr Willias Madzimure (MDC-T), described the failure to attend by the committee as a snub.
"I think it's a snub of this committee. Maybe we are not competent enough, but for us to go ahead we will be admitting that we are junior partners and our oversight role remains nothing," he said.
In his response, Dr Gono said it was not the intention of his fellow board members to snub the committee, but had failed owing to some pressing issues.
"I want to apologise on behalf of those members who are absent. I am definitely sure that it is something that is outside their control that has prevented them from coming," said Dr Gono.
"Although they have failed to appear before this committee, they have discharged their duties diligently at the bank. The absence of these board members should not be interpreted to mean otherwise."
Earlier Dr Gono said at least three board members had provisionally confirmed their attendance while others had indicated that they would not be able to make it.
Finance Secretary, Mr Willard Manungo had confirmed his attendance five minutes prior to the commencement of the meeting, said Dr Gono.
Professor Tony Hawkins had sent his apologies at the last minute while Dr Godfrey Kanyenze was still to confirm.
Other board members are Professor Primrose Kurasha, Mr Charles Kuwaza, Mr Daniel Ndlela and Mr Nyasha Zhou.
Source - TH
