News / Local
DIMAF SCANDAL: Biti under police probe
24 Jun 2012 at 05:35hrs | Views
Distressed and Marginalised Areas Fund ( DIMAF) funds meant to revive collapsed industries in Bulawayo were invested with the closed Interfin Bank and they have disappeared.
This has led police to investigate Finance Minister Tendai Biti who has admitted that governments $20 million contribution to DIMAF) was invested in the closed Interfin Merchant Bank and they have since disappeared.
DIMAF funds were meant to be deposited with CABS but it is not clear how it ended up with Interfin.
Both Government and Cabs were meant to chip in with $20 million each to make it $40 million.
CABS released their part bu Biti has been saying government does not have the funds for it contribution.
But it has since emerged that government contribution was deposited with Interfin and not with CABS as per agreement.
"Yes the money is missing. The money has disappeared" Biti said. National Police spokesperson Wayne Bvudzijena confirmed that Biti is under probe.
'There are allegations of that nature but we are not keen to make the matter public at the moment" he said.
The youths from Welshman Ncube's MDC threatened to invade Central African Building Society (CABS), which has been mandated with disbursing the money meant to resuscitate Bulawayo's comatose industry.
There has been an outcry from Bulawayo businesspeople over the delays in disbursing the money seen as a medium-term solution to the closure of industries in a city once touted as the industrial capital of the country.
In April, Prime Minister Morgan Tsvangirai promised businesses in Bulawayo that he would instruct Biti, the secretary-general of his MDC-T party, to transfer the government's remaining share of $10 million to the fund.
Government in April transferred its first tranche of $10 million towards its share of the fund.
This has led police to investigate Finance Minister Tendai Biti who has admitted that governments $20 million contribution to DIMAF) was invested in the closed Interfin Merchant Bank and they have since disappeared.
DIMAF funds were meant to be deposited with CABS but it is not clear how it ended up with Interfin.
Both Government and Cabs were meant to chip in with $20 million each to make it $40 million.
CABS released their part bu Biti has been saying government does not have the funds for it contribution.
But it has since emerged that government contribution was deposited with Interfin and not with CABS as per agreement.
'There are allegations of that nature but we are not keen to make the matter public at the moment" he said.
The youths from Welshman Ncube's MDC threatened to invade Central African Building Society (CABS), which has been mandated with disbursing the money meant to resuscitate Bulawayo's comatose industry.
There has been an outcry from Bulawayo businesspeople over the delays in disbursing the money seen as a medium-term solution to the closure of industries in a city once touted as the industrial capital of the country.
In April, Prime Minister Morgan Tsvangirai promised businesses in Bulawayo that he would instruct Biti, the secretary-general of his MDC-T party, to transfer the government's remaining share of $10 million to the fund.
Government in April transferred its first tranche of $10 million towards its share of the fund.
Source - Byo24News
