Zimra chief in bank tax scandal

It has emerged that Zimra commissioner-general Gershem Pasi is also a shareholder of Tetrad Holdings, the holding company of Tetrad Investment Bank which has tax arrears of over $1.6million.

It also emerged that Zimra also banked with Tetrad Investment Bank and the tax authority is owed millions of dollars. This has raised a question of conflict of interest.

Pasi is a significant shareholder in the company with a 12.03% equity stake owned indirectly through two shelf companies.

Despite Tetrad having reported consecutive losses since 2009, Zimra went on to partner with the bank to collect revenue on its behalf in 2011.