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Mnangagwa's govt accused of Intellectual Property theft
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Zimbabwe's government is embroiled in a heated dispute with Time Bank after the financial institution accused authorities of infringing on its intellectual property rights. The bank claims that government officials have misappropriated key elements of its patent and copyrights in a multi-billion-dollar proposal aimed at addressing the country's ongoing financial crisis.
Time Bank, which re-entered the market about a year ago after a period of financial instability, submitted a proposal designed to raise funds for compensating affected groups, including pensioners who lost up to US$1 billion when Zimbabwe adopted a multi-currency system in 2009. The US$38 billion offer also sought to compensate around 4,500 white former commercial farmers who were displaced during the violent land seizures that began in 2000.
The proposal suggested bringing in a syndicate of lenders to support the initiative, with the aim of unlocking funds to finance compensation. However, in December 2024, the government established a sub-committee to implement a land tenure program that Time Bank claims mirrors key aspects of its original proposal.
The bank alleges that the government's plan to sell urban and agricultural land to unlock US$15 billion for compensation is nearly identical to its own approach, prompting Time Bank to accuse the government of "pirating" its intellectual property. The bank has now escalated the matter to global organizations, including the International Monetary Fund (IMF), in an effort to protect its patent and copyrights.
A confidential document obtained by The Zimbabwe Independent reveals that Time Bank was blindsided by the government's subsequent actions, including the involvement of several banks in managing the land sales and providing mortgage loans. The bank asserts that it was not chosen as one of the preferred banks, raising further concerns about the misappropriation of its idea.
In a 13-page letter addressed to Finance Minister Mthuli Ncube, Time Bank outlined its grievances, calling the government's term sheet a "pirate proposal." The document argues that key elements of the government's proposal—particularly the sale of urban land to generate funds for compensation—were directly copied from Time Bank's original plan.
Time Bank has also warned that, if the dispute is not resolved amicably, it will pursue international legal action to seek compensation for the violation of its intellectual property. The bank's shareholders have threatened to escalate the matter through its foreign affiliate company, which holds certain rights to the patent and copyrights, and file a lawsuit in a foreign country if an out-of-court settlement cannot be reached.
The dispute has raised concerns about Zimbabwe's commitment to property rights and the rule of law, especially given the country's historical challenges with capital flight and investor confidence. Experts warn that allegations of intellectual property theft could further damage the country's reputation and deter much-needed foreign investment.
"There are people, including writers of news articles, who have been confusing Time Bank's proposal and the pirated proposal," the bank stated. "Some have been criticizing Time Bank's proposal thinking that the pirated proposal is part of Time Bank's proposal, yet the proposals are different and miles apart in terms of substance and technicalities."
Time Bank's lawyers have presented several options to the government to resolve the matter amicably, including the possibility of negotiating a settlement. However, the bank has emphasized that failure to reach an agreement would result in international legal action.
"If government decides to neither approve Time Bank's proposal nor negotiate an amicable settlement of the compensation as an out-of-court settlement, then in that event, Time Bank's foreign affiliate company will be left with no option except to file an international lawsuit in a foreign country," the letter stated.
Time Bank's foreign partners have also indicated that they may involve the IMF, which although not a creditor in Zimbabwe's US$21 billion debt, has significant influence over global financial decisions. The IMF is also playing a key role in Zimbabwe's ongoing debt repayment negotiations with creditors, including the Paris Club and the World Bank.
The situation has put additional pressure on Time Bank, whose shareholders claim to have faced ongoing challenges from various authorities, including being denied what they are legally entitled to.
The bank's proposal has already encountered numerous twists, including claims from Zimbabwean war veterans who demanded a share of the compensation funds in November. With the matter now escalating into a dispute over intellectual property rights, Time Bank is determined to protect its proposal and prevent the government from profiting from what it claims is stolen intellectual property.
Finance Ministry officials have not yet responded to requests for comment on the matter.
Time Bank, which re-entered the market about a year ago after a period of financial instability, submitted a proposal designed to raise funds for compensating affected groups, including pensioners who lost up to US$1 billion when Zimbabwe adopted a multi-currency system in 2009. The US$38 billion offer also sought to compensate around 4,500 white former commercial farmers who were displaced during the violent land seizures that began in 2000.
The proposal suggested bringing in a syndicate of lenders to support the initiative, with the aim of unlocking funds to finance compensation. However, in December 2024, the government established a sub-committee to implement a land tenure program that Time Bank claims mirrors key aspects of its original proposal.
The bank alleges that the government's plan to sell urban and agricultural land to unlock US$15 billion for compensation is nearly identical to its own approach, prompting Time Bank to accuse the government of "pirating" its intellectual property. The bank has now escalated the matter to global organizations, including the International Monetary Fund (IMF), in an effort to protect its patent and copyrights.
A confidential document obtained by The Zimbabwe Independent reveals that Time Bank was blindsided by the government's subsequent actions, including the involvement of several banks in managing the land sales and providing mortgage loans. The bank asserts that it was not chosen as one of the preferred banks, raising further concerns about the misappropriation of its idea.
In a 13-page letter addressed to Finance Minister Mthuli Ncube, Time Bank outlined its grievances, calling the government's term sheet a "pirate proposal." The document argues that key elements of the government's proposal—particularly the sale of urban land to generate funds for compensation—were directly copied from Time Bank's original plan.
Time Bank has also warned that, if the dispute is not resolved amicably, it will pursue international legal action to seek compensation for the violation of its intellectual property. The bank's shareholders have threatened to escalate the matter through its foreign affiliate company, which holds certain rights to the patent and copyrights, and file a lawsuit in a foreign country if an out-of-court settlement cannot be reached.
The dispute has raised concerns about Zimbabwe's commitment to property rights and the rule of law, especially given the country's historical challenges with capital flight and investor confidence. Experts warn that allegations of intellectual property theft could further damage the country's reputation and deter much-needed foreign investment.
"There are people, including writers of news articles, who have been confusing Time Bank's proposal and the pirated proposal," the bank stated. "Some have been criticizing Time Bank's proposal thinking that the pirated proposal is part of Time Bank's proposal, yet the proposals are different and miles apart in terms of substance and technicalities."
Time Bank's lawyers have presented several options to the government to resolve the matter amicably, including the possibility of negotiating a settlement. However, the bank has emphasized that failure to reach an agreement would result in international legal action.
"If government decides to neither approve Time Bank's proposal nor negotiate an amicable settlement of the compensation as an out-of-court settlement, then in that event, Time Bank's foreign affiliate company will be left with no option except to file an international lawsuit in a foreign country," the letter stated.
Time Bank's foreign partners have also indicated that they may involve the IMF, which although not a creditor in Zimbabwe's US$21 billion debt, has significant influence over global financial decisions. The IMF is also playing a key role in Zimbabwe's ongoing debt repayment negotiations with creditors, including the Paris Club and the World Bank.
The situation has put additional pressure on Time Bank, whose shareholders claim to have faced ongoing challenges from various authorities, including being denied what they are legally entitled to.
The bank's proposal has already encountered numerous twists, including claims from Zimbabwean war veterans who demanded a share of the compensation funds in November. With the matter now escalating into a dispute over intellectual property rights, Time Bank is determined to protect its proposal and prevent the government from profiting from what it claims is stolen intellectual property.
Finance Ministry officials have not yet responded to requests for comment on the matter.
Source - the independent
