ZB Bank, officials sucked in $3 million CMED botched fuel deal

A local fuel company, First Oil, which was accused of defrauding CMED of $3 million in a botched fuel deal, has in turn accused ZB Bank and its two officials, Phanuel Kapanje and Kiliana Bangure, of misappropriating the government's cash and has applied to have the latter joined in the civil suit at the High Court.

Sometime this year, CMED filed a lawsuit against First Oil and its directors, Maxwell William Katunga, Lynon Gilbert Katunga, Alex Kudakwashe Mahuni, Gavin Allen Katunga, Davison Mhaka and Brian Manjengwa, accusing them of swindling the government of $2,7 million in a fuel deal.

However, as the matter was taken to court and in a bid to clear its name, First Oil carried out investigations and established that the money, which it was alleged to have swindled, was in fact, allegedly embezzled by ZB Bank, its finance director Kapanje and Bangure.