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Takamuka petition Mugabe on bond notes

by Thobekile Zhou
10 Oct 2016 at 09:31hrs | Views
Protest movement #Tajamuka has drafted a petition to President Robert Mugabe over planned introduction of controversial bond notes.

The group which has in recent months organised demonstrations in recent months said the introduction of bond notes leaves the citizens with the question how will the bank juggle bond notes separately from the US currency.

Below is the full text :

Robert Mugabe and the ZANU PF government have presided over a Central bank (Reserve bank of Zimbabwe RBZ) system that has created instability to the Monterey and Economic System of Zimbabwe.

The Ministry of Finance and the Reserve Bank Governor Mangudya have been delinquent in their administration of our Fiscal and Monetary affairs.

The Robert Mugabe government, specifically The Ministry of Finance and Reserve Bank Governor have presided over a Central Bank (RBZ) which has depleted local foreign exchange reserves and can no longer support the purchase of adequate volumes of US dollars to meet local demand.

The banking system of any country is split into two categories that is the local banking system known as the Real Time Gross Settlement (RTGS) system. This system is for all transactions that take place within the country's banking sector, the internal deposits, money transfers within Zimbabwe are in this system. RBZ issued a directive to banks that all the money in the RTGS system would be held by them (central bank).
With the RBZ sitting on the cash it is unclear what happened to these funds and why funds disappeared.

The shortfall in the RTGS system has made entries become mere numbers in a ledger with the real money gone hence the government has since decided to introduce the bond notes to make up for the real currency that was squandered over the years.

The introduction of bond notes leaves the Citizens with the question how will the bank juggle bond notes separately from the US currency. The Reserve Bank has stated that it expects a strict culture of compliance and shall be monitoring banks , our question and problem as Citizens of Zimbabwe right now is who will make sure the RBZ maintains a culture of compliance within itself. Based on these facts and the Zimbabwe Citizens are filing a petition followed by Lawsuit Injunction to stop the issuance of Bond of Notes until the following issues listed below are addressed and specific guarantees are made by Robert Mugabe Government and the Reserve Bank of Zimbabwe.

1.Section 68 -Right to administrative justice
Every person has a right to administrative conduct that is lawful, prompt, efficient, reasonable, proportionate, impartial and both substantively and procedurally fair.

Robert Mugabe government specifically The Ministry of Finance and Reserve Bank Governor must conduct themselves in a lawful manner. Under the Constitution, Reserve Bank Act and Banking Act there is no authority under any law to issue Bond notes. The power to issue bearer cheques was repelled and there is no language in the Constitution, Reserve Bank Act and Banking Act that allows the Government or Reserve bank to issue bond notes. Therefore, the Government and the RBZ are operating unlawfully and unconstitutionally by proposing to issue Bond Notes

1.The government and RBZ must provide the Citizens of Zimbabwe with a detailed account demonstrating how they are lawful and Constitutional Meeting Requirements to issue Bond Notes.

2.The government and RBZ must provide specific laws in the Constitution, Reserve Bank Act and Banking Act that provide for the allowance and lawful issuance of bond notes

3.The government and RBZ must also provide a detailed and documented account of how they plan to lawfully meet and maintain the monetary Value of the Bond Note at the value of One is to One to the US dollar

4. The government and RBZ must also provide a detailed account of how Citizens current bank accounts with US dollars will be protected.

5. The government and RBZ must provide a signed agreement from the Government and RBZ agreeing to replace Citizens funds in the event that Citizens lose their hard earned US dollars

6.The government and RBZ must provide a written legally binding document agreeing for Robert Mugabe government specifically Ministry of Legal and Parliamentary Affairs, Ministry of Finance, and the Reserve Bank Governor to resign and face criminal action in the event that their unlawful and unconstitutional issuance of bond notes results in citizens losing their monies and the further downward spiral of the Zimbabwe economy.

2. Section 71(2) of the Constitution
The Bond Note is not Money. Money is property. The Bond Note cannot substitute money. There is therefore an infringement of the right protected by Section 71(2) of the Constitution
 
3.Section 298 and Section 308 Of the Constitution Principles of public financial management
1.            The following principles must guide all aspects of public finance in Zimbabwe--
                a. there must be transparency and accountability in financial matters;
e.            Financial management must be responsible, and fiscal reporting must be clear; and
f.             Public borrowing and all transactions involving the national debt must be carried out transparently and in the best interests of Zimbabwe.
308. Duties of custodians of public funds and property
1.           In this section--
•             "public funds" includes any money owned or held by the State or any institution or agency of the government, including provincial and local tiers of government, statutory bodies and government-controlled entities;
 •            "public property" means any property owned or held by the State or any institution or agency of the government, including provincial and local tiers of government, statutory bodies and government-controlled entities.
2.            It is the duty of every person who is responsible for the expenditure of public funds to safeguard the funds and ensure that they are spent only on legally authorised purposes and in legally authorised amounts.
3.            It is the duty of every person who has custody or control of public property to safeguard the property and ensure that it is not lost, destroyed, damaged, misapplied or misused.

4.            An Act of Parliament must provide for the speedy detection of breaches of subsections (2) and (3) and the disciplining and punishment of persons responsible for any such breaches and, where appropriate, the recovery of misappropriated funds or property
Based on the constitution Section 298 the Citizens of Zimbabwe are filling an injunction on introduction of Bond Notes based on a failure of Robert Mugabe government the Reserve Bank of Zimbabwe administration to provide detailed transparency and accountability on the following
Before the dollarization of the economy, banks used to hold their client's funds in the RTGS system until the RBZ issued a directive to banks that all the money in the RTGS system would be held by them (central bank). With the RBZ sitting on the cash it is unclear what happened to these funds and now that the bank is empty the Robert Mugabe government the Reserve Bank of Zimbabwe administration are proposing to print money in the form of Bond notes.

1.       The government and RBZ needs to provide a detailed account of what happened to funds in the RTGS system.

2.       The government and RBZ needs to provide a detailed account of the 10 billion debt which Zimbabwe owes to the International community and how that money was utilized.

3.       The government and RBZ needs to provide a detailed account to how they plan to repay the 10 billion debt which was borrowed without the permission of the Citizens

4.       The government and RBZ of needs to provide a detailed account of all individuals and companies externalizing money.

5.       Section 308 stipulates that it is the duty of everybody who is responsible for expenditure of public finance to safeguard the public funds and assure that they are spent only on legally authorized purposes and in legally authorized amounts. It is also the duty of every person who has custody all control of the public property to safeguard the property and ensure that it not lost, destroyed, damaged misapplied or misused. The Government needs to provide a detailed account of all spending and expenditures in the parastatals. A comprehensive independent audit report of all parastatals that include

 AGRICULTURE
·         Pig Industry Board
·         Grain Marketing Board(GMB)
·         Tobacco Research Board(TMB)
·         Agricultural and Rural Development Authority(ARDA).
·         Cold Storage Company(CSC)
·         Agribank
·         Agricultural Research Council (ARC)
·         Tobacco Industry and Marketing Boar

MINING
·         Minerals marketing Corporation of Zimbabwe (MMCZ)
·         Hwange Colliery Company
·         Zimbabwe Mining Development Corporation (ZMDC)

TRANSPORT
·         Civil Aviation Authority of Zimbabwe (CAAZ)
·         Central Mechanical and Equipment Department (CMED)
·         Air Zimbabwe Holdings
·         ZUPCO Private Limited
·         National Railways of Zimbabwe (NRZ)
·         Zimbabwe National Road Administration (ZINARA)
·         Traffic Safety Council of Zimbabwe (TSCZ)

SPORTS AND ARTS
·         State Lotteries and Gaming Board
·         National Gallery of Zimbabwe
·         National Library and Documentation Services

TELECOMMUNICATIONS
·         ZIMPOST
·         ZARNET
·         NETONE Pvt ltd
·         Postal and Telecommunication Regulatory Authority
·         Tel One
·         Transmedia

INDUSTRY AND TRADE
Printflow Private Limited
Urban Development Corporation
ZISCO Private Limited
Industrial Development Corporation (IDC)
ZITF Company
Zimtrade
HEALTH
National Pharmaceutical Company (NATPHAM)
National Aids Council of Zimbabwe (NAC)
Zimbabwe National Family Planning Council (ZNFPC)
Medicines Control Authority of Zimbabwe
FINANCE
POSB
National Indeginisation and Economic Empowerment Fund
Zimbabwe Revenue Authority (ZIMRA)
SEDCO
National Social Security Authority (NSSA)
State Procurement Board (SPB)
State Enterprises Restructuring Agency (SERA)
Competition and Traffic Commission
Zimbabwe Investment Authority
CBZ
ZABG
Agribank
ENVIRONMENT
Parks and Wildlife Management Authority
Allied Timbers Private Ltd
Environmental Management Authority (EMA)
Forestry Commission Company (FC
ENERGY AND POWER
Rural Electrification Authority (REA)
National Oil Company of Zimbabwe
ZESA Holdings
INFORMATION
New ZIANA
Broadcasting Authority of Zimbabwe (BAZ)
Zimbabwe Broadcasting Holdings (ZBH)
EDUCATION
Zimbabwe Schools Examination Council (ZIMSEC)
TOURISM
National Museums and Monuments of Zimbabwe
Zimbabwe Tourism Authority (ZTA)

6.       The government and RBZ must provide a detailed independent audit on finances of every Executive who is charge of any parastatal.

7.       The Citizens of Zimbabwe are also demanding a detailed account supported by documentation of all loans given to politicians who have borrowed money

8.       The government and RBZ needs provide detailed account and Conditions of loan and repayment requirements of $200-million-dollar loan from Afreximbank to support printing of Bonds Notes.

9.       The government and RBZ needs provide detailed of what happens when the government defaults on this $200-million-dollar loan.

10.   As a way of combating corruption public office holders must declare their assets and these be made public.

11.   The government and RBZ must provide detailed account of the missing $15 billion dollars. The Citizens  are demanding  specific detailed information on where $15 billion went to, a detailed plan to retrieve this $15 billion and a detailed plan of ensuring funds do not disappear in the future
 
4. Section 317. Reserve Bank of Zimbabwe
1.            There is a central bank, to be known as the Reserve Bank of Zimbabwe, whose objects are--
 a.           to regulate the monetary system;
 b.           to protect the currency of Zimbabwe in the interest of balanced and sustainable economic growth; and
 
1.       The government and RBZ must provide a detailed plan with objectives and time frames on how they will provide the infrastructure to sustain economic growth and sustain value of Bond Notes at the proposed rate of the One to One Rate to the US Dollars.

2.       The government must all provide a detailed account of how they will administer policies which have affected our economy such as indigenisation policy and impulsive land repossession which have chased away investors and destroyed the economy of Zimbabwe
The Citizens of Zimbabwe are filing a class action lawsuit demanding as is our right based on the constitution a clear, detailed and audited accounts of all the above issues listed. The Citizens of Zimbabwe are aware the Government of Zimbabwe and Reserve Bank may not afford to conduct the above demands. The Citizens of Zimbabwe are willing to pay for Independent Audit from Reputable firms in order to get the detailed reports owed to the Citizens of Zimbabwe.

This petition will be delivered to:
ZIMBABWE GOVERNMENT AND RESERVE BANK
Reserve Bank Governor Mangudya
ROBERT MUGABE GOVERNMENT


Source - Byo24News

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