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Zimbabwe's Banking Sector and No Arrests Years Down the Line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 20:15hrs | 307 | by Engineer Jacob Kudzayi Mutisi
Zimbabwe's banking sector and no arrests years down the line
United Merchant Bank (UMB) - Closed in 1998 due to insider loans and mismanagement.Universal Merchant Bank (UMB) - Closed in 2003 struggled with negative perceptions after UMB's collapse....Published: 05 Dec 2024 at 09:07hrs | 618 | by Eng. Jacob Kudzayi Mutisi
Zimbabwe banking sector strengthens amid declining non-performing loans
The Reserve Bank of Zimbabwe (RBZ) has reported a significant improvement in the country's banking sector credit risk landscape, marked by a decrease in the ratio of non-performing loans (NPLs) to tot...Published: 24 Nov 2024 at 09:55hrs | 105 | by Staff reporter
Businessman takes US$19,5m claim to Supreme Court
AL Shams Global BVI Ltd, a company owned by businessman Jayesh Shah, has filed an appeal at the Supreme Court seeking to reverse a High Court judgment which dismissed a US$19,5 million damages claim f...Published: 23 Nov 2023 at 05:37hrs | 3 | by Staff reporter
RBZ tells Time Bank to reopen 'but don't take deposits'
TIME Bank, one of a dozen domestic financial institutions that collapsed at the height of Zimbabwe's banking crisis between 2004 and 2008, was yesterday given the nod to re-enter the market under rest...Published: 19 Oct 2022 at 06:01hrs | 1 | by Staff reporter
SB Moyo was a Director at Africom & Fernhaven before the NSSA loan
There has been lots of talk around the NSSA loan and how Africom was involved as their army boss now minister Sibusiso B Moyo and husband to ZACC chairperson, was both director at Africom and Fernhave...Published: 14 Aug 2019 at 21:51hrs | 5 | by Staff reporter
Biti thrown into ZACC's jaws …as Chamisa unleashes Varakashi on him
The bickering within the MDC Alliance presidium continues to crescendo with that party's leader, Nelson Chamisa hurling every weapon he bumps into, to his fiercest rival, Tendai Biti.The Harar...Published: 30 Jul 2019 at 16:04hrs | | by John Sigauke
Obert Gutu reports former MDC Minister to ZACC
MDC-T Vice President Obert Gutu has sensationally claimed that a former MDC cabinet Minister is guilty of fraudulently benefiting from millions of public funds during the era of the inclusive governme...Published: 25 Jul 2019 at 21:25hrs | 3 | by Mandla Ndlovu
Biti's dealings under ZACC investigation, says Gutu
MDC-T Vice President, Obert Gutu, has come out guns blazing alleging that millions of public funds disappeared in the now collapsed Interfin Bank under the watch of loudmouth, Tendai Biti who was the ...Published: 25 Jul 2019 at 19:44hrs | | by Sizalobuhle Khumalo
Failed banks creditors in fix
Creditors of six failed banks that are under final liquidation remain in a fix as the banks' liabilities far outweigh their cumulative assets, figures show. Latest figures from the Deposit Pro...Published: 25 Jul 2019 at 07:45hrs | 1 | by Staff reporter
Closed banks: Depositors to be compensated in Zimdollars
GOVERNMENT has instructed its insurer to compensate holders of nostro accounts in closed banks in either US dollars or the equivalent in local currency, it was revealed.Currently, the Deposit ...Published: 24 Jul 2019 at 08:20hrs | 3 | by Staff reporter
Mugabe's property attached over debt
Former Zimbabwe National Road Administration (Zinara) boss Albert Mugabe has petitioned the court, seeking an order for stay of execution after his property was attached by the Sheriff of the High Cou...Published: 30 Aug 2018 at 06:22hrs | | by Staff reporter
Companies dismiss externalisation claims
SOME companies making the top 10 list of firms and individuals accused by President Emmerson Mnangagwa of externalising US$1,3 billion have dismissed the allegations, while others say government publi...Published: 24 Mar 2018 at 19:44hrs | 1 | by Staff reporter
Mutsvangwa testifies in US tax fraud case
War veterans leader, Chris Mutsvangwa, testified over the phone in a United States tax fraud case - which had sucked in Zimbabwean senior government officials - resulting in the conviction of former C...Published: 01 Oct 2017 at 11:57hrs | 5 | by Staff reporter
Zanu-PF bigwigs bleed banks dry
Politicians, particularly the elite in Zanu-PF, are proving to be a thorn in the flesh for the financial services sector, with hardly a month passing without the Deputy Sheriff being called in to put ...Published: 19 Jun 2017 at 13:58hrs | 2 | by Staff reporter
Friends abandon Didymus Mutasa
ONE of South Africa's most respected bass players and songwriters, Sipho Gumede, now late, once made waves with his song: When days are dark, friends are few.Didymus Mutasa, the soft-spoke...Published: 02 Mar 2017 at 05:43hrs | | by Staff reporter
Farai Rwodzi dragged to court over $136 million
THE Deposit Protection Corporation (DPC), has dragged the defunct Interfin Bank's majority shareholder Farai Innocent Rwodzi to the High Court seeking to recover over $136 million as compensation ...Published: 07 Nov 2016 at 05:49hrs | 97 | by Staff reporter
Matebele nation too rich to beg money from financially broke Zimbabwe
Zimbabwe as we know it, is a failed state that has lost its financial sovereignty and international reputation due to hyper inflation, economic mismanagement and institutionalised corruption....Published: 09 Jun 2016 at 07:09hrs | 2 | by Israel Dube
New Banking Act gives RBZ more supervision power
The new Banking Act came into effect on Friday last week, giving the Reserve Bank of Zimbabwe more latitude to tighten bank supervision, monitoring and control while diluting controlling individual or...Published: 18 May 2016 at 06:58hrs | 1 | by Golden Sibanda
Fired NSSA bosses ordered to repay $1,5 million
FIVE National Social Security Authority executives sacked last year for gross mismanagement have to pay back more than $1,5 million they awarded themselves as loans and return their company vehicles. ...Published: 29 Feb 2016 at 06:21hrs | 1 | by Felex Share
Lafarge sues Chiyangwa for $199 000 over cement
Zifa president Philip Chiyangwa, who is battling to reverse a $4 million default judgment entered against him by the now-defunct Interfin Bank, has once again been taken to the High Court by one o...Published: 18 Dec 2015 at 08:45hrs | | by Staff reporter
Chiyangwa fights attachment of property
Zimbabwe Football Association (Zifa) president and businessman, Phillip Chiyangwa, whose property is set to go under the hammer over a $4 million debt owed to the now-defunct Interfin Bank has fil...Published: 16 Dec 2015 at 13:53hrs | 4 | by Staff reporter
Chiyangwa to lose property from his Borrowdale mansion over $4m debt
Zifa president Phillip Chiyangwa is set to lose property from his Borrowdale mansion after the now-defunct Interfin Bank obtained a writ of execution against him to recover over $4 million in debts....Published: 12 Dec 2015 at 16:12hrs | 1 | by Staff reporter
Chiyangwa ordered to pay back $4 million loan
The High Court has ordered Philip Chiyangwa to pay back a loan advanced to his Pinnacle Properties Holding by the collapsed Interfin Bank and interest charges all adding up to $4 million.A...Published: 24 Nov 2015 at 08:32hrs | | by Staff reporter
Firing of NSSA managers will stop the rot - ZCTU
The Zimbabwe Congress of Trade Unions (ZCTU) has welcomed the move by the new National Social Security Authority (NSSA) Board to fire top managers, including the general manager, as part of the restru...Published: 21 Oct 2015 at 07:19hrs | | by Stephen Jakes
Bosses sued over company's collapse
In a landmark case, three former executives of Gulliver Consolidated Industries (GCI) have filed a $650 000 lawsuit against nine directors of the company for causing the collapse of the company due to...Published: 19 Oct 2015 at 06:29hrs | 3 | by Fidelis Munyoro
Obert Mpofu to fight $16 million lawsuit
Macro-economic Planning and Investment Promotion Minister Obert Mpofu, who is facing a $16 million lawsuit for failing to surrender immovable assets to the liquidator of his defunct Allied Bank Limite...Published: 29 Sep 2015 at 06:35hrs | | by Fidelis Munyoro
Bank sues Chiyangwa over $4 million loan
Phillip Chiyangwa Prominent businessman has been taken to court on allegations of failing to pay back a $4 million loan he got from financially-troubled Interfin Bank. The summons, which w...Published: 21 Aug 2015 at 08:03hrs | 3 | by Staff reporter
RBZ disputes $7.5 billion in informal sector
The Reserve Bank of Zimbabwe has disputed claims that an estimated $7,5 billion is circulating outside the formal banking system. Reserve Bank of Zimbabwe director for bank supervision Norman ...Published: 28 Jul 2015 at 07:00hrs | 2 | by Staff reporter
Econet and Steward Bank: Corporate bullying with a huge stink
I HATE bullies, be they human or corporate. Their intention is to instill the fear of God, mainly to avoid scrutiny. I had this feeling about Econet Wireless and Steward Bank in the past few weeks aft...Published: 15 Apr 2015 at 08:23hrs | 1 | by Eliphas Taonezvi
Innscor in bed with Mujuru
Innscor Africa Limited has created a slush fund which is channelled through businessman and former Zanu-pf Mashonaland East provincial chairperson Ray Kaukonde to fund the activities of the Mujuru...Published: 14 Apr 2015 at 07:31hrs | | by Staff reporter
Big wigs suck Zimbabwe banks dry
The majority of banks that folded over the past five months choked on souring loans extended to top executives and serial debtors, The Sunday Mail reported.AfrAsia is the latest victim of toxi...Published: 22 Mar 2015 at 07:09hrs | 2 | by Staff Reporter
Businesses desert Bulawayo's CBD
A NUMBER of businesses once housed in buildings in Bulawayo's Central Business District have either closed or relocated to suburban locations because of increasing rentals and lack of business. A surv...Published: 25 Jan 2015 at 11:51hrs | 1 | by Ngonidzashe Chiutsi
Central bank to liquidate Interfin
THE Reserve Bank of Zimbabwe (RBZ) yesterday announced that the curatorship period of Interfin Bank Limited expired yesterday, with the central bank saying it had applied to the High Court to have the...Published: 01 Jan 2015 at 06:57hrs | | by Staff Reporter
Zimbabwe unveils banks rescue package
Cabinet has approved the Zimbabwe Asset Management Corporation (Pvt) Ltd (Zamco), a National Special Purpose Vehicle (SPV), to acquire toxic non-performing loans (NPLs) from banks, Reserve Bank of Zim...Published: 26 Aug 2014 at 10:32hrs | | by Staff reporter
Chiyangwa faces $2,4m lawsuit
Businessman Phillip Chiyangwa and his two companies, Finwood Investments and Native Investments Africa, have been slapped with a $2,4 million lawsuit after failing to settle a debt with Int...Published: 06 Aug 2014 at 09:30hrs | | by Staff reporter
Zimra boss fails to payback $1,5m debt, taken to court
Gershem Pasi, the Zimbabwe Revenue Authority (Zimra) commissioner general, is failing to pay back $1,5 million he borrowed from Interfin Banking Corporation Limited (Interfin) to fund operations for h...Published: 13 Jul 2014 at 16:08hrs | 5 | by Staff reporter
Tsvangirai's son fails to repay loan
The state media reports that the troubled MDC-T leader Morgan Tsvangirai's son, Edwin, risks having his property attached after failing to repay a loan of $107,500.The former Prime Minister's ...Published: 03 Jul 2014 at 05:04hrs | | by Staff Reporter / Daniel Nemukuyu
Interfin Bank gets new investor
Interfin Bank Limited has found an investor who is willing to inject $50 million needed to recapitalize the ailing institution.Speaking after the Interfin Financial Services annual general mee...Published: 30 Jan 2014 at 15:07hrs | | by Rumbidzayi Zinyuke
Gono owes local banks $40 million
Bikita West MP Munyaradzi Kereke says ex-RBZ governor owes local banks $40 million. Kereke said Gono borrowed the money using fraudulently acquired collateral. He claims Gono covered his track...Published: 13 Jan 2014 at 10:12hrs | 16 | by Staff reporter
Tsvangirai's son sued
Prime Minister Morgan Tsvangirai's son Edwin has been dragged to the High Court for failing to pay back over US$107,000 that he allegedly borrowed from the struggling Interfin Banking Corporation in 2...Published: 17 Jun 2013 at 15:43hrs | | by Staff reporter
Gono urges banks to comply
The Reserve Bank of Zimbabwe says it will continue to monitor banking institutions in an effort to address regulatory issues.In a statement, central bank governor Dr Gideon Gono urged banks to...Published: 17 Jun 2013 at 04:21hrs | | by Staff Reporter
Interfin Bank curatorship extended
INTERFIN BANK will remain under curatorship until December 31 2014 amid indications that its capitalisation and subsequent reopening has been hampered by macro-economic challenges obtaining in the cou...Published: 14 Jun 2013 at 03:33hrs | | by Business Reporter
Arundel Spar evicted from premises
Arundel Spar, one of Innscor's corporate stores has been evicted from the Arundel Shopping Centre premises after a long protracted wrangle (4 years) with the landlord.Last year, Eastlea SPAR w...Published: 07 Jun 2013 at 11:10hrs | 2 | by Business reporter
Interfin Bank's curatorship period extended
Interfin Financial Services publishes an update saying that the curatorship period for Interfin Bank was extended for further 6 months up to June 30 and the bank has not been able to reopen as previou...Published: 02 May 2013 at 07:03hrs | | by Business reporter
Bright Matonga fails to repay loan, taken to court
Former Information deputy minister Bright Matonga has been taken to the High Court by a local firm after he failed to pay back a $280 000 loan advanced to him to finance his farming activities 3 years...Published: 25 Jan 2013 at 05:23hrs | | by Staff reporter
Zanu-PF's plan to weaken MDC-T exposed
The Financial Gazette on Saturday revealed Zanu-PF's plan to weaken Movement for Democratic Change (MDC) led by Prime Minister Morgan Tsvangirai. Mugabe's party is said to be speci...Published: 19 Aug 2012 at 05:12hrs | | by Staff reporter
Gono, Biti clash on banks capital requirements
RESERVE Bank Governor Dr Gideon Gono says there is no going back on the new US$100 million capital requirements for banks, but Finance Minister Tendai Biti says he needs to meet the central bank chie...Published: 04 Aug 2012 at 15:02hrs | | by Business reporter
Another Zimbabwean bank falls
ROYAL Bank has surrendered its licence amid revelations that the bank has been involved in serious abuse of depositors' funds and is burdened by non-performing insider loans among a cocktail of operat...Published: 28 Jul 2012 at 04:56hrs | 1 | by Business reporter
Multichoice Zimbabwe clashes with Multichoice South Africa
Multichoice Zimbabwe has clashed with Multichoice South Africa over $2 million in subscriptions fees tied up in closed banking concern, Interfin Bank Limited (IBL), sources have revealed.Acco...Published: 19 Jul 2012 at 10:50hrs | | by Staff reporter
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