Search / Interfin
A Tale of Corporate Fraud, the contrasting Cases of South Africa and Zimbabwe
Corporate fraud has plagued both South Africa and Zimbabwe, with high-profile cases shedding light on the flaws in their respective financial systems. Thi...Published: 23 Mar 2024 at 07:10hrs | 8 | by Jacob Kudzayi Mutisi
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 | 1 | 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 | | by Staff reporter
Graft-accused Biti not off the hook
THE Zimbabwe Anti-Corruption Commission (ZACC) is still investigating MDC-A vice president Mr Tendai Biti over allegations he instructed the National Social Security Authority (NSSA) to deposit over U...Published: 06 Jun 2021 at 09:51hrs | 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 | | 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 | | 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 | | 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
Board members are to blame for company failure
The Zimbabwean government is battling to contain the never ending problem of company shutdowns which is now prevalent in Zimbabwe. Some of the companies have either folded or are in intensive care the...Published: 09 Apr 2019 at 11:40hrs | 1 | by Engineer Jacob Kudzayi Mutisi
Govt goes after businesses as cash crisis gnaws
The Zimbabwe Anti-Corruption Commission (Zacc) has threatened to go after businesses that do not bank cash proceeds as well as financial institutions that allegedly channel cash into the informal sect...Published: 06 Sep 2018 at 07:02hrs | | by Staff reporter
Biti in $30 million NSSA scam
The Zimbabwe Anti-Corruption Commission yesterday indicated that it was keen to interview Finance Minister during the Government of National Unity era Tendai Biti over allegations that he instructed t...Published: 06 Sep 2018 at 06:31hrs | | by Staff reporter
ZACC sets up special unit
The Zimbabwe Anti-Corruption Commission has established a special Economy and Trade unit to investigate on fraud, tax violations and economic sabotage in the public and private sectors.The tea...Published: 02 Sep 2018 at 08:50hrs | | 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
Lawsuits for failed banks executives
THE Deposit Protection Corporation (DPC) has sued directors of four failed banks for lack of corporate governance and abuse of depositors' funds.Last year, the deposit protection entity said t...Published: 25 Jun 2018 at 07:27hrs | | by Staff rpeorter
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 | | by Staff reporter
Externalisation: Mnangagwa caught on the wrong side
Government should handle matters of alleged foreign currency externalisers case by case, as some firms on the list are actually battling to recoup money from foreign firms that are now raising varying...Published: 20 Mar 2018 at 05:44hrs | | by Staff reporter
Failed banks haunt directors
THE Deposit Protection Corporation says there are sufficient legal instruments to facilitate successful prosecution of directors of failed banks for their roles in causing collapse of the institutions...Published: 19 Nov 2017 at 08:37hrs | | 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 | | 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 | | by Staff reporter
Mujuru 'lied' to the world
National People's Party (NPP) leader Joice Mujuru has been accused of lying ' to the world' when she claimed that her only assets are a farm and house in Zimbabwe.This w...Published: 14 Mar 2017 at 03:12hrs | 3 | by Staff Reporter
The Mujurus wealth revealed
DETAILS of the late Retired General Solomon Mujuru's vast empire have started emerging despite concerted efforts by his widow, former Vice President Joice Mujuru, to conceal the riches, The Herald can...Published: 13 Mar 2017 at 12:10hrs | | 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
Depositors of collapsed banks urged to make follow-ups
Depositors of collapsed banks are struggling to submit repayment claims resulting in US$3.3 million being held up at the Deposit Protection Corporation (DPC).The slow response by some depo...Published: 14 Dec 2016 at 13:57hrs | | 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 | 21 | 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 | | by Israel Dube
Mphoko lashes out at failed bank executives
VICE President Phelekezela Mphoko yesterday blasted banking executives for abusing depositors' money in the wake of a litany of bank failures caused by reckless lending and abuse of depositors' funds....Published: 27 May 2016 at 06:33hrs | | by Oliver Kazunga
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 | | 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 | | by Felex Share
Account holders with closed banks to be paid by April
THE Deposit Protection Corporation (DPC) and the Reserve Bank of Zimbabwe (RBZ) have finished compiling the list of Zimbabwe dollar account holders whose money was locked in banks that were closed aft...Published: 07 Feb 2016 at 08:13hrs | | by Roberta Katunga
Businessman sucked into $6m NSSA scam
PROMINENT businessman Mr David Govere (pictured) allegedly used his position and influence in the National Social Security Authority (NSSA) board to prejudice the organisation of over $6 million in st...Published: 20 Dec 2015 at 10:51hrs | | by Vusumuzi Dube
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 | | 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 | | 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
Cross hails Sunday Mail for exposing corruption in the police force
MDC-T Bulawayo South MP Eddie Cross has hailed the Sunday Mail for exposing corruption in the circles of power in the police force a development which saw two journalists being arrested.Speaki...Published: 21 Nov 2015 at 07:44hrs | | by Stephen Jakes
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 | | 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
Obert Mpofu slapped with $16 million lawsuit
THE Minister of Macro-economic Planning and Investment Promotion, Obert Mpofu, has been slapped with a $16 million lawsuit f...Published: 14 Sep 2015 at 04:55hrs | | 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 | | by Staff reporter
Deposit Protection Corporation pays out $2.6 million
The Deposit Protection Corporation (DPC) has so far paid out $2,6 million to 9 495 depositors of six banks that were closed since 2012 and says it is lobbying for a separate insolvency regime or a...Published: 17 Aug 2015 at 08:27hrs | | 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 | | by Staff reporter
Depositors' $186 million locked in collapsed banks
The Depositors Protection Corporation (DPC) has said $186 million owed to 55 000 depositors is held up in six collapsed banks.The regulatory authorities said they are working on measures ...Published: 21 Apr 2015 at 13:35hrs | | 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 | | 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 | | by Staff Reporter
Delma Lupepe's fall from glory continues
BULAWAYO businessman Delma Lupepe's fall from glory continues as two of his prime residential properties are set to go under the hammer next week over an outstanding debt to Premier Banking Corporati...Published: 27 Feb 2015 at 08:35hrs | | by Staff reporter
Mugabe destined to leave Zimbabwe without currency
PRESIDENT Robert Mugabe (91 next week) appears destined to leave the country whenever he would go without its own local currency amid clear indications by the Reserve Bank of Zimbabwe (RBZ) governor ...Published: 13 Feb 2015 at 14:47hrs | 1 | by Kudzai Kuwaza
Load More Stories
