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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 | 296 | 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 | 606 | by Eng. Jacob Kudzayi Mutisi
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
Foreign investors line up new bank in Zimbabwe
A group of domestic and foreign investors has lodged an application with Zimbabwean authorities to roll out an investment bank, the first such institution since investment banks were toppled under the...Published: 10 Sep 2021 at 07:35hrs | 8 | by Staff reporter
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
How Obert Mpofu acquired his wealth
A myth has been brewing across Zimbabwe which claims that Obert Mpofu corruptly acquired wealth while he was Minister of Mines and now owns half of Victoria Falls and half of Bulawayo. These old wives...Published: 29 Jun 2019 at 10:54hrs | 18 | by Nicholas Ncube
WikiLeaks: 25 most corrupt ministers and public figures in Zimbabwe
These individuals will never be prosecuted by the Mnangagwa government because he is involved with entirely all of them. Either they were in the deal together or they know too much of his own dirty de...Published: 03 Jun 2018 at 11:06hrs | 31 | by WikiLeaks
Aspiring MP arrested for fraud
FORMER Makoni Rural District Council councillor James Munetsi has been arrested for allegedly stealing $22 500 he was given by a Bulawayo-based company to buy cattle on its behalf.Munetsi (52)...Published: 16 Apr 2018 at 07:04hrs | | by Staff reporter
Takamuka petition Mugabe on bond notes
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...Published: 10 Oct 2016 at 09:31hrs | | by Thobekile Zhou
Trust Bank bosses face litigation
THE Deposit Protection Authority has recommended litigation against directors of Trust Bank Corporation Ltd, for fraudulent conduct of business. KPMG, an agent of Depositors Protection Corpora...Published: 22 Jul 2016 at 05:35hrs | | by Business Reporter
Banker Mukupe turns to politics
Collapsed Allied Financial Holdings (AFH) former chief executive Terence Mukupe has turned to politics and is eyeing the Harare East parliamentary seat under the Zanu-PF ticket.Mukupe is expec...Published: 06 Apr 2015 at 22:01hrs | | by Staff reporter
Obert Mpofu's bank collapses
HARARE - The troubled Allied Bank has reportedly surrendered its banking licence after failing to inject more capital to keep it afloat due to economic hardship.In a statement, the RBZ sa...Published: 08 Jan 2015 at 19:30hrs | | by Staff Reporter
Mliswa questions Obert Mpofu wealth
Zanu-PF Hurungwe legislator Temba Mliswa has questioned the funds used by Transport minister Obert Mpofu to buy Zimbabwe Allied Banking Group (ZABG) which was later changed to Allied Bank....Published: 05 Mar 2014 at 19:58hrs | | by Staff Reporter
Obert Mpofu's ZABG ordered to re-instate former manager
The Supreme Court has ordered the Zimbabwe Allied Banking Group (ZABG) now trading as Allied Bank Zimbabwe to reinstate its former Head of Compliance section Stella Nhari who was unlawfully dismisse...Published: 06 Nov 2013 at 02:25hrs | 1 | by Staff reporter
Sandra teams up with Ndolwane to wow revellers
MARTIN Sibanda of Ndolwane Super Sounds and songstress, Sandra Ndebele, lived up to their billing on Friday night as they staged thrilling performances at Amakhosi Cultural Centre in Bulawayo....Published: 03 Apr 2013 at 05:33hrs | | by Staff reporter
'Obert Mpofu has bought half of Bulawayo,' says Tsvangirai
Morgan Tsvangirai, the MDC-T leader, has challenged Mines Minister Obert Mpofu to explain the source of the wealth. Addressing a referendum campaign rally in Bulawayo Thursday, the premier acc...Published: 16 Mar 2013 at 08:27hrs | | by Staff reporter
Gono cancels Barbican Bank licence
THE Reserve Bank of Zimbabwe (RBZ) has cancelled the registration of Barbican Bank after it failed to commence banking business within the required time frame, the apex bank said on Friday.In...Published: 03 Mar 2013 at 12:31hrs | | by Business reporter
Obert Mpofu's ZABG rebrands to Allied Bank
ZABG has commenced its rebranding process from its old name to the new brand, Allied Bank. The rebranding to Allied Bank is part of the overall plan to turn around the fortunes of the financial instit...Published: 08 Feb 2013 at 05:09hrs | 22 | by Business Reporter
Zinara struggling to cope with pressure of issuing new vehicle licences
HUNDREDS of motorists yesterday flooded Zimpost offices in Bulawayo to renew their vehicle licences amid reports that the Zimbabwe National Roads Administration is struggling to cope with the pressur...Published: 02 Feb 2013 at 04:51hrs | | by Staff Reporter
14 banks have met first level of capital requirements
The Reserve Bank of Zimbabwe governor Gideon Gono has said 14 out of 22 banks had met the first level of minimum requirements by December 31 last year. 5 other banks had made "significant" pro...Published: 01 Feb 2013 at 06:17hrs | | by Business reporter
Banks to reduce charges substantially
BANK charges will soon be reduced substantially following negotiations between the banking sector and the Reserve Bank of Zimbabwe amid concerns that the current level of charges was against internat...Published: 01 Feb 2013 at 06:02hrs | | by Staff reporter
Banks first deadline lapses
THE deadline for banks to raise $25 million of the new minimum capital requirements lapsed yesterday amid indications that a number of foreign and local banks had managed to raise the requisite funds....Published: 01 Jan 2013 at 08:45hrs | | by Business reporter
Obert Mpofu's wife in new ZABG board
Mines and Mining Development minister Obert Mpofu's wife Sikhanyisiwe and prominent Harare lawyer Farai Mutamangira have been appointed to new Zimbabwe Allied Banking Group (ZABG) board.Trebo...Published: 22 Aug 2012 at 06:56hrs | 2 | by Business Reporter
Zim govt endorses new RBZ bank rules
GOVERNMENT has endorsed minimum capital thresholds for banks announced by the Reserve Bank last week, but says the policy should neither suffocate nor criminalise indigenous banks...Published: 09 Aug 2012 at 05:21hrs | | 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
'Biti is a liar' says Mpofu
The Minister of Mines and Mining Development, Obert Mpofu has vowed not to remit money from Marange diamond proceeds to the Ministry of Finance which is headed by Tendai Biti from the MDC-T.S...Published: 28 Jul 2012 at 09:58hrs | | by Staff reporter
Gideon Gono's statement on Zimbabwe bank ownership
FOLLOWING is RBZ Governor Gideon Gono's full statement in response to the notice issued by Empowerment Minister Saviour Kasukuwere ordering foreign-owned banks to tra...Published: 05 Jul 2012 at 06:11hrs | | by Gideon Gono
MDC-T minister on Obert Mpofu's wealth
Deputy minister of Justice and Legal Affairs Obert Gutu had questioned Obert Mpofu's source of wealth after the Mines minister concluded the acquisition of troubled bank, ZABG.Mpofu recently b...Published: 17 Jun 2012 at 09:43hrs | | by Staff reporter
Obert Mpofu injects $22 million into ZABG, gains control of the bank
LOCAL private firm Trebor Khays - which is linked to the Minister of Mines Obert Mpofu - has gained control of ZABG after injecting US$22,8 million into the bank, which has resulted in it being fully...Published: 17 Jun 2012 at 13:09hrs | | by Business Reporter
MDC-T senator attacks Obert Mpofu for buying ZABG
MDC-T senator and Deputy Minister of Justice and Legal Affairs, Obert Gutu has taken an aim at Zanu-PF politburo member and Mines and Mining Development Minister Obert Mpofu after his company injecte...Published: 15 Jun 2012 at 11:29hrs | | by Nare Msupatsila
ZABG bank's headquarters to be moved from Harare to Bulawayo
Mines and Mining Development minister Obert Mpofu has declared that his ZABG bank's headquarters will be moved from Harare to Bulawayo. Mpofu also declared that the bank would be ranked in the top thr...Published: 23 May 2012 at 14:11hrs | | by Alois Sibanda
Obert Mpofu plans mining university
Mines and Mining Development minister Obert Mpofu, fresh from acquiring a controlling stake at ZABG Bank plans to splash his wealth again.Mpofu now wants to set up a mining university at his r...Published: 12 May 2012 at 07:36hrs | | by Monica Dlamini
RBZ satisfied with Royal Bank and the ZABG’s recapitalisation plans
HARARE - Zimbabwe's Reserve Bank (RBZ) is satisfied with Royal Bank (Royal) and the Zimbabwe Allied Banking Group (ZABG)’s recapitalisation plans, and it w...Published: 06 Apr 2012 at 20:45hrs | | by Staff reporter
Obert Mpofu linked company buys Zimbabwe bank says Herald
ZABG Bank has reached an agreement with Unicapital of Mauritius and a local private firm, Trebor & Khays, for fresh capital injection to meet regulatory capital requirements. The bank's great esc...Published: 03 Apr 2012 at 07:14hrs | | by Staff reporter
Kenyan bank to Royal bank stake
KENYA-based financial services group Commercial Bank of Africa is set to acquire a 49 percent stake in Royal Bank, which will enable it to meet the minimum capital requirements set by the Reserve Bank...Published: 27 Mar 2012 at 05:44hrs | | by Business Reporter
Obert Mpofu buying into a Zimbabwean bank
HARARE – In yet another indication that Mines minister Obert Mpofu is a man of significant means, Daily News alleges that the senior Zanu-PF politician-cum-b...Published: 05 Mar 2012 at 04:56hrs | | by Chris Goko and Everson Mushava
Tendai Biti to inject more money into economy
FINANCE Minister Tendai Biti will next week announce a raft of measures aimed at easing the current liquidity challenges in the economy.Minister Biti said that the liquidity challenges should ...Published: 11 Feb 2012 at 00:27hrs | | by Staff reporter
Govt promises more jobs in 2012
About 45 community trusts together with 75 employee and 35 management share ownership schemes are set to be unveiled this year while industry’s capacity utilisa...Published: 01 Jan 2012 at 05:43hrs | | by Staff reporter
3 Zim banks regularise capital levels
THREE of the six banks that were undercapitalised have since regularised their capital levels as it emerged on Friday that Genesis Bank had been sold to a new consortium while Ecobank shareholders ha...Published: 06 Aug 2011 at 07:55hrs | | by TH Bussiness
Nicholas Vingirai to bounce back as a major shareholder at ZB Holdings
VILIFIED exiled banker Mr Nicholas Vingirai is set to bounce back as a major shareholder of ZB Holdings Limited according to a deal which is being brokered by lawyer and TN Holdings group chief execu...Published: 12 Jun 2011 at 10:21hrs | 4 | by Mafu Sithabile
MBCA Bank to embark on further staff layoff programme
MBCA Bank, a commercial banking unit majority-owned by South Africa's Nedbank Group, is to embark on a further staff layoff programme after an initial one undertaken last year failed to cut the workfo...Published: 10 Jun 2011 at 07:50hrs | 3 | by Ndou Paul
Gono's creation ZABG, bankrupt
The Zimbabwe Allied Banking Group failed to publish year-end results last month amid reports that PricewaterhouseCooper has refused to certify its financials as it is bankrupt.PwC managing pa...Published: 24 Apr 2011 at 05:08hrs | 2 | by Mathews Estell
Mthuli Ncube's Barbican Bank resumes operations
Barbican Bank and Intermarket Banking Corporation which were placed under curatorship a few years ago will resume operations soon Reserve Bank of Zimbabwe Dr Governor Gideon Gono has said....Published: 16 Mar 2011 at 04:59hrs | 1 | by Byo24News
Trust Bank has reopened 10 branches countrywide
Trust Bank has reopened 10 branches countrywide since its relaunch last December.Group spokesperson Ms Barbra Muyengwa said the Chinhoyi branch, which came online last week, was the latest to ...Published: 03 Feb 2011 at 01:51hrs | | by Byo24NEWS
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