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In a heated session of Parliament, legislators proposed a series of measures to protect bank depositors and punish financial institutions responsible for past bank failures. The motion, introduced by Murehwa West Member of Parliament Farai Jere, comes after a period of financial turmoil in Zimbabwe that saw several banks collapse, leaving depositors with significant losses.
By Jacob Kudzayi Mutisi
Zimbabwe’s problems started in the banking service when a total of 20 Banks closed in the last 20 years. That is one bank every year!!!
Zimbabwe’s currency has changed several times with the latest being the ZWL, depositors have lost millions of dollars due to bank closures and yet no one has been arrested or convicted. It is in the public domain who the thieving directors and executives are.
The Depositors’ Protection Corporation has failed to block a global financier, Al Shams Global BVI Ltd, from recovering $26 million that it was owed by Interfin Bank Limited, which is now under liquidation. The $26 million debt accrued after Al Shams bought a slew of bankers acceptances (BAs) from Interfin Bank on a buy-back basis. […]
HARARE – Creditors of the now-defunct Interfin Bank will next week meet the bank’s liquidator, the Depositors Protection Corporation (DPC), at the Master of the High Court’s offices to finalise compensation. DPC chief executive John Chikura yesterday told the businessdaily that the last meeting had been confirmed for tomorrow (January 14). “The creditors will meet […]
The Deposit Protection Corporation is paying demonetisation proceeds to qualifying Zimbabwe Dollar account holders for banks under liquidation, as part of a demonetisation exercise to bring finality to issues of local currency holdings. DPC will pay the equivalent of US dollar amount for each account balance as at December 31, 2008 converted by the United […]
HARARE – Interfin Bank Limited (Interfin)’s ex-employees are pushing for the Reserve Bank of Zimbabwe (RBZ) to publicise a forensic report outlining the abuse of $100 million.
HARARE – Troubled Interfin Bank (Interfin)’s clients will only be paid their deposits after the High Court has granted the Reserve Bank of Zimbabwe (RBZ) an order to liquidate the financial institution, the Deposit Protection Corporation (DPC) said.
HARARE – Zimbabwe Stock Exchange-listed financial group, First Mutual Holdings Limited (FMHL), has lost $1,8 million to collapsed banks.
HARARE – Flamboyant businessman Phillip Chiyangwa has been fingered as a $2,5 million debtor in Interfin Bank Limited, while CIO boss Happyton Bonyongwe’s company holds shareholding in the stricken bank.
Media reports on the fall of Interfin Bank cannot go unchallenged as they seek to divert attention from the systematic looting spree at the Bank and try to apportion some blame elsewhere.