Probe RBZ, auditors, Interfin managers
EDITOR — Having read the article titled “Former Interfin Bank bosses sued for $136 million” in the Press, I want to say thank you to the Deposit Protection Corporation (DPC) for suing the directors of Interfin Bank.
Let us protect the depositors. As a minority shareholder who lost out on the closure of the bank my question is what is the Reserve Bank of Zimbabwe (RBZ) doing to make sure that these directors will never play a part in the financial services.
It is public knowledge that a lot of investors, both small and big, have lost some, if not a lot of money, due to the closure of companies listed on the Zimbabwe Stock Exchange.
The main reasons for those in the financial services sector have been insider loans given to directors/shareholders and management, while other companies have been due to gross mismanagement and blatant corruption.
I bought my shares when it was still Century and held them until it was Interfin hoping that this will be a life time investment. Interfin was a listed company with an audit company and RBZ being the regulatory authority.
Are you telling me that none of these institutions could identify these fraudulent activities. I believe there was a mafia style operation in place, hear no evil see no evil. The article in the Press says it all, “Rwodzi would use his influence as a shareholders to acquire loans which he would use to service personal debts and for entities in which he had a direct or indirect interest”.
For someone to loot $136 million it definitely did not take a year. This has to be something that happened over a period of time.
If our Government is serious about eradicating corruption, I am calling on our Government to investigate the RBZ, auditing firms, directors and managers of Interfin and get to the bottom of this well-orchestrated looting system.
I feel that the RBZ and the auditors did exercise duediligence in their oversight role. This exposed us as investors, depositors and other stakeholders to this group of looters.
In conclusion, I would like to say BIG UP to DPC for fighting to recover the poor depositors funds who are now poorer yet these majority shareholder, directors and managers who I believe own a chunk of the Zimbabwean economy. Jacob Mutisi