Probe RBZ, au­di­tors, In­terfin man­agers

Chronicle (Zimbabwe) - - National News -

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

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