Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation actions on Century/CFX Bank leaves a lot to be desired especially given how they have tried to conceal Interfin's illegal and corrupt take over of Century/CFX Bank.In any business it is normal to make a mistake in terms of judgement or at times to act without full information.Inititally Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation could be excused on the assumption that they were not aware of what was happening on the illegal take over of Century/CFX Bank.
However when it becomes clear that the Bank has been invloved in an illegal and irregular transaction there is no excuse for Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation to proceed and manupoulativley convince their lawyers such as Mr Stanford Moyo to issue a legal opinion that would attempt to conceal and hide the initial fraudulent conversion of Century Bank into CFX Bank then Interfin Banking Corporation.Such actions are illegal and fraudulent.
Once Directors become aware of an illegal and irregular transaction they have an obligation to try and resolve the matter as amicable as possible.There is normally no need for bravado as is being displayed by Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation .Such arrogance and bravado only serves to complicate the situation as it becomes necessary to investigate whether the initial transaction was a mistake or Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation in fact connived to defraud ENG Capital of its 309 million shares in Century/CFX Bank valued at US$ 15.4 million
Directors of a Bank are supposed to be people of unquestionable honesty and integrity.They have serious responsibity to the investing public and to regulatory authorities who entrust them to do the right,legal things at all times in addition to being honest about any activities the Bank may undertake.
The defiance of logic by Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation in light of overwhelming evidence that Interfin are in possession of a stolen asset only brings into question the intergrity of Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation
According to recent press reports Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation had managed to to mislead regulatory Authorities such as the Reserve Bank and Ministry of Finance to approve their fraudulent take over of Century/CFX Bank.This fraudulent transaction is still being challenged in court under high court case HC 6244-04.
Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation are breaking various laws and regulations in their defiance of common sense.As Directors of a Public Compnay and Financial Institution they have Fiduciary responsibilities under the Companies Act,The Zimbabwe Stock Exchange Act ,The Banking Act and The Reserve Bank of Zimbabwe Act.They are breaking all those acts whilst defending a looted asset which was fraudulently seized from ENG Capital.
Gilbert Muponda is an Investment Banker and Founder of GMRI CAPITAL ( www.gmricapital) .
He can be reached at; www.facebook.com/muponda
Email: gilbert@engcapital.ca .
Skype ID: eng.capital
Twitter ; http://twitter.com/engcapital
http://www.youtube.com/user/ENGCapital
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