This is the third of a 10 part series meant to document the excessive asset grabbing and looting being done by the Farai Rwodzi-Mujuru-Interfin Bank Zimbabwe syndicate.
Initially the Mujurus grabbed River Ranch Diamond mine,then tried to block Econet licencing after failing to muscle in, grabbed Guy Watson-Smith’s 3,500-acre Agro-business south of Harare ,then grabbed Zimbabwe alloys from its management,then grabbed my bank Century/CFX and now trying to grab Kingdom Bank by kicking out its founder Nigel Chanakira through a scheme being executed by the Mujuru’s sidekick and errand boy Farai Rwodzi. Farai Rwodzi has the additional responsibility of laundering the proceeds of these looting schemes to appear legitimate and find their way into the banking system.
The extent of such greed and corruption is a clear sign why the Zimbabwe Economy will find it hard if not impossible to prosper if a handful of individuals representing 2 people try to own and control every meaningful business in the country. Through their various schemes and “any means necessary” tactics to take over businesses they forget that there is a limit to the efficiency that one group of Companies can achieve. Such greed will in the end resemble communism in-efficiencies and market failures.
How much sense does it make for one individual like Farai Rwodzi to try and control Century/CFX Bank, Kingdom Bank and Interfin Bank into one ? Is this not the same model that has just failed at ZABG? (http://www.zimtelegraph.com/?p=9175) and http://allafrica.com/stories/200911110058.html This is pure greedy and gluttony which is leading Zimbabwe’s economy to no-where because there is a limit to one individual can master in business. The use of force, intimidation and extra judicial means to cow competition makes it even worse for the Farai Rwodzi-Mujuru-Interfin Bank Zimbabwe Syndicate.
These events have been reported before.The repeated reporting of this, however, makes it impossible for sympathisers of Farai Rwodzi,Mujuru and Interfin Banking Corporation to claim later that they did not know of this excessive theft whose proceeds were mostly being routed through Interfin Bank chaired by Farai Rwodzi who is also Chairman of Meikles Africa Limited.
International firms like MoneyGram International and Multi-Choice South Africa should stop patronising Interfin Bank of Zimbabwe and do the right thing—just as Credit Suisse Bank of Switzerland and Finance Bank of Zambia have done. These are international institutions that I wrote to directly when they tried to take over Century /CFX Bank confirmed that Century/CFX Bank was grabbed from me illegally. They did their own due diligence exercise to confirm the validity of my claim and the dispute before pulling out of any proposed investment in Century/CFX Bank .
According to Wikipedia (http://en.wikipedia.org/wiki/Joice_Mujuru) Vice President Mujuru “As minister of telecommunications, she tried to stop Strive Masiyiwa from establishing his independent cellphone network Econet .
Masiyiwa had been given an ultimatum by the cabinet to sell his imported equipment to his rivals. On March 24, 1997, Mujuru decided to issue Zimbabwe's second cellular telephone licence to the previously unknown Zairois consortium Telecel [3], cutting out Masiyiwa. The Zairois consortium included her husband Solomon and President Robert Mugabe's nephew Leo. After many legal fights, Masiyiwa won his licence in December 1997” The relevant link is here http://www.btimes.co.za/98/1018/world/world03.htm
Partly as a result she is very unpopular in Matabeleland because of the way she snubbed former Vice-President Joshua Nkomo over the awarding of the mobile phone licence when she was Minister of Posts and Telecommunications.
She ignored Nkomo’s instructions to award the tender to Strive Masiyiwa’s Econet, now the largest mobile phone operator in the country, and instead awarded it to Telecel a company owned by a Congolese and a local consortium that included her close associate then reportedly, a front for her husband, and President Robert Mugabe’s nephew Leo Mugabe.
Wikipedia and other respectable sources further allege “Joice Mujuru has been implicated in the attempted sale of up to 3.5 tonnes of gold from the Democratic Republic of the Congo (http://news.bbc.co.uk/2/hi/africa/7907177.stm) to a European company, in contravention of European Union sanctions on the part of that company”.The next article ( Rwodzi ,Mujuru and Interfin Bank money laundering web Part 4 of 10 ) in these series will look at this DRC Gold case in greater detail.
Farai Rwodzi has acted as financial Advisor and facilitator and custodian of the looted funds at Interfin Bank which he co-owns with the Mujurus and other related politicians.Most of the proceeds of the looting spree end up at Interfin Bank Zimbabwe chaired by Farai Rwodzi resulting in Interfin Banking Corporation always claiming to be “the cash rich Group” .Its clear where the cash is coming from.
This article appears courtesy of GMRI CAPITAL – www.gmricapital.com . It is original content generated for 3MG MEDIA – www.3mgmedia.ca .
Gilbert Muponda is an Investment Banker and Founder of GMRI CAPITAL . He can be reached at; www.ZimFace.com and www.facebook.com/muponda
Email: gilbert@gilbertmuponda.com . Skype ID: gilbert.Muponda
Twitter ; http://twitter.com/gmricapital
Phone: 1-416-841-5542
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