I feel Vindicated and undefeated - ENG pays off all claims and excess assets Returned

Its rare that you feel vindicated in life. Well for me its one of those rare moments relating to the ENG Capital matter. ENG Capital has proven it was liquid, solvent and solid by fully paying off all claims, creditors and liabilities. The record laid at the high court in HARARE in October 2009 and passed without any objections and no-one claimed any outstanding balance. The relevant Government Gazzette was published to confirm this. HC 6086/09 -"ENG companies and Directors satisfactorily liquidated all debts past, present and future accumulated by the company"

After that conformation all excess assets were return to ENG Contributories. Several of our Companies including Allied Conveyors PVT LTD was returned to us. I am still struggling to get Police return my daughter’s Kindergatten graduation pictures and my Graduation pictures which they seized. In addition 4 cars are being returned

1- BMW – Z3
2- Mercedes Benz – C320
3- Mercedes Benz – C180
4- Mitsubishi RVR –SUV

I am naturally pleased to see that all claims have been settled with excess assets to spare this proves all allegations were malicious and meant to defame me. This proves what we have always said that ENG Capital and my self were persecuted out of greed and malice.

I would like to thank God who made this day possible. In addition I would like to thank those who stood by me all the way and believed in my explanation. Team ENG I miss you guys ,you were too strong keep your heads up!!Young CM thanks for being by my side until the very last moment, you are loyal and too kind. Thanks.

Rwodzi, Mujuru-Interfin Bank axis of looting, and money laundering

Interfin Bank Chairman Farai Rwodzi and his business associates Vice President Mujuru and her husband Retired General Solomon Mujuru have various interests in just about every sector of the Zimbabwe economy. In June 2005 a consortium representing the Mujurus headed by Farai Rwodzi and Adam Molai, respectively founder of the Interfin Merchant Bank and managing director of Savanna Tobacco Company took over Zimbabwe Alloys from Anglo American. It was the first mining investment fronted by Rwodzi which glossed over the mafia tactics used by Farai Rwodzi and Benscore Investments team to arm twist the Zim alloys workers who had been promised the Company by Anglo American.

The Mujuru family using various schemes ,tactics and individuals co-ordinated and fronted by Farai Rwodzi has been on an asset buying spree to launder and clean up their ill-gotten wealth. River Ranch is known colloquially as “Mujuru’s mine”. There But while Mujuru’s ownership may be common knowledge, many other things about River Ranch remain in the shadows. The mine goes to the very heart of Mujuru’s struggle for control of Zanu (PF) and allegations it is being used to launder some of the plunder he and his allies secured in DRC.

In April 2004 Mujuru controversially grabbed the mine with the help of Adel Abdul Rahman al Aujan, a millionaire Saudi real estate developer who also owns luxury beach resorts and safari camps in eastern and Southern Africa that operate under the name Rani Resorts. There are also persistent questions surrounding the company’s ‘official’ production numbers. Although there is no definitive proof Mujuru is laundering Congolese diamonds, RRL’s numbers don’t tally.These tactics are well planned by the Mujurus to take mines and then launder proceeds from other controversial mines like DRC and Chiadzwa

The Zim alloys workers were not happy about the new take over they had been promised a workers buy out. But those vultures got information from Tongai Muzenda that Zimbabwe alloys was up for grabs and had been promised to the wormers and management through a Management Buyout.The management and workers were cowed using various mafia intimidatory tactics of arrests, physical violence and false imprisonment.Farai Rwodzi, Interfin Bank and the Mujurus have refined the art of illegal asset takeovers and laundering the proceeds through Interfin Bank.This is the same tactic Mujuru used to take over River Ranch Mine and now his protégé and business front and partner Farai Rwodzi is reefing the art with additional help from Interfin Bank to make it look professional and above board.

In 2001 Mujuru became the subject of the first legal action against any member of Mr Mugabe's inner circle implicated in the illegal seizure of land and assets. His seizure of Alamein Farm was ruled illegal by the Zimbabwean Supreme Court.

Popular speculation is that he owns anywhere between six and sixteen farms, including Alamein farm, a productive and high-value operation illegally requisitioned as part of a "landgrab" from Guy Watson-Smith in 2001, as found by the Zimbabwe High Court and international courts.

Farai Rwodzi also got 5 workers arrested at Zimbabwe alloys in Gweru on false and fabricated charges in an attempt to silence them from opposing his bid for Zimabwe Alloys. Other employees were beaten up by ZANU PF youths hired by Farai Rwodzi when they resisted his take over of Zimbabwe alloys.

Workers committee members then organised fellow workers to resist farai Rwodzi and Interfin’s team. Farai Rwodzi personally went to Zimbabwe alloys with Tongai Muzenda and the next the 4 workers were arrested for various fabricated allegations. Others “vaingo robhwa vachiudzwa kuti muri Ve MDC munorambidza mwana wevhu kutenga company sei”

Vice President Mujuru’s back ground is very relevant to the current looting spree spearheaded by Farai Rwodzi on her behalf.Before becoming vice-president, she was best known for blocking a bid to set up Zimbabwe's first mobile phone network in the early 1990s.This was seen as not only a money-earner but a threat to the government's control of information. As information minister, she managed to thwart Econet long enough for Telecel, rumoured to be part-owned by her husband, to set up.

She was also one of the biggest beneficiaries of a scheme set up to pay compensation to those injured during the war of independence. The scheme paid out huge amounts of public money - one of the sparks for Zimbabwe's subsequent economic collapse.

The Mujurus are accused of taking over at least one of the farms seized from their white owners in recent years. Guy Watson-Smith has taken Mr Mujuru to court to seek compensation after his farm was invaded by ruling party supporters. He says the famous couple are living on the 3,500-acre Alamein farm, 45 miles south of Harare. Mr Watson-Smith says the infrastructure alone was worth some $2.5m.He won a court order in December 2001 but is still trying to get either the money or the farm. The proceeds from such asset grabs are routinely sent to Interfin Bank for laundering purposes to hide any tracks of the preceeding illegal activities

Mr Mujuru is also a director of the River Ranch mine as described above, which has denied reports of it was trading in illegal "blood diamonds" from DR Congo. River Ranch affords Mujuru unfettered access to his own diamond resource – one that he has protected with ruthlessness.

Those who have borne the brunt of Mujuru’s persecution are the Farquhar’s and their immediate supporters. The couple has repeatedly been singled out for special harassment, including frequent imprisonments, house break-ins and death threats, in an attempt to force them to give up the mine.

The intimidation campaign took a very personal and tragic turn in February 2010, when Adele’s brother, Richard Amyot, and his wife, Tecla, were murdered.

Police ruled it a murder-suicide but forensics done by the family disputed that finding. Tecla was shot four times, including once from close range at the back of her head while she was lying on the floor. Richard was found slumped in a door frame as though running from the room. He, too, was shot in the head, but from medium range. No gunpowder residue was found either on his hands or at the bullet’s entry point.

Mrs Mujuru and her Husband have also been accused of trying to evade international sanctions by using her daughter to sell Congolese gold on her behalf. After their daughter was exposed Farai Rwodzi has taken the lead in trying to evade sanctions on behalf of the Mujurus and hide their ill-gotten gains.

It is clear there is blood dripping money in this Rwodzi/Mujuru/Interfin Bank network which must be exposed at all costs. Interfin does not have any real and meaningful clients or bank business model. Its sole purpose is to launder proceeds of crime as in asset grabs, looted diamonds, corruption this is why Rwodzi was very quick to pay US$ 5.3 million for CFX Bank because it was a real bank with proper network systems and relationship with Money gram which Farai Rwodzi intends to use extensively in his money laundering operations. Moneygram should be aware of the reputational risk that will come with Interfin Bank’s involvement with their brand.

Greed and Corruption - Farai Rwodzi and Interfin Bank path to ruin

As the Century/CFX-Interfin Commercial Bank (IBC) dispute continues it is necessary to keep track on how this has been developing. When Finance Bank of Zambia backed by Credit Suisse pulled out of their planned investment from CFX Bank after confirming the share ownership dispute it became clear CFX Bank brand needed to resolve the ownership dispute. However the then CFX management and Shareholders connived with Farai Rwodzi and Interfin Bank Zimbabwe to try and hide the tracks of the fraud committed against me when the bank was seized from me.

It is important to note that any successor Institution which will take over Century/CFX Bank assets and Infrastructure and ZSE seat will continue to have this Ownership wrangle stigma until the matter is amicably resolved.Farai Rwodzi and Interfin Bank by trying to lauder this fraud and covering up the illegal asset seizures have opened themselves to severe reputation risk which will affect their operations and ability to do business beyond Zimbabwe. Below is a note I prepared in 2009 in response to some propaganda from the THEN Government of Zimbabwe,CFX lawyers and Shareholders who were working in cahoots with Farai Rwodzi and Interfin Bank Zimbabwe preparing to sanitize their then anticipated takeover of my Bank CFX Bank –Zimbabwe-

“The Government of Zimbabwe’s attempted frivolous rebuttal to ENG Capital’s legitimate claim actually confirms ENG Capital’s ownership of the disputed 309 million shares and ownership of Century/CFX Bank. Their only purported defence is that you should have complained earlier or you are specified so you cant do anything about it. This is just hiding behind technicalities without any real or meaningful response to a legitimate claim.

It is common knowledge that I was detained, arrested ,tortured and specified. The legal counsel Mr, Ziweni, whom I hired to represent ENG Capital, suffered the same fate, was arrested, harassed, intimidated, specified and unfortunately died under mysterious circumstances.

As I languished in remand prison, the RBZ Governor, Gideon Gono, embarked on an orgy of ENG Capital asset stripping and with the assistance of the body politic gained political mileage with a sustained Muponda vilification crusade. As part of this asset stripping the 309 million shares were “bought” by Gono’s front Network Investments , Kwangari Enterprises and others.
Zimbabweans were made to believe that ENG was bankrupt and that its only assets were expensive cars. To the contrary ENG was a solid financial services company which owned a bank – Century and had other tangible assets that far exceeded the liabilities, concocted by Gideon Gono. The rebuttal by the Government’s lawyer confirms ENG Capital owned Century/CFX Bank.

Please note that the very person, Gideon Gono, who declared ENG bankrupt, is the same person who sought my specification and is the same person who then authorized the disposal of the 309 million shares. This same person was also the beneficiary of the irregular disposal of the 309 million Century /CFX shares in collusion with the Zimbabwe Stock Exchange who violated various regulations meant to protect investors in a public company.
The government further claims that, “The transaction was done in 2004”, and “in terms of the Prevention of Corruption Act, Muponda is not able to conduct any material transaction on his behalf in respect of any companies he has invested in.”
The above statement assumes that I seek relief and am pursuing my claim through the compromised and tainted Zimbabwean judicial system, which the same system is willing to be used by corrupt politicians to punish the innocent while sanitizing financial fraud by elected officials. This partisan court system was the same used strip me of my legal rights and used to brand me a criminal without due process or the prospect of Habeas corpus.

As you maybe aware I am seeking the return and or compensation for 309 million Century Holdings Shares which were fraudulently and corruptly sold to a group of politicians including RBZ Governor Gono, Ministers Goche and Gumbo. They were sold to their investment consortium which had several shelf companies including Kwangari Enterprises and Network Investments. The sale of the shares was done on or about 12 May 2004 through a pre-determined and fixed price transaction called a special bargain. As a result the current CFX Bank is a product of fraudulent merger of Century Bank (owned by my company ENG Capital) and a much smaller CFX Bank which somehow got naming rights on the resultant Bank. This “merger” was just to hide the corruption and fraud.

It is clear that the asset looting and expropriation in Zimbabwe is being done by senior Government Officials directly or indirectly through fronts. This is why some targeted sanctions have been applied on some of the politicians because they need to be stopped from their attempts to launder the proceeds from businesses they have looted and unjust enrichment schemes must be stopped. Those who are acting as their fronts, associates and conduits need to take note.

As I have said there is an illusion and fallacious assumption that I wont be able to take action in Zimbabwe but depositors and investors must be cautious , be realistic and don’t take chances. ‘
This remains accurate. Farai Rwodzi and Interfin Bank will be exposed for what they are – a mone,asset and transaction laundering masquerading as a Bank.

Rwodzi & Interfin arrogant ,corrupt and generally greedy

There is need to clarify the root of the current dispute between Mr Farai Rwodzi of Interfin Bank Holdings Zimbabwe and myself. Mr Farai Rwodzi has become one of Zimbabwe’s leading robber barons by his greedy business behavior which has seen him being involved in every sector of the Zimbabwean business using political muscle and connections whilst arm twisting competitors and laundering the transactions to appear clean, legal and legitimate.

On 5 November I personally wrote to Mr Farai Rwodzi,Mr Raymond Njanike and Interfin Directors and share holders to stop meddling in the Century/CFX Bank.I clearly advised them not to invest in or buy Century/CFX Bank until the Bank ownership dispute is resolved.But because Mr Farai Rwodzi and Interfin Bank Zimbabwe are corrupt bullies who are greedy and believ they are above the law because of political connections they went ahead and took over the Bank and have now renamed my bank Interfin Banking Corporation in an effort to hide their takes of buying stolen property and trying to launder the deal to appear clean and legitimate.

The letter I wrote was widely circulated.It appeared on various newspaper including but not limited to www.Zimbabwe Metro.com ,www.zimeye.com ,www.zimguardian.com ,www.zimtelegraph.com and other newspapers .

The letter was clear and self explanatory.For the easy of reference I have attached the full version of the letter below .

“Letter to Interfin Bank Shareholders
Posted on November 5, 2009 | Category: Press Articles
The Shareholders
Interfin Holdings Limited
15th Floor, NSSA Building
Cnr Sam Nujoma St/Julius Nyerere Way
HARARE
4 November 2009
Attention: Mr. R. Njanike

Dear Gentlemen and Lady,

RE : PROPOSED INTERFIN ACQUISITION OF MY BANK – CENTURY/CFX BANK LIMITED

I refer to various media reports which suggest Interfin Holdings Limited plans to acquire a 51% stake in My Bank Century/CFX Bank. Further reference is made to the letter from my lawyers Gutu and Chikowero Attorneys at Law dated 2 November 2009 and my letter of yesterday to your Board of Directors. The purpose of this letter is to warn Interfin Financial Holdings Limited not to interpose itself in the CFX ownership dispute as you may regret that transaction. Interfin should not meddle in this as the consequences will be dire.Finance Bank of Zambia and its Swiss Financiers pulled out of this transaction because of the unresolved ownership dispute.How can Interfin ignore this?

(1) Current CFX Bank lawyers a flaunting around their “legal opinion” as fact. Firstly CFX Bank lawyers are compromised as they can not provide an Independent legal opinion in a matter in which they have an interest since they are representing the respondent. They have a conflict of interest and should have recused themselves in providing the legal opinion. It appears as though they just provided this “legal opinion” to earn fees knowing fully well that their opinion in this matter was not even worth the piece of paper it was written on.

(2) Their purported legal opinion is rather misplaced and misdirected in as much as it seeks to analyze current ENG legal status .The current status is immaterial since we are trying to correct fraud and theft which resulted in ENG being incapacitated.
(3) Further CFX Bank Lawyers are assuming that since I remain specified in Zimbabwe therefore I have no capacity to vigorously pursue this matter. This is fallacious and ill advised .I hope the same lawyers are aware that Financial markets do not operate in a vacuum and in the bigger scheme of things Financial markets are not controlled from Harare. As indicated previously no stone will be left unturned till justice prevails on this matter. This means all legal options are on the table and legal action is being pursued in several jurisdictions.

(4) CFX Bank lawyers are further peddling a tired lie that the shares were being sold to pay off ENG creditors. This totally ignores where the matter started and how it developed into a crisis. The original and official allegation was that ENG Capital was a brief case Company which had no meaningful assets. ENG and Myself were further demonized and smeared, that the only visible assets acquired were cars. Shouldn’t CFX Lawyers be addressing this anomaly. How can a brief case Company own 309 million shares in a Bank. How come the public was not clearly told that ENG owned a Bank .Why was there over focus on cars which made up less than 1% of ENG’s Capital base? Assuming for one moment that ENG had real problems ,why wasn’t it well advertised that even though ENG was having problems it owned a Bank and bidders would be invited to take over that Bank and pay a fair price? Why was the disposal being done clandestinely and under cover of darkness?

(5) ENG was sufficiently liquid and solvent to meet its liabilities but despite all this its cheques were being bounced and dishonored. This act alone of bouncing and dishonoring cheques of a Financial Institution creates panic and an impression of a Bankrupt Institution. It must be noted that First Mutual Life and National Discount House, being ENG counter parties in fact sued Zimbank for irregularly dishonoring ENG cheques at a time when the ENG account was fully funded and had sufficient funds to meet its liabilities. This clearly confirms a well calculated campaign to close down ENG and grab its assets.

(6) I am sure you were told that ENG CAPITAL had many cars, and these cars were the only assets that ENG had. The correct and accurate facts are that ENG was a Group of Companies of which the Companies had Directors, Managers and employees and the cars were for the use of these members of staff who ran the various companies which made up ENG CAPITAL.

(7) ENG Capital group had a market value of US$ 175 million, just before the RBZ descended on the Institution.

Below is a brief ENG Group Structure ;
ENG HOLDINGS GROUP STRUCTURE
- SUBSIDIARIES
- ENG CAPITAL INVESTMENTS PVT LTD
- ENG ASSET MANAGEMENT PVT LTD
- ENG REAL ESTATE
- ENG NOMINEES PVT LTD
- ENG PRIVATE EQUITY (PVT) LTD
- ENG CAPITAL ADVISORY SERVICES
- ENG STRUCTURED FINANCE
ADDITIONAL MAJOR ASSETS OWNED
- Century Bank Holdings (now CFX bank)
- Leasing Company of Zimbabwe, (Century Asset Managers)
- Century Discount House
- Hybri Micro-Finance Institution
- Care Insurance PVT LTD
- RestCel Insurance PVT LTD
- Amalgamated Health Services (Harare West Hospital )
- 15% of OK Zimbabwe Limited
- 15% of Zimplow Holdings Limited
- 20% Medtech Holdings Limited
- Hornet Re-Insurance PVT LTD
- Pearl Pension Fund Management
- 25 % Clan Holdings Limited
- 25 % Zimbabwe News Papers Group – Zimpapers Limited
- Allied Conveyor Belts PVT LTD
- River Drilling PVT LTD
- Real Estate including (Anastasia Court, Belgravia House, Thaine Building)
- Various Listed ZSE Listed shares
- Treasury Bills
- GMB Bills
- Cargill Commercial Paper
- $ 4 billion – Alliance Capital Debenture (representing 123 million First Mutual Life shares)
- 23 Million First Mutual Life shares

This is relevant as it proves beyond any doubt that ENG was a solid Group of Companies. It was targeted out of greed by plotters including Senior Politicians who wanted to loot and grab assets.

(8) This mêlée was nothing more than a ploy to infringe upon my citizenship rights and strip me of my assets; a well orchestrated political game to deny perceived enemies of Senior Politician’s financial freedom.

(9) My battle against civil asset forfeiture is one for the preservation of freedom and property. This is an important area as Zimbabwe seeks to portray an image of a stable state with the rule of law and private property rights are protected and preserved.

(10) All facts indicate to a grand miscarriage of Justice.

(11) A miscarriage of justice occurred as ENG and its directors now bear the burden of proving their innocence. The preponderance of evidence, which means that the RBZ only must make a better case – however slight, than the property owner – ENG.
(12) The 309 Century Financial Holdings Limited Million shares in question were sold through Fidelity Stock brokers on or around May 13, 2004. Within the same week an announcement was then made that CFX Bank was taking over Century Holdings. The shares were sold to a Senior Politician’s reported consortium for Z$2,9 billion when ENG had spent $35 billion to accumulate the shares, thereby prejudicing ENG, Creditors, Investors and contributories of at least Z$32,1 billion.

(13) As ENG Co-founder, Contributory and Shareholder, I wrote to the Zimbabwe Stock Exchange Chief Executive Mr Emmanuel Munyukwi asking for an investigation because we had agreed with the majority of creditors that the shares should not be sold but rather swapped with creditors and investors instead of selling them at an unreasonable price. But the 309 million Century /CFX Financial Holdings million shares were somehow clandestinely sold and that transaction enabled CFX Bank to take over Century Holdings Limited.

(14) This allowed the reverse listing of CFX Bank on to the Zimbabwe Stock Exchange. Without those 309 million Century Holdings Limited million shares owned by ENG the CFX/Century merger would have never happened. Senior politicians and their proxies became the new controlling shareholder of the new merged bank. Is this by design or accident? Senior politicians then forced out Mr. Sean Maloney who had helped to put together the transaction. Mr. Sean Maloney had to leave the country under unclear circumstances . Part of the same shares snatched From ENG were later transferred to Premier Bank Financial Holdings which is reportedly owned by a Senior Politician. There has generally been shuffling of shares which is normally associated with covering tracks of an illegal and irregular transaction.

(15) ENG directors and contributories asked the high court to set aside the sale of the shares and the matter action is still before the courts in Harare. We asked Zimbabwe Stock Exchange Committee to investigate. They refused. We asked the brokers for the identity of the buyer of our shares. They refused. The brokers indicated they were under serious pressure from individuals they couldn’t identify to maintain total secrecy on the identity of the buyer. Within a few days of raising the challenge of the CFX/Century shares Justice Minister specified me without affording me a hearing or an enquiry as required by the Constitution of Zimbabwe . There was specification at the instigation of senior politicians who were eyeing assets held by ENG including Century/CFX Bank. The specification was meant to harass, cow, intimidate and silence me from raising further complaints and challenges regarding ENG assets specifically these 309 million shares in Century/CFX Financial Holdings.

(16) Since the ENG shares in Century /CFX Bank Financial Holdings were irregularly transferred the Bank ownership remains in dispute. The ENG shareholders and contributories filed and sought a high court order to stop the transfer of the shares until the dispute had been resolved . The shares were still clandestinely transferred despite the pending high court application to resolve the dispute . After filing for this order My Lawyer the late Oscar Ziweni was also specified by the Minister of Justice and threatened ,harassed and intimidated until he went into hiding. However the point remains ENG Founders, Shareholders and Contributories still lay claim to these shares and stake in Century/ CFX BANK which were looted by Senior Government officials.

In conclusion Interfin Holdings Limited should consider itself warned. Interfin should stay clear of CFX Bank until this matter is resolved. There are entities and individuals in Zimbabwe who erroneously believe they are above the law. They have the mistaken belief they can grab, loot, steal assets and get away with it. In the process they try to launder their loot through various disposals and restructurings such as the ones that were done at Century/CFX Bank. This is being fully documented. CFX Bank has had more than 5 Managing Directors in a space of 2 years .This shows the instability brought about by being a disputed asset whilst the looters try to pull “ strings” from behind the scenes.

For the sake of transparency I am copying this letter to the following ;
Minister of Finance Zimbabwe

Reserve Bank of Zimbabwe Governor – Dr Gono
Zimbabwe Stock Exchange CEO – Mr Emmanuel Munyukwi
CFX BANK Board of Directors

Zimbabwe Parliament -Budget, Finance and Investment Promotion Members Below
Hon Zhanda , Hon. Beremauro, Hon. Bhebhe A, Hon. Chinyadza, Hon. Cross, Hon. Khumalo ,M Hon. Madzimure, Hon. Mashakada, Hon. Matshalaga, Hon. Mudiwa, Hon. Muguti, Hon. Mukanduri, Hon. Ndava, Hon. Nyaude. Committee Clerk- Mr Ratsakatika
My full contact details are below should you need any clarification.
Yours Faithfully,

Gilbert Muponda
Toronto ,Canada
1-416-841-5542
1-647-994-5542

Email – gilbert@gilbertmuponda.com
http://www.facebook.com/muponda
Skype ID – gilbert.muponda

Letter warning Farai Rwodzi and Interfin Bank Zimbabwe Shareholders

Letter to Interfin Bank Shareholders
Posted on November 5, 2009 | Category: Press Articles
The Shareholders
Interfin Holdings Limited
15th Floor, NSSA Building
Cnr Sam Nujoma St/Julius Nyerere Way
HARARE
4 November 2009
Attention: Mr. R. Njanike

Dear Gentlemen and Lady,

RE : PROPOSED INTERFIN ACQUISITION OF MY BANK – CENTURY/CFX BANK LIMITED

I refer to various media reports which suggest Interfin Holdings Limited plans to acquire a 51% stake in My Bank Century/CFX Bank. Further reference is made to the letter from my lawyers Gutu and Chikowero Attorneys at Law dated 2 November 2009 and my letter of yesterday to your Board of Directors. The purpose of this letter is to warn Interfin Financial Holdings Limited not to interpose itself in the CFX ownership dispute as you may regret that transaction. Interfin should not meddle in this as the consequences will be dire.Finance Bank of Zambia and its Swiss Financiers pulled out of this transaction because of the unresolved ownership dispute.How can Interfin ignore this?

(1) Current CFX Bank lawyers a flaunting around their “legal opinion” as fact. Firstly CFX Bank lawyers are compromised as they can not provide an Independent legal opinion in a matter in which they have an interest since they are representing the respondent. They have a conflict of interest and should have recused themselves in providing the legal opinion. It appears as though they just provided this “legal opinion” to earn fees knowing fully well that their opinion in this matter was not even worth the piece of paper it was written on.

(2) Their purported legal opinion is rather misplaced and misdirected in as much as it seeks to analyze current ENG legal status .The current status is immaterial since we are trying to correct fraud and theft which resulted in ENG being incapacitated.
(3) Further CFX Bank Lawyers are assuming that since I remain specified in Zimbabwe therefore I have no capacity to vigorously pursue this matter. This is fallacious and ill advised .I hope the same lawyers are aware that Financial markets do not operate in a vacuum and in the bigger scheme of things Financial markets are not controlled from Harare. As indicated previously no stone will be left unturned till justice prevails on this matter. This means all legal options are on the table and legal action is being pursued in several jurisdictions.

(4) CFX Bank lawyers are further peddling a tired lie that the shares were being sold to pay off ENG creditors. This totally ignores where the matter started and how it developed into a crisis. The original and official allegation was that ENG Capital was a brief case Company which had no meaningful assets. ENG and Myself were further demonized and smeared, that the only visible assets acquired were cars. Shouldn’t CFX Lawyers be addressing this anomaly. How can a brief case Company own 309 million shares in a Bank. How come the public was not clearly told that ENG owned a Bank .Why was there over focus on cars which made up less than 1% of ENG’s Capital base? Assuming for one moment that ENG had real problems ,why wasn’t it well advertised that even though ENG was having problems it owned a Bank and bidders would be invited to take over that Bank and pay a fair price? Why was the disposal being done clandestinely and under cover of darkness?

(5) ENG was sufficiently liquid and solvent to meet its liabilities but despite all this its cheques were being bounced and dishonored. This act alone of bouncing and dishonoring cheques of a Financial Institution creates panic and an impression of a Bankrupt Institution. It must be noted that First Mutual Life and National Discount House, being ENG counter parties in fact sued Zimbank for irregularly dishonoring ENG cheques at a time when the ENG account was fully funded and had sufficient funds to meet its liabilities. This clearly confirms a well calculated campaign to close down ENG and grab its assets.

(6) I am sure you were told that ENG CAPITAL had many cars, and these cars were the only assets that ENG had. The correct and accurate facts are that ENG was a Group of Companies of which the Companies had Directors, Managers and employees and the cars were for the use of these members of staff who ran the various companies which made up ENG CAPITAL.

(7) ENG Capital group had a market value of US$ 175 million, just before the RBZ descended on the Institution.

Below is a brief ENG Group Structure ;
ENG HOLDINGS GROUP STRUCTURE
- SUBSIDIARIES
- ENG CAPITAL INVESTMENTS PVT LTD
- ENG ASSET MANAGEMENT PVT LTD
- ENG REAL ESTATE
- ENG NOMINEES PVT LTD
- ENG PRIVATE EQUITY (PVT) LTD
- ENG CAPITAL ADVISORY SERVICES
- ENG STRUCTURED FINANCE
ADDITIONAL MAJOR ASSETS OWNED
- Century Bank Holdings (now CFX bank)
- Leasing Company of Zimbabwe, (Century Asset Managers)
- Century Discount House
- Hybri Micro-Finance Institution
- Care Insurance PVT LTD
- RestCel Insurance PVT LTD
- Amalgamated Health Services (Harare West Hospital )
- 15% of OK Zimbabwe Limited
- 15% of Zimplow Holdings Limited
- 20% Medtech Holdings Limited
- Hornet Re-Insurance PVT LTD
- Pearl Pension Fund Management
- 25 % Clan Holdings Limited
- 25 % Zimbabwe News Papers Group – Zimpapers Limited
- Allied Conveyor Belts PVT LTD
- River Drilling PVT LTD
- Real Estate including (Anastasia Court, Belgravia House, Thaine Building)
- Various Listed ZSE Listed shares
- Treasury Bills
- GMB Bills
- Cargill Commercial Paper
- $ 4 billion – Alliance Capital Debenture (representing 123 million First Mutual Life shares)
- 23 Million First Mutual Life shares

This is relevant as it proves beyond any doubt that ENG was a solid Group of Companies. It was targeted out of greed by plotters including Senior Politicians who wanted to loot and grab assets.

(8) This mêlée was nothing more than a ploy to infringe upon my citizenship rights and strip me of my assets; a well orchestrated political game to deny perceived enemies of Senior Politician’s financial freedom.

(9) My battle against civil asset forfeiture is one for the preservation of freedom and property. This is an important area as Zimbabwe seeks to portray an image of a stable state with the rule of law and private property rights are protected and preserved.

(10) All facts indicate to a grand miscarriage of Justice.

(11) A miscarriage of justice occurred as ENG and its directors now bear the burden of proving their innocence. The preponderance of evidence, which means that the RBZ only must make a better case – however slight, than the property owner – ENG.
(12) The 309 Century Financial Holdings Limited Million shares in question were sold through Fidelity Stock brokers on or around May 13, 2004. Within the same week an announcement was then made that CFX Bank was taking over Century Holdings. The shares were sold to a Senior Politician’s reported consortium for Z$2,9 billion when ENG had spent $35 billion to accumulate the shares, thereby prejudicing ENG, Creditors, Investors and contributories of at least Z$32,1 billion.

(13) As ENG Co-founder, Contributory and Shareholder, I wrote to the Zimbabwe Stock Exchange Chief Executive Mr Emmanuel Munyukwi asking for an investigation because we had agreed with the majority of creditors that the shares should not be sold but rather swapped with creditors and investors instead of selling them at an unreasonable price. But the 309 million Century /CFX Financial Holdings million shares were somehow clandestinely sold and that transaction enabled CFX Bank to take over Century Holdings Limited.

(14) This allowed the reverse listing of CFX Bank on to the Zimbabwe Stock Exchange. Without those 309 million Century Holdings Limited million shares owned by ENG the CFX/Century merger would have never happened. Senior politicians and their proxies became the new controlling shareholder of the new merged bank. Is this by design or accident? Senior politicians then forced out Mr. Sean Maloney who had helped to put together the transaction. Mr. Sean Maloney had to leave the country under unclear circumstances . Part of the same shares snatched From ENG were later transferred to Premier Bank Financial Holdings which is reportedly owned by a Senior Politician. There has generally been shuffling of shares which is normally associated with covering tracks of an illegal and irregular transaction.

(15) ENG directors and contributories asked the high court to set aside the sale of the shares and the matter action is still before the courts in Harare. We asked Zimbabwe Stock Exchange Committee to investigate. They refused. We asked the brokers for the identity of the buyer of our shares. They refused. The brokers indicated they were under serious pressure from individuals they couldn’t identify to maintain total secrecy on the identity of the buyer. Within a few days of raising the challenge of the CFX/Century shares Justice Minister specified me without affording me a hearing or an enquiry as required by the Constitution of Zimbabwe . There was specification at the instigation of senior politicians who were eyeing assets held by ENG including Century/CFX Bank. The specification was meant to harass, cow, intimidate and silence me from raising further complaints and challenges regarding ENG assets specifically these 309 million shares in Century/CFX Financial Holdings.

(16) Since the ENG shares in Century /CFX Bank Financial Holdings were irregularly transferred the Bank ownership remains in dispute. The ENG shareholders and contributories filed and sought a high court order to stop the transfer of the shares until the dispute had been resolved . The shares were still clandestinely transferred despite the pending high court application to resolve the dispute . After filing for this order My Lawyer the late Oscar Ziweni was also specified by the Minister of Justice and threatened ,harassed and intimidated until he went into hiding. However the point remains ENG Founders, Shareholders and Contributories still lay claim to these shares and stake in Century/ CFX BANK which were looted by Senior Government officials.

In conclusion Interfin Holdings Limited should consider itself warned. Interfin should stay clear of CFX Bank until this matter is resolved. There are entities and individuals in Zimbabwe who erroneously believe they are above the law. They have the mistaken belief they can grab, loot, steal assets and get away with it. In the process they try to launder their loot through various disposals and restructurings such as the ones that were done at Century/CFX Bank. This is being fully documented. CFX Bank has had more than 5 Managing Directors in a space of 2 years .This shows the instability brought about by being a disputed asset whilst the looters try to pull “ strings” from behind the scenes.

For the sake of transparency I am copying this letter to the following ;
Minister of Finance Zimbabwe

Reserve Bank of Zimbabwe Governor – Dr Gono
Zimbabwe Stock Exchange CEO – Mr Emmanuel Munyukwi
CFX BANK Board of Directors

Zimbabwe Parliament -Budget, Finance and Investment Promotion Members Below
Hon Zhanda , Hon. Beremauro, Hon. Bhebhe A, Hon. Chinyadza, Hon. Cross, Hon. Khumalo ,M Hon. Madzimure, Hon. Mashakada, Hon. Matshalaga, Hon. Mudiwa, Hon. Muguti, Hon. Mukanduri, Hon. Ndava, Hon. Nyaude. Committee Clerk- Mr Ratsakatika
My full contact details are below should you need any clarification.
Yours Faithfully,

Gilbert Muponda
Toronto ,Canada
1-416-841-5542
1-647-994-5542

Email – gilbert@gilbertmuponda.com
http://www.facebook.com/muponda
Skype ID – gilbert.muponda

Exiled businessman warns Interfin over its takeover of disputed bank

http://www.swradioafrica.com/News290710/exiled290710.htm

By Lance Guma
29 July 2010

An exiled Zimbabwean businessman, who says his bank was illegally seized by the government in 2004, has condemned the recent takeover of that same institution by Interfin Financial Services Limited.

Gilbert Muponda says he owns Century Bank through his ENG Capital investment company, but was forced to flee the country at the height of a controversial crackdown on the financial sector in 2004.

Prominent businessmen like James Makamba, Mutumwa Mawere, Nicholas Vingirai and James Mushore, among others, were persecuted on various allegations, including black market trading.

Six years down the line Century Bank now known as CFX Bank has been taken over by Interfin Bank. A furious Muponda told Newsreel; ‘Interfin is now liable to my claim due to their attempt to cover up the ownership dispute by rebranding and changing CFX Bank operations. This is clear money and transaction laundering being executed by Farai Rwodzi and Interfin Bank.” Rwodzi is the CEO.

In November 2009 Muponda successfully used an internet campaign to block a major financial institution from buying the disputed bank. One of the world’s biggest banks, Credit Suisse, through the Finance Bank of Zambia, had sought to buy the struggling CFX Bank.

But using an aggressive internet campaign dubbed ‘Return Muponda’s Bank’ he made enough noise to scare Credit Suisse away from the deal. Internet banners picked up by Google, plus letters and articles circulated online, were enough to finally discourage the deal from going through.

When Muponda and his colleagues left the country there was a belief that they had engaged in underhand financial deals, including running away with investor’s money. But on Thursday he told us the government at the time was desperate to find scapegoats in the business community, to blame for the country’s economy collapse. “I was turned into a corruption poster boy and spent 4 months in prison without trial,’ he said.

So what was the case all about? Muponda said; “We did not have a political godfather. Despite claims we stole people’s money and did not have assets to pay them back, we got bail in court after proving the company had Z$200 billion in assets against total liabilities of Z$61 billion. After being granted bail I was told I could start the company again but only if we got a political godfather within ZANU PF.”

Muponda, through his lawyers, has now written to the new owners of the bank telling them the transaction will expose them to ‘reputational risk’. He said that warning is still in force as he seeks compensation for his shares ‘fraudulently’ seized. He said CFX Bank was struggling to mobilize sufficient business to return to profitability because ‘all market participants in Zimbabwe are fully aware of my claim and the high reputational risk that comes with ignoring the claim.’

http://www.swradioafrica.com/News290710/exiled290710.htm

Rwodzi and Interfin Bank refining the money laundering art

Interfin Bank Zimbabwe and Founder Mr Farai Rwodzi are attempting to sanitize and launder their take over of a disputed asset/Bank. The company controversially acquired a controlling stake in the disputed Century/CFX Bank last year after shareholders of the financially-distressed banking institution either ignored or failed to take up their rights in a $10 million equity offering underwritten by the acquirer. CFX Bank became distressed after negative publicity emanating from my claim and legal action I was pursuing after 309 million Century Bank Shares I owned through my Company ENG Capital were fraudulently transferred and converted at the time of the merger between CFX Bank and Century in 2004

In money laundering, the proceeds of crime are run through the financial system to disguise their illegal origins and make them appear to be legitimate funds. In this case Interfin took over a disputed asset as in buying stolen property and are trying to clean up the transaction and remove any trace from the initial fraud that was committed against me.

The 309 million Century Bank Shares I owned through my Company ENG Capital were fraudulently transferred and converted at the time of the merger between CFX Bank and Century in 2004 and Interfin Bank proceeded to take over CFX ignoring the disputed ownership of FCFX Bank and the attendant reputational risk. I even wrote to Credit Suisse to dissuade them from taking up shareholding in CFX FS. Credit Suisse has 40% shareholding in FBZ.

The ownership dispute was triggered by the special bargain sale of 309,000,000 shares on 12 May 2004 but the total shares claimed by me and my Company is 900,000,000 the balance was transferred in peace meal fashion to avoid detection of the fraud and transaction laundering that was being perpetrated. CFX was nothing more than a forex trading shop which was used to swallow Century Bank as a cover up of the illegal seizure of the Bank. I lost Century Bank shares owned through ENG Capital after they were “fraudulently” converted into CFX Bank which took over Century Bank assets and Branch network.

Money laundering is not a single act but is in fact a process that is accomplished in three basic steps. These steps can be taken at the same time in the course of a single transaction, but they can also appear in well separable forms one by one as well.

Although money laundering often involves a complex series of transactions, it generally includes three basic steps.

The first step is the physical disposal of ill gotten cash/asset. This Interfin have done by handing over CFX bank licence to the RBZ whilst holding on to the assets ,infrastructure and network from the disputed CFX Bank This placement might be accomplished by depositing the cash in domestic banks or, increasingly, in other types of formal or informal financial institutions.

The second step in money laundering is known as layering, carrying out complex layers of financial transactions to separate the illicit proceeds from their source and disguise the audit trail. This phase can involve such transactions as the wire transfer of deposited cash, the conversion of deposited cash into monetary instruments (bonds, stocks, traveler's checks), the resale of high-value goods and monetary instruments, and investment in real estate and legitimate businesses, particularly in the leisure and tourism industries. This has already been done through a celebrated stock markert listing.This may later haunt the ZSE as it may develop a reputation on money laundering listings such as this one by Mr Farai Rwodzi and Interfin Bank Zimbabwe

Interfin Holdings reverse listed on the Zimbabwe Stock Exchange (ZSE) using the infrastructure and legal structure taken over from my bank.

Interfin Holdings is currently the holding company of Interfin Merchant Bank, Interfin Securities, a stocks trader on the ZSE, Interfin Asset Management Limited and Altfin Holdings Limited. This structure easily enables money laundering with Interfin appearing to be a legitimate business.The key to this is that this is not the first or last questionable transaction which Interfin have done.

Altfin Holdings is a holding company for a portfolio of insurance units that include the flagship operation, Altfin Insurance, a short term insurance company in Zimbabwe that has a presence in sub Saharan Africa, and Altfin Life, a life assurance business recently added to the group. Given the current attempt to launder the CFX transaction one wonders what else has been laundered through Interfin. What else has been hidden and passed out as clean and honestly earned money.

The last step is to make the wealth derived from the illicit proceeds appear legitimate. This is what Interfin and Mr Farai Rwodzi are trying to do by reverse listing their Interfin Banking Corporation (IBC ) whilst killing the original CFX Bank brand.This integration might involve any number of techniques, such as using front companies to "lend" the proceeds back to the owner or using funds on deposit in foreign financial institutions as security for domestic loans. Another common technique is over-invoicing or producing false invoices for goods sold--or supposedly sold--across borders. This appears to be another technique that Interfin is mastering with their reported Namibia and “International” expansion.

All the qualities,hallmarks and acts of a money laundering scheme are present in the Interfin model and the reverse listing by taking over CFX Bank and discarding its license and brand whilst taking over its assets, infrastructure and ZSE listing spot on the bourse. The following clearly happened at the direction of Mr Farai Rwodzi and other shareholders need to be aware of the on going reputational risk that will come with transactions of this nature

• the need to conceal the origin and true ownership of the proceeds;
• the need to maintain control of the proceeds;
• the need to change the form of the proceeds in order to shrink the huge volumes of cash generated by the initial criminal activity of corruption and influence peddling.

Whilst Mr Farai Rwodzi and Interfin may get away with the listing on the ZSE for now in the long run they will have huge reputational risk emanating from the CFX Bank ownership dispute which they are trying to sweep under the carpet and rename and rebrand the problem.

This article appears courtesy of GMRI CAPITAL – www.gmricapital.com . It is original content generated for 3MG MEDIA.

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