Farai Rwodzi & Interfin Bank’s risk taking unwise

Farai Rwodzi & Interfin Bank’s risk taking unwise
On 6 July 2010 according to news reports “We saw potential where everyone else saw risk,” Farai Rwodzi, Interfin Bank Zimbabwe chairman, said just before trades opened to celebrate Interfin’s attempted to hide its tracks of taking over a disputed asset ( Century /CFX Bank ) and sanitize an illegal transaction. “Today the deal is done. We have a solid balance sheet; Interfin will never be the same again.” Farai Rwodzi continued.

It is clear at this stage that Farai Rwodzi and Interfin Bank Zimbabwe felt their stunt of taking over a disputed Century/CFX Bank and proceed to rename and rebrand it as Interfin Banking Corporation (IBC) would work wonders and everyone would forget that they are trading in stolen assets and trying to conceal the true nature of the transaction they were executing.

Rwodzi and CFX/Interfin Bank clearly know that CFX Bank was grabbed from me and ENG Capital and because of that it is a disputed asset which brings with it significant reputational risk. The whole Zimbabwe Financial market knows this that’s why all other major participants avoided investing in CFX Bank before the ownership dispute was resolved .It remains to be seen whether Farai Rwodzi and Interfin Banks’ gamble will pay off. The wisdom of taking over a disputed bank and hoping to rebrand it remains suspect.

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 and fraudulent seizure of the Century 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.

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 CFX 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.


CFX/Interfin Holdings reverse listed on the Zimbabwe Stock Exchange (ZSE) using the infrastructure and legal structure taken over from the disputed Century/CFX Bank . CFX had floated the equity offering to raise the minimum capital requirements set by the Reserve Bank of Zimbabwe following the collapse of its equity-financing negotiations with the Finance Bank of Zambia.These talks collapsed once Finance Bank of Zambia discovered the raging ownership dispute which Interfin Bank is seeking to conceal and hide by rebranding Century/CFX Bank as CFX/Interfin Banking Corporation (IBC)

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

Ex-CFX workers challenge merger

Ex-CFX workers challenge merger

By Martin Kadzere

FORMER CFX Bank workers have taken steps to reverse the merger of the financial institution with Interfin Banking Corporation.

The retrenched workers wrote to the Registrar of Banking Institutions through their lawyer objecting the amalgamation which they said was done before outstanding staffing issues were resolved.

Interfin gained a controlling stake in CFX late last year after underwriting its US$10 million rights offer, which drew a 1,98 percent response from the existing shareholders.

This resulted in the reverse takeover of CFX by Interfin and the latter was subsequently listed on the Zimbabwe Stock Exchange in April.

However, nearly five months after amalgamation, 61 former CFX employees want the merger undone until some outstanding legal issues are finalised.

The former workers also want clarity on why the transaction was deemed a merger when in fact it was a take over of CFX under which the merged institution had an obligation to assume CFX assets, liabilities and staff.

"Our clients are extremely concerned about the fact that the Memorandum of Agreement by Interfin and CFX Bank Limited is dead silent on the fate of CFX Bank Limited employees who had been targeted for retrenchment," reads part of documents lodged with the Registrar of Banks by the workers’ lawyers Matsikidze and Mucheche Legal Practitioners.

"To the extent that the MoU between Interfin and CFX is mute on the status of CFX employees earmarked for retrenchment, the agreement which gave rise to the merger is a legal nullity.

"Our clients are of the firm and immutable view, and rightly so in our view, that the merger is no more than a gimmick to eliminate all CFX Bank employees earmarked for retrenchment via the back door without compliance with the mandatory provisions of the Labour Act.

"The merger of the two banking institutions inflicts grave violence to the provisions of the Labour Act which enshrines the rights of employees on transfer of undertaking in that the MoU is silent on the rights of the employees particularly (those) who had already been served with notices of intention to retrench.

"It is our considered view that the merger of the two banking institutions is in fraudulem legis in that it fails to guarantee the rights of the employees on transfer of undertaking as embodied in the Labour Act," read the document.

Interfin managing director Mr Raymond Njanike, however, said the move by the former workers was a "misguided approach" as there was no basis for putting the merger on hold.

"These are shareholders issues and how then does a worker block the merger and what are the merits?" asked Mr Njanike.

"The purpose was to save these two institutions from collapse and we had blessing from all regulatory authorities. It is a circle and if things improve, we will recall them."

CFX approached Interfin after the Finance Bank of Zambia aborted plans to inject fresh capital into the financial institution on fears of litigation threatened by former ENG director Gilbert Muponda, whose subsidiary Century Bank merged with CFX in 2004

MoneyGram International co-opted into Farai Rwodzi/Interfin Bank Zimbabwe money laundering scheme

As the asset grabbing, looting and money laundering by Farai Rwodzi and Interfin bank Zimbabwe continues it is important to note the partners who stand by and aid and abet such illegal actions. Moneygram International are one such International organization who are now quickly becoming a willing party in assisting Farai Rwodzi and CFX/Interfin Bank Zimbabwe to launder their proceeds of crime and appear respectable by associating with the MoneyGram International brand despite severe reputation risk which comes with such association.

Money gram International are currently using Banks which they know were grabbed from their owners in Zimbabwe .Moneygram is looking the other way whilst legitimizing asset grabbing and looting thereby facilitating money and asset laundering. Currently Money gram International is using as agents Zimbabwe Amalgamated Banking Group ( ZABG) which is made up of Trust,Royal and Barbican Banks seized from rightful owners.Now they are doing business with CFX/Interfin Bank Zimbabwe who grabbed the Money gram International Franchise held by my Bank CFX Bank.

Finance Bank of Zambia and its Credit Swiss wanted to buy CFX but pulled out due to high reputational risk. Finance Bank of Zambia and its Swiss Financiers pulled out of the transaction because of the unresolved ownership dispute. How can Interfin ignore this?

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 CFX/Interfin Bank Zimbabwe 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 involvement of Money gram International provides cover for CFX/Interfin Bank Zimbabwe and Farai Rwodzi to appear legitimate and clean due to Moneygram’s ,International standing.

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.

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.

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.

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.

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.

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.

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.



International firms such as Money Gram International should do proper due diligence of their International partners or they will end up regretting for aiding and abetting money laundering and asset looting and grabbing. 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.

Interfin Holdings reverse listed on the Zimbabwe Stock Exchange (ZSE) using the infrastructure and legal structure taken over from my bank.Money gram International should know better and trade carefully because giving asset looters and grabbers legitimacy may have negative impact on their reputation.
Whilst Farai Rwodzi and Interfin bank Zimbabwe 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: 1-647-994-5542

ENG saga finally over as all claims are settled

ENG Capital a financial institution registered in Zimbabwe was dramatically closed down in 2003-4 following spurious allegations of being under capitalised, has now fully paid out all claims according High Court records obtained by The Zimbabwe Mail. This comes as a surprise given how there were widespread allegations that ENG Capital was bankrupt. The records clearly illustrate that all payments to all the claims against ENG were met leaving excess assets that have been returned to ENG’s directors. This turn of event begs us to question the real motive behind the vilification and subsequent specification of ENG directors.

ENG Capital has proven that its assets far exceeded its liabilities and was liquid, solvent and solid and met all its creditors and liability obligations. The record laid at the High Court in HARARE in October 2009 and passed without any objections or counterclaims from any creditors. The relevant Government Gazette was published in October 2009 to confirm this.

The ruling on 15 July 2010 under case number HC 6086/09 states that -"ENG companies and Directors satisfactorily liquidated all debts past, present and future accumulated by the company"

The Master of the High Court together with the Liquidator confirmed to the court that all excess assets were return to ENG and its directors. Several of ENG Companies including Allied Conveyors PVT LTD was returned to ENG Capital shareholders and contributories. Amongst other assets returned are vehicles, kept gathering dust for 6 years at Chikurubi:

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

Exiled former ENG Director Gilbert Muponda “I am not bitter but feel exonerated by the ruling which should now pave way for my despecification by the Zimbabwean Authorities and allow my family and I to resume a normal life. I look forward to the resumption of our business and I am naturally pleased to see that all claims have been settled with excess assets to spare. This gives us a chance to re-launch the brand and take off from where we left off"

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.