HARARE – The ownership wrangle between leading Zimbabwean financial services group Interfin and exiled banker Gilbert Muponda took a new twist last week with allegations that the banking group misled the nation by claiming it has settled with the latter over his stake in CFX Bank which was acquired by Interfin.
Muponda told The Zimbabwean on Sunday that contrary to claims by Interfin chairman Farai Rwodzi, he was yet to receive the $5.3 million for 309 million shares illegally transferred to Interfin when the group acquired Century Bank – now called CFX Bank.
“Neither my legal representatives nor I have received compensation of any nature from Interfin, its directors or shareholders for the 309 million Century/CFX Bank shares embezzled from Century/CFX by Interfin,” Muponda said. He said Interfin was “blatantly misrepresenting the facts” in order to run away from meeting its liability and warned the financial group’s
international partners such as MoneyGram and pay-television provider MultiChoice of the possible risk from the fallout from the wrangle.
“I am sure Interfin are under serious pressure from a well known international financial services group to come clean on the
circumstances of their illegal takeover of my bank, CFX. “Interfin must act maturely and pay the US$ 5.3 million after which I and my lawyers will sign a letter of release and indemnity to confirm settlement has been made,” he said. Rwodzi could not be reached for a comment last week.
Saturday, August 28, 2010
Friday, August 27, 2010
MoneyGram International aiding Interfin Bank & Farai Rwodzi Corporate irresponsibility
It appears that MoneyGram International is leading international corporate irresponsibility that has gone unpunished for too long in African countries.Huge American and international firms deliberately doing business with individuals who have looted and grabbed assets.By continuing to partner Interfin Banking Corporation despite knowing the disputed ownership of the Bank ,Moneygram is only confirming its blatant disregard of internationally accepted corporate responsibility expectations.
MoneyGram International officers should have been far more alert to the perception that they might benefit from exploitation of their brand and reputation by doing business with Interfin Banking Corporation which includes an illegally incorporated entity CFX Bank .
In my effort to recover my Bank illegally seized from me when at least 309 000 000 (million) and up to 900,000,000 (Nine hundred Million), Century Bank shares fraudulently converted into CFX Bank shares. The fraud was masked as a merger between Century Bank and CFX Bank but after the merger Century name was dropped to cover the tracks of the fraud.
The dispute was triggered by the special bargain sale of 309,000,000 shares on 12 May 2004 but the total shares owned by me and my Company were 900,000,000 the balance was transferred in peace meal fashion to avoid detection of the fraud and transaction laundering that was being perpetrated. Various transactions and Company re-organization schemes with the ultimate aim of sanitizing asset looting and illegal expropriation of my Bank Century/CFX have been going on with the latest being re-naming the Bank Interfin Banking Corporation.
Integrity capacity is the individual and collective capability for the repeated process alignment of moral awareness, deliberation, character, and conduct that demonstrates balanced judgment, enhances ongoing moral development, and promotes supportive systems for moral decision making (Petrick and Quinn 2000). It is one key intangible asset that acts as a catalyst for reputational capital and its erosion can jeopardize the survival and credibility of organizations and markets
Corporate managers are expected to maximize investor returns while complying with regulatory standards, avoiding principal-agent conflicts of interest, and enhancing the reputational capital of their firms.In this case MoneyGram International Management seem to be taking a casual approach to a very serious matter.This may have serious repurcussions on the 70 year old firm’s reputation especially in Africa where an elite class is seizing assets then going into partnership with Money Gram to gain international acceptability and good reputation by association.
Ethical literacy is all about recognizing potential ethical issues before they become legal problems ,this is why MoneyGram International need to trade carefully when dealing with a disputed asset such as CFX/Interfin Banking Corporation Zimbabwe.
The increasing level of managerial negligence and corporate irresponsibility as shown by both MoneyGram International Management and Interfin Banking Corporation has eroded domestic and global trust in Zimbabwe Financial system. If Chair man of Interfin Bank and Kingdom Meikles Africa Limited can publicly and falsely claim he paid someone US$ 5.3 million one wonders what else is being deliberately mis-stated to create a false impression to the Investing public ,international partners, shareholders and regulatory Authorities.
The neglect of managerial integrity capacity is at the moral root of Enron’s legal and financial problems. What is legally permissible today, but morally questionable, may well become legally proscribed tomorrow. Thus, it is important for managers to proactively understand and attend to the multiple dimensions and moral antecedents of illegal activity.
Managers can attempt to evade full moral accountability by compartmentalizing and fragmenting their handling of management and ethics issues This is both immoral and unacceptable.MoneyGram International,Farai Rwodzi and Interfin Bank’s actions are shocking and shows complete disregard for fundamental fairness.
The CFX/Interfin Bank Zimbabwe scandal involves both illegal and unethical activity and the courts of law will determine the precise extent of civil and criminal liability that accrues to the perpetrators.MoneyGram International need to keep this in mind.
The senior executives at Interfin Bank led by Interfin and Kingdom Meikles Africa Limited Chairman Farai Rwodzi believe had to be the best at everything it did and that they had to protect their reputations and their compensation as the most successful executives in the Zimbabwe market even using dubious and unethical means. When some of their business acquistions are not legally done and trading ventures began to perform poorly, they tried to cover up their own failures by issuing false and misleading news articles such as the one by Farai Rwodzi on 25 August 2010 in Newsday newspaper claiming Interfin Bank had paid Gilbert Muponda US $ 5.3 million for the CFX Bank equity stake.( http://www.newsday.co.zw/article/2010-08-25-interfin-acquires-13-of-starafrica ) .The Interfin and Kingdom Meikles Africa Chairman told Newsday Newspaper “The company last month paid Gilbert Muponda $5,3 million for equity allegedly transferred to the acquirer irregularly during the merger” .This is incorrect this money has not yet been paid to settle the CFX/Interfin Bank ownership dispute.
Interfin Bank Senior Management led by Farai Rwodzi appeared to be erroneously and overly confident of their initial distorted perceptions of morally acceptable business conduct, and when challenged, as regarding the appropriateness of his financial structure of reversing taking over a disputed CFX Bank, retaliated against accusers and sought to mislead the investing public,regulatory authorities and International firms such as MoneyGram International who have failed to carry out proper due diligence to verify claims by Farai Rwodzi that Interfin Bank has settled the ownership dispute by paying me US $ 5.3million .
When a senior executive like Farai Rwodzi Chairman of Kingdom Meikles Africa resort to making false claims his partners such as MoneyGram International, Kingdom Meikles Africa and fellow Interfin Directors should be alert and know the lack of intergrity exhibited by such claims.
Moral conduct, an important component of process integrity, is the individual and collective carrying out of justifiable actions on a sustained basis. Managers that exhibit ethical conduct develop a reputation for dependability and alignment of moral rhetoric and reality over time and make public statements based on fact and verifiable information.
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
MoneyGram International officers should have been far more alert to the perception that they might benefit from exploitation of their brand and reputation by doing business with Interfin Banking Corporation which includes an illegally incorporated entity CFX Bank .
In my effort to recover my Bank illegally seized from me when at least 309 000 000 (million) and up to 900,000,000 (Nine hundred Million), Century Bank shares fraudulently converted into CFX Bank shares. The fraud was masked as a merger between Century Bank and CFX Bank but after the merger Century name was dropped to cover the tracks of the fraud.
The dispute was triggered by the special bargain sale of 309,000,000 shares on 12 May 2004 but the total shares owned by me and my Company were 900,000,000 the balance was transferred in peace meal fashion to avoid detection of the fraud and transaction laundering that was being perpetrated. Various transactions and Company re-organization schemes with the ultimate aim of sanitizing asset looting and illegal expropriation of my Bank Century/CFX have been going on with the latest being re-naming the Bank Interfin Banking Corporation.
Integrity capacity is the individual and collective capability for the repeated process alignment of moral awareness, deliberation, character, and conduct that demonstrates balanced judgment, enhances ongoing moral development, and promotes supportive systems for moral decision making (Petrick and Quinn 2000). It is one key intangible asset that acts as a catalyst for reputational capital and its erosion can jeopardize the survival and credibility of organizations and markets
Corporate managers are expected to maximize investor returns while complying with regulatory standards, avoiding principal-agent conflicts of interest, and enhancing the reputational capital of their firms.In this case MoneyGram International Management seem to be taking a casual approach to a very serious matter.This may have serious repurcussions on the 70 year old firm’s reputation especially in Africa where an elite class is seizing assets then going into partnership with Money Gram to gain international acceptability and good reputation by association.
Ethical literacy is all about recognizing potential ethical issues before they become legal problems ,this is why MoneyGram International need to trade carefully when dealing with a disputed asset such as CFX/Interfin Banking Corporation Zimbabwe.
The increasing level of managerial negligence and corporate irresponsibility as shown by both MoneyGram International Management and Interfin Banking Corporation has eroded domestic and global trust in Zimbabwe Financial system. If Chair man of Interfin Bank and Kingdom Meikles Africa Limited can publicly and falsely claim he paid someone US$ 5.3 million one wonders what else is being deliberately mis-stated to create a false impression to the Investing public ,international partners, shareholders and regulatory Authorities.
The neglect of managerial integrity capacity is at the moral root of Enron’s legal and financial problems. What is legally permissible today, but morally questionable, may well become legally proscribed tomorrow. Thus, it is important for managers to proactively understand and attend to the multiple dimensions and moral antecedents of illegal activity.
Managers can attempt to evade full moral accountability by compartmentalizing and fragmenting their handling of management and ethics issues This is both immoral and unacceptable.MoneyGram International,Farai Rwodzi and Interfin Bank’s actions are shocking and shows complete disregard for fundamental fairness.
The CFX/Interfin Bank Zimbabwe scandal involves both illegal and unethical activity and the courts of law will determine the precise extent of civil and criminal liability that accrues to the perpetrators.MoneyGram International need to keep this in mind.
The senior executives at Interfin Bank led by Interfin and Kingdom Meikles Africa Limited Chairman Farai Rwodzi believe had to be the best at everything it did and that they had to protect their reputations and their compensation as the most successful executives in the Zimbabwe market even using dubious and unethical means. When some of their business acquistions are not legally done and trading ventures began to perform poorly, they tried to cover up their own failures by issuing false and misleading news articles such as the one by Farai Rwodzi on 25 August 2010 in Newsday newspaper claiming Interfin Bank had paid Gilbert Muponda US $ 5.3 million for the CFX Bank equity stake.( http://www.newsday.co.zw/article/2010-08-25-interfin-acquires-13-of-starafrica ) .The Interfin and Kingdom Meikles Africa Chairman told Newsday Newspaper “The company last month paid Gilbert Muponda $5,3 million for equity allegedly transferred to the acquirer irregularly during the merger” .This is incorrect this money has not yet been paid to settle the CFX/Interfin Bank ownership dispute.
Interfin Bank Senior Management led by Farai Rwodzi appeared to be erroneously and overly confident of their initial distorted perceptions of morally acceptable business conduct, and when challenged, as regarding the appropriateness of his financial structure of reversing taking over a disputed CFX Bank, retaliated against accusers and sought to mislead the investing public,regulatory authorities and International firms such as MoneyGram International who have failed to carry out proper due diligence to verify claims by Farai Rwodzi that Interfin Bank has settled the ownership dispute by paying me US $ 5.3million .
When a senior executive like Farai Rwodzi Chairman of Kingdom Meikles Africa resort to making false claims his partners such as MoneyGram International, Kingdom Meikles Africa and fellow Interfin Directors should be alert and know the lack of intergrity exhibited by such claims.
Moral conduct, an important component of process integrity, is the individual and collective carrying out of justifiable actions on a sustained basis. Managers that exhibit ethical conduct develop a reputation for dependability and alignment of moral rhetoric and reality over time and make public statements based on fact and verifiable information.
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
ENG Capital to resume operations
Last week Investment Banker Gilbert Muponda sat down for an interview with Shame Makoshori, The Financial Gazette Chief Business Reporter discuss the recent High Court ruling returning ENG Assets.
Shame Makoshori – SM
Gilbert Muponda - GM
SM - What does the judgment mean to you and what is the way forward?
GM - The High Court quote from HC6086/09 “ENG companies and directors satisfactorily liquidated all debts past present and future accumulated by the company”. That is the important bit. Then the bit about excess cars and excess companies like Allied Conveyors being returned to us. The Master of High Court and liquidator confirm. This serves to confirm that ENG was only targeted by greedy individuals who wanted to grab its assets such as Century Bank which was renamed CFX Bank. This bank must be returned to ENG as other banks such as Trust, Barbican, Royal Bank have been returned to their original owners. There is no reason whatsoever why Century/CFX Bank shouldn’t be returned to me and ENG.
SM - Does this judgment pave the way for the return of ENG in Zimbabwe?
GM - It shows that ENG was solvent and financially solid. Yes ENG is being revived. We are working flat out for the re-launch around December 31. But it won’t be in Zimbabwe as I remain specified. I cannot be a director in Zimbabwe it will just be active outside Zimbabwe until despecification. But we are ready from day one (of despecification) to re-launch ENG Bank. ENG Bank will not take deposits from the public. It will be focused on investment banking and activities such as research, mergers and acquisitions and private equity. Our feeling is that Zimbabwe has enough traditional banks but it does not have a proper investment bank in the mould of Goldman Sachs and Black Stone. There are no meaningful deposits in the Zimbabwe market so most banks will struggle to get by because of mis-aligned cost structures and over staffing. Our model will focus on helping small companies get listed or raise capital instead of focusing on mobilising deposits that are not there. Zimbabwe's banking sector as it is right now can only be saved by the re-introduction of the Zimbabwe dollar maybe pegged to the RAND or US$ .Otherwise with people earning $200 per month and spending all of it there is no savings therefore nothing for the banks to manage.
SM - Have you engaged authorities in Zimbabwe to begin the process of your despecification, or you are awaiting the State to take the initiative?
GM - My lawyers have engaged the authorities about despecification and we are happy with the progress. We have positive feedback that things may be normalized soon to allow my safe return and re-launch ENG Bank.
SM- You have been vocal since the time you fled the country, complaining about the way your assets were handled. It should be a long and bumpy road to despecification, I suspect?
GM - Yes, I have been vocal, but that is the way one must be when unfairly treated by individuals abusing state authority. The High Court has spoken and confirmed my innocence. I think we must respect that and move on in the spirit of national healing and rebuild the country together. This is the time to work together and all gear towards re-branding Zimbabwe as a financial powerhouse of the Southern African Development Community region. I am not a politician and I am not interested in politics but at times politicians screw up so much that keeping silent would be a crime. I had to articulate my side of the story and how I felt we were being treated. This was very important because there was a false impression that ENG was a shelf company that owned nothing but cars. But as you have seen I have managed to highlight that ENG in fact owned many assets including Century. CFX Bank which I want returned to me and ENG.
SM - So this judgment means that when they said you abused depositors’ funds on joyrides to watch soccer matches in London they were lied? You were expending your own money?
GM - Those were totally false and fabricated allegations , the smokescreen that was used to create a contrived depiction of a mass scandal which was used to justify the blatant looting and asset stripping of ENG, including the callous misappropriation of our bank, Century/CFX by politically connected individuals.
I have never watched a match in the United Kingdom ,My favourite soccer team is Dembare so there is no way I could go to England to watch a football team I have no liking for instead of my one beloved one based in Mbare. That ridiculous story was totally false and peddled through the rumour mills by the very same persons who were busy raiding ENG assets.
Let me set the record straight - ENG never availed depositor funds to its directors for personal use nor did I as a officer of ENG exploit depositor funds for personal use. ENG did not take deposits from the public, ENG was a fund of funds which meant only other highly specialised Institutions dealt with ENG.
When we started ENG I was already financially secure. Prior to me starting ENG my record of Employment at NMB Bank is testimony to my financial expertise. I rose to be the youngest Head of Corporate Finance in the Zimbabwe market. At TN Financial Services I was the youngest director of any Financial Institution and at both institutions I owned equity.
ENG founders were a very focused and determined team and it is that spirit and hard work, that built ENG into a formidable entity in a short period of time.
The foreign travels mentioned were actually business trips undertaken by the directors of ENG – a company managing assets in excess of 160 million dollars exploring new markets in preparation for the anticipated launch of ENG Global. Instead innuendos, hearsay and unfounded accusations dripping with venom from all quarters fuelled the vilification of our otherwise solid financial institution. Alas ENG is a strong brand again and our focus for now is to rebrand and rebuild.
SM - And if you were innocent why did you run away. Why didn’t you say I am innocent, I will defend myself?
GM – Natural self preservation dictated my actions – I had to run away from a vicious system and greedy individuals who would have stopped at nothing in their quest to strip me of all my wealth and create my persona as a scapegoat and reason for the collapse of the financial system. Before and after ENG how many other financial institutions which ENG never dealt with collapsed? How many other innocent business persons have been incarcerated since?
My attorney, the late Mr Oscar Ziweni was harassed, intimidated and arrested for defending me and specified for taken my brief and in the end I had no legal representation. At that time the tumultuous atmosphere that had gripped the nation and the culpable political interferences in the ENG saga, presented a clear and present danger to me and my family which left me with no choice but to abscond and seek refuge elsewhere,, where I could then clear my good name in peace.
SM- You should have been targeted after creating enemies in the corridors of power? am I right?
GM- We were targeted because we did not have a political Godfather to protect us. You should know by now Zimbabwe is a class society there are people who feel they only deserve certain things and certain level of success. If you succeed without their help or involvement or they don’t know who you are that is cause of concern to them and the full state apparatus can be unleashed on you. I was an SME(i.e self made entrepreneur).
SM- The ENG brand has been soiled, and already the market in Zimbabwe is sceptical about the financial system. What gives you the confidence you will make it. Will you redress your brand, I mean renaming.
GM - The ENG brand remains strong .Since ENG was closed 6 years I havent seen any exciting and meaningful financial services brands coming out of Zimbabwe that as nearly strong. Yes it may have been affected by this immediate past but all strong brands are built by going through such events and forging ahead. ENG has settled all claims against it and there have been excess assets which we will use as the core of our new vision with the same name. Once Century/CFX Bank is returned to me and ENG we will restructure and rename it ENG Bank and model it similar to Black Stone and Goldman. Most banks are struggling in Zimbabwe because of their cost to income ratios which are totally out of line. In addition the Banks have failed to access foreign credit lines to inject liquidity in the market. ENG Bank will be in a unique position to access foreign credit lines because of the networks I have been developing over the last 6 years since I left Zimbabwe.
SM - It must have been pretty scaring being fingered in what authorities called big scandals at that tender age. Tell us how you felt then?
GM - I was obviously very disappointed because I felt we were building a solid business and a brand that would make Zimbabwe. I was still a very young man but highly experienced due to my previous working experience and having been mentored by Zimbabwe’s brightest financial brains and alongside highly talented colleagues possessing experience. So I feel that in some way I had been trained to handle the crisis as it unfolded.
SM - You should be at liberty to share with us how you outwitted police. Tell us the experience. A banker turned fugitive?
GM - GM - I do not think I outwitted the Police.The individuals at ENG Executive Security just did their work.On my part I had been praying and fasting for 5 weeks before I left Zimbabwe so I felt there was divine intervention.,you know the biblical moments when the Seas open to let you pass and then close once you are gone.I was never a fugitive.Fugitive refers to someone who is fleeing justice, I do not think at that time what was happeing to me was justice, I was fleeing persecution and there is a term for that.The High Court of Zimbabwe has proven my innocence so Century /CFX Bank must be returned to ENG just like Time Bank,Trust,Barbican and Royal Bank are being returned to their former owners why should it be any different on Century/CFX Bank?
Thursday, August 26, 2010
Muponda refutes Interfin Bank Chairman Farai Rwodzi's settlement claim
Muponda refutes Interfin Bank Chairman Farai Rwodzi's settlement claim
To the Editor
Newsday
On August 25 2010 in the Newsday publication the Chairman of Interfin Farai Rwodzi blatantly misrepresented the facts of the ongoing dispute regarding the misappropriation of 309 million Century/CFX Bank shares by Interfin. Farai Rwodzi recklessly and deceitfully caused to be published the following falsehoods, “Interfin is currently preoccupied with the thorny and cumbersome issue of post-merger consolidation and the process is fraught with challenges related to culture divergence and contingent liabilities related to labour disputes and equity claims being made against CFX.The article entitled "Interfin acquires 13% of Starafrica" written by
MUNYARADZI MUGOWO clearly seeks to mislead the investing public,regulatory authorities and international organizations such as MoneyGram International and other Banks.
The article stated "The company last month paid Gilbert Muponda $5,3 million for equity allegedly transferred to the acquirer irregularly during the merger, but is still to reach common ground with former CFX employees, who have sued over wage arrears and severance packages.”.This is false.
It is clear Mr Farai Rwodzi and Interfin Bank Zimbabwe are misleading the investing public that Interfin Bank has settled a liability.They are trying misleading their International business partners such as MoneyGram International and DSTV who are obviously concerned by the on going CFX Bank/Interfin ownership dispute and reputational risk attached to the on going dispute. Reputable organization such as MoneyGram International have to ensure that they deal with only reputable organizations who settle their disputes in amicable ways.
Such prevarication through a respected publication like yours is designed to give credence to a fictitious transaction that never occurred. Neither my legal representatives nor I have received compensation of any nature from Interfin, its directors or shareholders for the 309 million Century/CFX Bank shares embezzled from Century/CFX by Interfin.
Farai Rwodzi’s fraudulent misrepresentation and gross distortion of facts fails to include material information which would significantly alter the interpretation of this matter fact. He arrogantly repudiates overtures for an amicable out of court settlement and yet admits in this Newsday interview of possession of my 309 million Century Bank shares.
I would like to offer Mr Farai Rwodzi and Interfin Bank Zimbabwe an opportunity to attest to this claim of payment by submitting for publication to your esteemed paper, a signed copy of the settlement agreement between ourselves together with a copy of the payment cheque.
Thank you for your prompt attention to this matter.
To the Editor
Newsday
On August 25 2010 in the Newsday publication the Chairman of Interfin Farai Rwodzi blatantly misrepresented the facts of the ongoing dispute regarding the misappropriation of 309 million Century/CFX Bank shares by Interfin. Farai Rwodzi recklessly and deceitfully caused to be published the following falsehoods, “Interfin is currently preoccupied with the thorny and cumbersome issue of post-merger consolidation and the process is fraught with challenges related to culture divergence and contingent liabilities related to labour disputes and equity claims being made against CFX.The article entitled "Interfin acquires 13% of Starafrica" written by
MUNYARADZI MUGOWO clearly seeks to mislead the investing public,regulatory authorities and international organizations such as MoneyGram International and other Banks.
The article stated "The company last month paid Gilbert Muponda $5,3 million for equity allegedly transferred to the acquirer irregularly during the merger, but is still to reach common ground with former CFX employees, who have sued over wage arrears and severance packages.”.This is false.
It is clear Mr Farai Rwodzi and Interfin Bank Zimbabwe are misleading the investing public that Interfin Bank has settled a liability.They are trying misleading their International business partners such as MoneyGram International and DSTV who are obviously concerned by the on going CFX Bank/Interfin ownership dispute and reputational risk attached to the on going dispute. Reputable organization such as MoneyGram International have to ensure that they deal with only reputable organizations who settle their disputes in amicable ways.
Such prevarication through a respected publication like yours is designed to give credence to a fictitious transaction that never occurred. Neither my legal representatives nor I have received compensation of any nature from Interfin, its directors or shareholders for the 309 million Century/CFX Bank shares embezzled from Century/CFX by Interfin.
Farai Rwodzi’s fraudulent misrepresentation and gross distortion of facts fails to include material information which would significantly alter the interpretation of this matter fact. He arrogantly repudiates overtures for an amicable out of court settlement and yet admits in this Newsday interview of possession of my 309 million Century Bank shares.
I would like to offer Mr Farai Rwodzi and Interfin Bank Zimbabwe an opportunity to attest to this claim of payment by submitting for publication to your esteemed paper, a signed copy of the settlement agreement between ourselves together with a copy of the payment cheque.
Thank you for your prompt attention to this matter.
Interfin Bank HAVE NOT paid me US$ 5.3 million for my CFX Bank Equity
There is a false article appearing on Newsday Newspaper http://www.newsday.co.zw/article/2010-08-25-interfin-acquires-13-of-starafrica
claiming that Farai Rwodzi and Interfin have paid me US$ 5.3 million for my Equity which they illegally transfered CFX Bank into Interfin Banking Corporation.Interfin Bank Zimbabwe or Farai Rwodzi have not paid me or my lawyer or representative the $ 5.3 million which they owe me for those shares.I have been very fair and reasonable with Interfin and asked them to table a serious offer on how they intend to resolve the ownership dispute.
I still await the settlement of the US $5.3 to settle the CFX/Interfin Bank Zimbabwe ownership dispute.I am sure Interfin are under serious pressure from a well known International Financial Services Group to come clean on the circumstances of their illegal take over of my Bank,CFX.Interfin must act mature and pay the US$ 5.3 million after which I and my lawyers will sign a letter of release and indemnity to confirm settlement has been made.
I have instructed my lawyers in Harare and in Toronto to ask Newsday Newspaper to make amends and correct the false impression being created by their article.Newsday should also have verified this report before stating that Interfin "paid Gilbert Muponda $ 5.3 million".This is unacceptable as they are misleading the public.In the process tarnishing my good name and create unnecessary stress fro me and my family.
Interfin are fully aware I have tried to meet them half way to allow both parties to move on.I have made it clear to them that I do not wish to interfer with their business growth or strategy and would welcome any serious settlement offer.I only seek what is rightfully and legally mine.However I can not accept them putting out inaccurate statements.Thats not acceptable.
claiming that Farai Rwodzi and Interfin have paid me US$ 5.3 million for my Equity which they illegally transfered CFX Bank into Interfin Banking Corporation.Interfin Bank Zimbabwe or Farai Rwodzi have not paid me or my lawyer or representative the $ 5.3 million which they owe me for those shares.I have been very fair and reasonable with Interfin and asked them to table a serious offer on how they intend to resolve the ownership dispute.
I still await the settlement of the US $5.3 to settle the CFX/Interfin Bank Zimbabwe ownership dispute.I am sure Interfin are under serious pressure from a well known International Financial Services Group to come clean on the circumstances of their illegal take over of my Bank,CFX.Interfin must act mature and pay the US$ 5.3 million after which I and my lawyers will sign a letter of release and indemnity to confirm settlement has been made.
I have instructed my lawyers in Harare and in Toronto to ask Newsday Newspaper to make amends and correct the false impression being created by their article.Newsday should also have verified this report before stating that Interfin "paid Gilbert Muponda $ 5.3 million".This is unacceptable as they are misleading the public.In the process tarnishing my good name and create unnecessary stress fro me and my family.
Interfin are fully aware I have tried to meet them half way to allow both parties to move on.I have made it clear to them that I do not wish to interfer with their business growth or strategy and would welcome any serious settlement offer.I only seek what is rightfully and legally mine.However I can not accept them putting out inaccurate statements.Thats not acceptable.
Tuesday, August 24, 2010
MoneyGram International strengthens Rwodzi ,Mujuru and Interfin Bank money laundering web
After a recent article exposing how Moneygram International was lending credibility to asset looting ,grabbing and subsequent money laundering by partnering my seized bank CFX which was renamed Interfin Banking Corporation, MoneyGram International pretended to be surprised. MoneyGram are fully aware they are doing business with people who are at the centre of looting assets and laundering the proceeds by partnering Internationally reputed brands such as money gram.
It is clear MoneyGram International guilty of very serious Corporate Irresponsibility by failing to do proper due diligence with the entities that they are using as agents in Zimbabwe in particular CFX/Interfin Bank Zimbabwe owned by General Mujuru and his business associate Farai Rwodzi. The details below and other generally available on the internet clearly show that MoneyGram International is complicity by association and are aiding and abetting in the asset looting going on in Zimbabwe.
MoneyGram International need to review their participation in the Farai Rwodzi-Mujuru-Interfin Bank Zimbabwe asset looting and grabbing syndicate. According to media reports part of the missing US$ 30 million diamond sales proceeds was “invested” at Interfin Bank Zimbabwe at a time when the Zimbabwe minister of Finance and Treasury Depratment are trying to trace those funds.
The media has been widely taunting Interfin Bank and Group as cash rich without telling the public that this very same cash was looted from diamond sales proceeds and is being used to “buy” CFX Bank? And for Moneygram International to be doing business with such entities who are ready to divert diamond sales proceeds whilst people are dying of hunger and lack of medication it only serves to confirm that MoneyGram International do not care about ordinary people who are the bulk of their clients who use their service.
Mujuru is also said to have shares in African Consolidated Resources (ACR), the company in the middle of a legal battle with the government over mining rights in Chiadzwa. ACR CEO Andrew Cranswick is described in the report as having aligned himself with the wrong faction in ZANU PF.
“Mujuru was to provide Cranswick political coverage, as the latter comes from a family with the wrong political pedigree. (His family was known to be big supporters of Ian Smith’s Rhodesian Front). Instead, Cranswick is now paying the price for backing the wrong horse in the ZANU succession race.”
Meanwhile, ACR offered the Zimbabwean government (whom exactly?) an equity partnership in this venture and still seems to await a response. According to Cranswick, `the board remains hopeful that good sense will prevail and the deposit can be exploited for the good of all Zimbabweans`River Ranch, which General Mujuru controversially grabbed at gunpoint in 2004, is another contested diamond area that the international rights group says is inextricably linked to the pursuit of political power and defiance of Kimberley Process protocols. PAC says: “The mine goes to the very heart of Mujuru’s struggle for control of ZANU”
A news report by respected journalist Violet Gonda quoted the “Titled: Diamonds and Clubs: The Militarized Control of Diamonds and Power in Zimbabwe, the report shows how the Chiadzwa diamonds are sustaining the ZANU PF regime and also fuelling the ongoing political conflict.”
According to Gonda’s article The report highlights individuals like former army general Solomon Mujuru, who is heavily involved in illegal diamond deals and also uses his diamond mine ‘River Ranch’ to launder the family’s ongoing plunder of resources from the Democratic Republic of Congo.
According to The Insider - May 2009 River Ranch piled up pressure to silence the publication for exposing the corrupt and illegal practices that were allegedly going at the mine. According to recent media reports the mine has now been “transferred” to Harare Lawyer Chinake through an “ acquisition of Kuphikile Resources’ shareholding – owned by retired army general Solomon Mujuru and Tirivanhu Mudariki.
River Ranch has intensified its efforts to silence The Insider over allegations that the company which runs a diamond mine near Beitbridge allegedly used vehicles registered in the name of the United Nations Development Programme to smuggle diamonds into South Africa. This is typical of the Farai Rwodzi-Mujuru-Interfin Bank Zimbabwe syndicate to use International Organizations to appear clean ,legal and legitimate whilst doing serious underhand deals such as the reported “investment” of at least US$ 2 million at Interfin Bank Zimbabwe to finance the acquisition of CFX Bank whilst Zimbabwe Treasury remains cash strapped and state enterprises are closed due to lack of funding. A report by The Zimbabwe Standard confirmed these irregular investments (http://www.theindependent.co.zw/local/27651-zmdc-executives-financial-scandal-deepens.html) The Voice of America did another follow up article
http://www1.voanews.com/zimbabwe/news/Suspended-Zimbabwe-Minerals-Executive-Said-Building-Harare-Mansion-100915419.html The Zimbabwe Telegraph did an additional article ( http://www.zimtelegraph.com/?p=8825). In this case MoneyGram International Brand is being used by Farai Rwodzi and Interfin Bank Zimbabwe to appear in “good company” whilst looting assets which can easily be laundered by associating with world leading brands like Money Gram International.
A report by Charles Rukuni highlighted the allegations of UNDP involvement in diamond smuggling from River Ranch were first levelled by Bubye Minerals, a company that also claims rights to the diamond mine which is now owned by Saudi Arabian billionaire Adel Aujan and former commander of the Zimbabwe army Solomon Mujuru or his front.
The UNDP was involved with River Ranch through African Management Services Company (AMSCO), a Johannesburg-based company that it jointly owns with the International Finance Corporation (IFC), the private sector arm of the World Bank.
AMSCO started assisting River Ranch in November 2004 by seconding five senior managers to the mine. It pulled out in July last year after the allegations surfaced in the local and international media.
Bubye claimed that officials seconded by AMSCO were using UNDP vehicles to smuggle diamonds to South Africa because the vehicles and the officers had diplomatic immunity and were not subject to search as they were accredited with the UNDP.
Mujuru, a politburo member of President Robert Mugabe’s Zimbabwe African National Union-Patriotic Front (ZANU-PF), is specified under the United States sanctions that are implemented by the Office of Foreign Assets Control (OFAC). His wife, vice-president Joyce Mujuru is also specified. The mine was discovered in 1971 by Kimberlitic Searches, a subsidiary of De Beers, but it forfeited its rights in 1991 following a wrangle with the Zimbabwe government over the marketing of the gems. The mine was taken over by Auridiam, an Australian company that entered into a joint venture with Canadian company Redaurum.
Zimbabwe`s president Mugabe expressed his disapproval of senior officials` involvement in the diamond industry. He described it as an industry where `suspicion could easily be raised`. Mugabe asked, `How do you become involved in this sort of thing when you are a Politburo member, partnering white businessmen, why?`
Retired general and war hero, Solomon Tapfumanei (directly translated: How did you get this rich?) Mujuru, alias Rex Nhongo, is the only ZANU PF Politburo member who is publicly known to have a direct interest in Zimbabwe`s diamond fields. As a Zanu PF member he serves on the board of the diamond field, River Ranch Limited.His interest in the diamonds has been through various schemes and elaborate structures including using various fronts.
The proceeds are then channeled through Interfin Bank Zimbabwe which Mujuru owns through his business associate and frontman Farai Rwodzi .In the recent case the ZMDC reportedly invested heavily in Interfin Bank under the rumoured instruction of the General,these diamond sales proceeds have allowed Farai Rwodzi and Interfin Bank syndicate to go on a buying spree including Zimbabwe Alloys,CFX Bank and possibly a stake in Kingdom Meikles Africa where Rwodzi is attempting to push out Kingdom Bank founder Nigel Chanakira with the ultimate plan being to incorporate Kingdom Bank into the Farai Rwodzi-Mujuru-Interfin Bank syndicate.
General Mujuru is allegedly also a close friend and business ally of Andrew Cranswick. His legal counsel at River Ranch Limited is George Smith. Smith is a retired judge who served under Ian Smith and Robert Mugabe as a cabinet secretary. It is interesting to observe that Mujuru`s role is never publicly questioned, as he remains a war hero. Meanwhile, he has amassed great wealth over the years using various fronts and schemes with Interfin Bank Zimbabwe acting as the custodians of the looted loot and specializing in cleaning the proceeds.
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
It is clear MoneyGram International guilty of very serious Corporate Irresponsibility by failing to do proper due diligence with the entities that they are using as agents in Zimbabwe in particular CFX/Interfin Bank Zimbabwe owned by General Mujuru and his business associate Farai Rwodzi. The details below and other generally available on the internet clearly show that MoneyGram International is complicity by association and are aiding and abetting in the asset looting going on in Zimbabwe.
MoneyGram International need to review their participation in the Farai Rwodzi-Mujuru-Interfin Bank Zimbabwe asset looting and grabbing syndicate. According to media reports part of the missing US$ 30 million diamond sales proceeds was “invested” at Interfin Bank Zimbabwe at a time when the Zimbabwe minister of Finance and Treasury Depratment are trying to trace those funds.
The media has been widely taunting Interfin Bank and Group as cash rich without telling the public that this very same cash was looted from diamond sales proceeds and is being used to “buy” CFX Bank? And for Moneygram International to be doing business with such entities who are ready to divert diamond sales proceeds whilst people are dying of hunger and lack of medication it only serves to confirm that MoneyGram International do not care about ordinary people who are the bulk of their clients who use their service.
Mujuru is also said to have shares in African Consolidated Resources (ACR), the company in the middle of a legal battle with the government over mining rights in Chiadzwa. ACR CEO Andrew Cranswick is described in the report as having aligned himself with the wrong faction in ZANU PF.
“Mujuru was to provide Cranswick political coverage, as the latter comes from a family with the wrong political pedigree. (His family was known to be big supporters of Ian Smith’s Rhodesian Front). Instead, Cranswick is now paying the price for backing the wrong horse in the ZANU succession race.”
Meanwhile, ACR offered the Zimbabwean government (whom exactly?) an equity partnership in this venture and still seems to await a response. According to Cranswick, `the board remains hopeful that good sense will prevail and the deposit can be exploited for the good of all Zimbabweans`River Ranch, which General Mujuru controversially grabbed at gunpoint in 2004, is another contested diamond area that the international rights group says is inextricably linked to the pursuit of political power and defiance of Kimberley Process protocols. PAC says: “The mine goes to the very heart of Mujuru’s struggle for control of ZANU”
A news report by respected journalist Violet Gonda quoted the “Titled: Diamonds and Clubs: The Militarized Control of Diamonds and Power in Zimbabwe, the report shows how the Chiadzwa diamonds are sustaining the ZANU PF regime and also fuelling the ongoing political conflict.”
According to Gonda’s article The report highlights individuals like former army general Solomon Mujuru, who is heavily involved in illegal diamond deals and also uses his diamond mine ‘River Ranch’ to launder the family’s ongoing plunder of resources from the Democratic Republic of Congo.
According to The Insider - May 2009 River Ranch piled up pressure to silence the publication for exposing the corrupt and illegal practices that were allegedly going at the mine. According to recent media reports the mine has now been “transferred” to Harare Lawyer Chinake through an “ acquisition of Kuphikile Resources’ shareholding – owned by retired army general Solomon Mujuru and Tirivanhu Mudariki.
River Ranch has intensified its efforts to silence The Insider over allegations that the company which runs a diamond mine near Beitbridge allegedly used vehicles registered in the name of the United Nations Development Programme to smuggle diamonds into South Africa. This is typical of the Farai Rwodzi-Mujuru-Interfin Bank Zimbabwe syndicate to use International Organizations to appear clean ,legal and legitimate whilst doing serious underhand deals such as the reported “investment” of at least US$ 2 million at Interfin Bank Zimbabwe to finance the acquisition of CFX Bank whilst Zimbabwe Treasury remains cash strapped and state enterprises are closed due to lack of funding. A report by The Zimbabwe Standard confirmed these irregular investments (http://www.theindependent.co.zw/local/27651-zmdc-executives-financial-scandal-deepens.html) The Voice of America did another follow up article
http://www1.voanews.com/zimbabwe/news/Suspended-Zimbabwe-Minerals-Executive-Said-Building-Harare-Mansion-100915419.html The Zimbabwe Telegraph did an additional article ( http://www.zimtelegraph.com/?p=8825). In this case MoneyGram International Brand is being used by Farai Rwodzi and Interfin Bank Zimbabwe to appear in “good company” whilst looting assets which can easily be laundered by associating with world leading brands like Money Gram International.
A report by Charles Rukuni highlighted the allegations of UNDP involvement in diamond smuggling from River Ranch were first levelled by Bubye Minerals, a company that also claims rights to the diamond mine which is now owned by Saudi Arabian billionaire Adel Aujan and former commander of the Zimbabwe army Solomon Mujuru or his front.
The UNDP was involved with River Ranch through African Management Services Company (AMSCO), a Johannesburg-based company that it jointly owns with the International Finance Corporation (IFC), the private sector arm of the World Bank.
AMSCO started assisting River Ranch in November 2004 by seconding five senior managers to the mine. It pulled out in July last year after the allegations surfaced in the local and international media.
Bubye claimed that officials seconded by AMSCO were using UNDP vehicles to smuggle diamonds to South Africa because the vehicles and the officers had diplomatic immunity and were not subject to search as they were accredited with the UNDP.
Mujuru, a politburo member of President Robert Mugabe’s Zimbabwe African National Union-Patriotic Front (ZANU-PF), is specified under the United States sanctions that are implemented by the Office of Foreign Assets Control (OFAC). His wife, vice-president Joyce Mujuru is also specified. The mine was discovered in 1971 by Kimberlitic Searches, a subsidiary of De Beers, but it forfeited its rights in 1991 following a wrangle with the Zimbabwe government over the marketing of the gems. The mine was taken over by Auridiam, an Australian company that entered into a joint venture with Canadian company Redaurum.
Zimbabwe`s president Mugabe expressed his disapproval of senior officials` involvement in the diamond industry. He described it as an industry where `suspicion could easily be raised`. Mugabe asked, `How do you become involved in this sort of thing when you are a Politburo member, partnering white businessmen, why?`
Retired general and war hero, Solomon Tapfumanei (directly translated: How did you get this rich?) Mujuru, alias Rex Nhongo, is the only ZANU PF Politburo member who is publicly known to have a direct interest in Zimbabwe`s diamond fields. As a Zanu PF member he serves on the board of the diamond field, River Ranch Limited.His interest in the diamonds has been through various schemes and elaborate structures including using various fronts.
The proceeds are then channeled through Interfin Bank Zimbabwe which Mujuru owns through his business associate and frontman Farai Rwodzi .In the recent case the ZMDC reportedly invested heavily in Interfin Bank under the rumoured instruction of the General,these diamond sales proceeds have allowed Farai Rwodzi and Interfin Bank syndicate to go on a buying spree including Zimbabwe Alloys,CFX Bank and possibly a stake in Kingdom Meikles Africa where Rwodzi is attempting to push out Kingdom Bank founder Nigel Chanakira with the ultimate plan being to incorporate Kingdom Bank into the Farai Rwodzi-Mujuru-Interfin Bank syndicate.
General Mujuru is allegedly also a close friend and business ally of Andrew Cranswick. His legal counsel at River Ranch Limited is George Smith. Smith is a retired judge who served under Ian Smith and Robert Mugabe as a cabinet secretary. It is interesting to observe that Mujuru`s role is never publicly questioned, as he remains a war hero. Meanwhile, he has amassed great wealth over the years using various fronts and schemes with Interfin Bank Zimbabwe acting as the custodians of the looted loot and specializing in cleaning the proceeds.
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
Monday, August 23, 2010
Court victory for former ENG directors
THE High Court has ordered the release of four vehicles seized from the now defunct ENG Capital after the company cleared all its liabilities. In a judgment delivered last month, Justice Lavender Makoni ordered police to return the four top-of-the-range vehicles a Mitsubishi RVR (registration number 792-035 G), a Mercedes Benz C320 (793-669 H), a Mercedes Benz C180 (778-980 R) and a BMW Z3 (740-372 B).
Makoni ruled that officer commanding Zimbabwe Republic Police (ZRP) Criminal Investigations Department and police commissioner general Augustine Chihuri who were cited as second and third respondent respectively would “bear the costs jointly and severally, the one paying the other to be absolved”. ENG went into liquidation in 2004 and all its assets were taken over to cover its liabilities.
The ruling by Justice Makoni comes after ENG co-founder Nyasha W atyoka had approached the courts for the release of the cars on the grounds that they had not been sold to clear the debts. Watyoka, in his founding affidavit filed last year, said the liquidator (Reggie Saruchera who was cited as the first respondent) had returned one of the companies, Allied Conveyors as its assets were no longer required to pay up creditors.
“The 1st respondent (Saruchera) on the other hand had never sought to dispose of or deal with the aforesaid motor vehicles before, during or after the liquidation process. “I presume again the realisation was that it was not necessary,” Watyoka said in the affidavit.
ENG shocked the markets when it faced problems in 2004 with monetary authorities accusing directors of operating a pyramid scheme especially for its asset management arm. Formed in 2001 by Watyoka, Gilbert Muponda and Elton Chitondo, ENG had interests in various listed and unlisted companies.
Contacted to comment on the ruling Muponda said he is not bitter but felt exonerated by the ruling which should now pave way for his despecification by the authorities. “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,” he said.
Muponda has in the past six years launched an intensive cyberspace war to reclaim his assets which he said had been seized by authorities. Muponda is also claiming that 309 million Century shares were illegally sold in 2004. Century was later merged with CFX. CFX was recently taken over by the cash-rich Interfin Holdings Limited. Its assets and liabilities were taken over by Interfin Banking Corporation.
BY OUR STAFF
http://www.thestandard.co.zw/business/26067-court-victory-for-former-eng-directors.html
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