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Thursday, May 23rd
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Troubled bank surrenders licence PDF Print E-mail
Tuesday, 12 June 2012 12:36

Herald Reporter
THE Reserve Bank of Zimbabwe has placed Interfin Bank Limited under recuperative curatorship, while Gene­sis Investment Bank voluntarily sur­rendered its banking licence to the monetary authorities yesterday.

The central bank placed Interfin Bank Limited under the curatorship of Mr Peter Bailey of KPMG Chartered Accountants after determining that it was not in a safe and sound financial condition.
RBZ Governor Dr Gideon Gono yesterday said: “Board of Directors of Genesis Investment Bank met and resolved to voluntarily surrender the institution’s banking licence in line with section 14 (4) of the Banking Act [Chapter 24:20].

“This follows failure by the institu­tion to raise the requisite minimum capital from over twenty (20) different potential inventors whom the bank tried to engage since 2009.”
“The bank’s Board of Directors has failed to steer the institution out of numerous deficiencies including gross undercapitalisation [-$3,20 million]; persistent losses; poor asset quality; paltry deposit base; and chronic liq­uidity challenges.

“As such, there is no prudential basis for the continued existence of the bank.
“Accordingly, the Reserve Bank of Zimbabwe has closed Genesis Invest­ment Bank and commenced proceed­ings for the liquidation of the institu­tion,” said Dr Gono.

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Violence rocks MDC-T election PDF Print E-mail
Tuesday, 12 June 2012 12:33

Walter Nyamukondiwa and Felex Share
VIOLENCE broke out during MDC-T elections to reconstitute the district executive in Zvipani, Hurungwe Dis­trict, on Sunday.

Rival groups bused supporters from different parts of the district, leading to the violence.
They fought running battles at the township during elections to elect a new district executive.
Others wanted to retain the current executive.

Hurungwe West legislator and Zvipani district chairperson Mr Sev­erino Chambati’s supporters fought those who had allegedly been bused into the district by provincial organis­ing secretary Mr Wilson Makanyaire.

Mr Makanyaire is eyeing the Hurungwe West seat.
Mashonaland West provincial police spokesperson Inspector Clemence Mabgweazara yesterday confirmed receiving reports of the violence.

“We received information that party supporters clashed at Zvipani, but the details are still sketchy.
“I do not have the names of those involved but as police if any violent clashes occur we are left with no option except effecting arrest.
“This is despite the fact that those who would have clashed would be from the same political party,” he said.
MDC-T spokesperson Mr Douglas Mwonzora last night said he was not aware of the incident.

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Green Fuel: Government initiates transformation process PDF Print E-mail
Tuesday, 12 June 2012 12:32

Herald Reporter
CABINET has set up a committee of ministers to assist in the drafting of terms of reference to guide the transfor­mation of the ownership of Green Fuel from a Built Operate and Transfer proj­ect to a joint venture company.

Green Fuel in Chisumbanje, which produces ethanol for petrol blending, is owned by the Agricultural and Rural Development Authority and Rating and Macdom Investments.

Agriculture, Mechanisation and Irri­gation Development Minister Joseph Made yesterday said the committee was tasked to engage a private consultant to look into various issues surrounding the ownership transformation.
“Cabinet has directed the committee of ministers to engage a private consult­ant. The findings and recommenda­tions of the private consultant will then inform the negotiations with a view to transforming the project into a joint agreement,” said Minister Made.

Earlier reports suggested that Gov­ernment had taken over Green Fuel, when it had only initiated the process of transforming the BOT into a joint ven­ture. Minister Made said Cabinet’s posi­tion on the BOT signed between

Arda and its partners was that it was “null and void,” adding that it “was not approved by Government through Cabinet”.

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Car licensing deadline won’t be extended further: Goche PDF Print E-mail
Tuesday, 12 June 2012 12:25

Peter Matambanadzo Senior Reporter
THE vehicle licensing deadline will not be extended further, Transport, Communica­tion and Infrastructural

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Reconsider ban on secondhand vehicle imports, State urged PDF Print E-mail
Tuesday, 12 June 2012 12:25

Herald Reporter
GOVERNMENT has been urged to recon­sider the importation of secondhand vehicles as the motor industry is facing serious

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Chihuri slams false prophets, homosexuals PDF Print E-mail
Monday, 11 June 2012 12:00

Farirai  Kuvirimirwa Herald Reporter
Police Commissioner General Augustine Chihuri has criticised false prophets and homosexuals, saying they

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Heroine Kachingwe buried PDF Print E-mail
Monday, 11 June 2012 12:00

Herald Reporter
Liberation war heroine and former secre­tary for Information, Posts and Telecommuni­cations Mrs Sarah Kachingwe

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Liberation movements mull joint campaigns PDF Print E-mail
Monday, 11 June 2012 12:00

Takunda Maodza Senior Reporter
FORMER liberation movements from Sadc will from now on help each other campaign when they are faced with elections in their countries.
This was resolved at the movements’ three-day meeting in Harare which ended on Satur­day.
A communiqué containing the resolutions was dubbed the Harare Declaration.
The former liberation movements also called for the unconditional lifting of illegal sanctions imposed on Zimbabwe by Western countries.
They noted and strongly condemned the illegal removal of elected Governments in some parts of Africa through coups.
The meeting was attended by Zanu-PF, the African National Congress of South Africa, Frelimo (Mozambique), MPLA (Angola), Swapo (Namibia) and Chama Cha Mapinduzi (Tanzania).
“Political parties of former liberation move­ments should on a continual basis share elec­tion strategies and experiences to assist in clos­ing the gaps and weaknesses that may exist in a political party’s campaign,” they said.

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President still fit, says First Lady PDF Print E-mail
Monday, 11 June 2012 12:00

Herald Reporter
THE First Lady Amai Grace Mugabe has said that President Mugabe is “very fit, sound, lucid and energetic”.
Speaking in a wide-ranging interview with The Sunday Mail last week, Amai Mugabe dismissed claims by Western-sponsored local and foreign media organisations that the Head of State and Government and Com­mander-in-Chief of the Zimbabwe Defence Forces is unhealthy because of old age.
“They say (President) Mugabe is a very old man and this and that, but he is very sound and lucid,” she said.
“Very, very sound, I am telling you, and very energetic, too.”
The President, added Amai Mugabe, even assists with daily household chores and does not miss the gym.
“He will not miss his morning exercises, seven days a week,” she said.
“At that age he is very lucky. He inherited his mother’s genes. We think when she died she was over 100-years-old and she was very sound.
“She was never sick at all and the President is not sick at all.”
The First Lady dismissed claims that she influenced most of President Mugabe’s politi­cal decisions.
“Nonsense! That’s nonsensical! He is a very intelligent man, please!” she said.

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NSSA deal goes awry PDF Print E-mail
Monday, 11 June 2012 12:00

Daniel Nemukuyu Senior Court Reporter
THE National Social Security Authority is likely to lose Renaissance Merchant Bank after the High Court ruled that the board which sold the bank was no longer in office.
The Renaissance Financial Holdings parallel board led by Professor Christopher Chetsanga was last Friday barred from holding any meet­ings or participating in the firm’s business.
The board was the one recognised by RMB curator Mr Reggie Saruchera and signed the agreement with NSSA in February for the sale of the bank shares.
The move paves way for RFHL founder Mr Patterson Timba and other shareholders to reclaim control of the company.
In papers forming part of the application, Mr Timba described the NSSA deal as “illegal”.
He said board members who presided over the NSSA deal had been asked to resign in October 2011, but they refused.
He said they were lawfully dismissed in this year and they again resisted.

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Matotoba’s funeral parade held PDF Print E-mail
Saturday, 09 June 2012 12:00

Herald Reporter
A funeral parade for Captain Eleck Matotoba who died on Thursday after a road accident was held yesterday at the Army Headquarters in Harare. He was 51. Cpt Matotoba died at Parirenyatwa Hospital from head injuries he sustained in the accident which occurred along the Harare-Mazowe Road.

His wife Pamela and children Erick, Getrude, Constance and Maxwell, senior army officers, relatives, friends and senior Government officials including Mashonaland Central Governor Advocate Martin Dinha and Media, Information and Publicity Minister Webster Shamu attended the parade.
Commander Harare District Colonel Nelson Munjaranji said he was deeply saddened by Cpt Matotoba’s death.

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Normalcy returns to Mukaro High School PDF Print E-mail
Saturday, 09 June 2012 12:00

Masvingo Bureau
Normalcy returned to Mukaro High School in Gutu yesterday after pupils demonstrated against

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