Fidelis Munyoro Chief Court Reporter
Renaissance Financial Holdings Limited (RFHL) founder Mr Patterson Timba and six other executives breathed a huge sigh of relief after being removed from the Reserve Bank of Zimbabwe black list. This comes in the wake of the former banker’s victory to regain control of his assets in a legal battle pitting him and former directors led by Christopher Chetsanga last month.
RBZ recently advised Mr Timba, his Bethel Trust, Mr Dunmore Kundishora, Mr Tatenda Madzingo, Mr Norest Kwete, Ms Lydia Timba, Mr Shepherd Muzivi, Mr Learnmore Moyo, Dr Robert Tindwa and Dunca Trust that the central bank had reviewed professional restrictions issued to RFHL, its staff and shareholders.
“We write to advise that all previous imposed restrictions. . .are hereby uplifted,” said RBZ supervision director Mr Norman Mataruka in a letter dated February 26 2016.
“The upliftment means the matter currently before the Administrative Court will be withdraw with each party meeting its own costs.”
Mr Timba and his colleagues were black listed in November 2011, after the central bank issued a corrective order in terms of Section 48 of the Banking Act.