Vingirai, Govt deal on ZB under threat Mr Vingirai
Mr Vingirai

Mr Vingirai

Fidelis Munyoro Chief Court Reporter
Veteran banker Mr Nicholas Vingirayi has threatened to pull out of his agreement with Government relating to his shareholding in ZB Financial Holdings — citing NSSA’s move to block its full implementation.

Government, two years ago brokered a deal, which resulted in the financial guru’s Transitional Holdings Limited being given a 20 percent stake in ZB Financial Holdings to bring finality to a long standing dispute.

Mr Vingirai lost his Intermarket Holdings assets when they were collated into ZBFH in 2006 after he was alleged to have fled the country at the height of former RBZ governor Dr Gideon Gono’s crusade against what he termed “errant bankers”.

This was after the Reserve Bank of Zimbabwe had “bailed out” Intermarket and converted the debt into equity under a High Court scheme of arrangement.

His battle to reclaim the shares intensified after externalisation charges against him were lifted in 2012 with Dr Gono giving the go-ahead for IHL to recover its assets which included a farm.

However, recently NSSA blocked Mr Vingirayi’s board appointments which he was entitled to following the agreement with Government, prompting the former banker to engage over the way forward with a view of coming up with an agreement which will separate Intermarket and ZB Holdings assets.

Well placed sources told The Herald Business that Mr Vingirayi is engaging Government, advising that NSSA categorically refused to recognise the agreement signed between Transnational Holdings Limited and itself and that they had actively blocked its full implementation.

“It is the banker’s view that since this was a bilateral agreement, he did not understand why NSSA, an arm of Government would choose to contest an agreement brokered by Government.”

According to the source, Mr Vingirayi viewed such conduct as nothing short of sabotage.

Another source close to the saga confirmed the latest development saying that THL has since communicated to the Office of the President and Cabinet their decision to quit the Government brokered deal.

“We have written to authorities indicating that this arrangement has not worked because NSSA has refused to honour an agreement structured by Government,” he said.

“We have actually trashed it. We are saying we do not know who we are working with. If NSSA does not recognise something that is well documented, the way forward that which should really have been, is to get back THL assets.”

The source said while people may think its difficult to reclaim our assets because the institutions were merged, they are not.

According to the sources, it would appear that the Reserve Bank of Zimbabwe was not able to call NSSA to order judging by NSSA’s determination to follow its own policy.

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