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January 05, 2004

Financial Scandals

As Zimbabwe's financial problems grow, those entrusted with its financial institutions have turned to using deposited funds for their own needs.

Late last year, the First National Building Society was closed after its chief executive, Samson Ruturi, allegedly used ZIM$1-billion in depositors funds to settle his private debts.

Police Senior Assistant Commissioner Stephen Mutamba has confirmed the arrest of ENG [Asset Management Company--a subsidiary of the Reserve Bank of Zimbabwe] directors Nyasha Watyoka, 28, and Gilbert Muponda, 30, at their offices at the weekend after their failure to account for the disappearance of more than Z$80-billion of depositors funds.

He told journalists in Harare that police were still hunting other company directors.

The ENG directors had established a reputation for living the high life in Zimbabwe despite its debilitating economic crisis.

And this, while a good portion of the country isn't able to feed itself.

Read the story.

Posted by zombyboy at January 5, 2004 10:41 AM

Your story is inaccurate, the ENG directors have misappropriated Z$61 billion.

Posted by: Mukiwa at January 10, 2004 12:10 AM
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