Feature
constructing a five star hotel in Masvingo,
Lees Inn, which is located in the plush
Rhodene low density surburb.
He has, however, promised to pay back
the $4 million he owes depositors from
proceeds from the hotel within a period
of 12 months. Many are not convinced he
will meet this deadline.
In a similar case, another pastor with
Pentecostal Harvest International church,
Naison Nyachuru, also had his licence
cancelled last year, He was the director
of All Angles money lending company in
Masvingo. He owed depositors $2 million.
Nyachuru fled the country and is
on the run but some of his assets were
auctioned after some depositors took the
matter with the courts. He is believed
to be in India. The police said they are
looking for him.
Before he fled, Nyachuru was living
a flamboyant life, driving top of the
range cars as well as holidaying with
his family at the expense of depositors.
When his money lending company went
bust, sources said he was left with just a
quarter of the money after he squandered
much on trips abroad.
And as if Chipamba and Nyachuru
are not enough to paint the men of the
cloth with a black brush, another senior
ZAOGA member, Honest Chatikobo, the
director of Paramount money lending
company also had his licence cancelled
after being fingered in unethical business
transactions that saw thousands of civil
servants being cheated. Chatikobo owed
depositors $2 million.
He had built a private boarding college,
Paramount Academy in Masvingo town
and Gutu Mpandawana growth point,
and had also bought a fleet of buses and
haulage trucks.
When all hell broke loose, Chatikobo
sold the premises of the private college to
Great Zimbabwe University in a bid to pay
back the money he owes to depositors.
And now Dube, who was left licking
his wounds, says he now takes the biblical
verse which talks about false prophets
seriously.
Matthew 7:15 reads; “Watch out for
false prophets. They come to you in
sheep’s clothing, but inwardly they are
Page 12
RBZ probe opens can of worms
Wallace Mawire
A
n investigation by the Reserve
Bank of Zimbabwe (RBZ) into
operations of the country’s
Micro-Finance
Institutions
(MFIs) and money-lending institutions
has exposed a plethora of illegal activities
by the institutions impacting on the
country’s economic development.
The targeted examinations were
conducted at the end of 2012 by Norma
Mataruka, RBZ Senior Division Chief and
Registrar of Micro finance Institutions
and results of the investigation have
now been shared with members of the
Zimbabwe Association of Micro-Finance
Institutions (ZAMFI).
According
to
Mataruka,
the
investigations were triggered by high
incidences of non-compliance with the
Money-lending and Rates of Interest
Act (Chapter 14:14) and regulatory
requirements.
They
(investigations)
were meant to assess the adequacy of
corporate governance structures put in
place by MFIs and business conditions of
the institutions.
Also examined was the legitimacy of
sources of funding and general business
ferocious wolves. Matthew 24 vs 11
reads, ”... and many false prophets will
appear and deceive many people”.
The
disgruntled
pensioner says he
is appealing to
government
to
help
some
of
the
powerless
depositors
recover
t h e i r
money.
“ S o m e
powerful
people
got
back
their
m o n e y
after
they
threatened
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activities, lending activities and quality
of the micro-finance sector loan portfolio,
condition and performance of the MFIs
and compliance with applicable laws and
regulations including statutory reporting
mechanisms. Besides, the commission
of inquiry also sought to assess whether
MFIs were implementing and complying
with core client protection principles,
according to Mataruka.
She says the massive investigation
revealed that there were 170 registere ?)????????????)???)???????????)?????????????????????????????????)????????+????????????+????????????????????????????)????????????????????????)????????+??????????????????????+??????????????????????????????)???????????????????????????+????????????????????????????)=?????????????????????????)???????????????????????????????)?????????????????????????????????)???????)?????)????????)??)???????)???????????????????????????????)5%??Z?)
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