Zimbank Fraud Investigation Completed, Report Sent to President

The Parliamentary investigation into the Zimbank fraud scandal has been completed, with Finance Minister Bernard Chidzero confirming last month that the investigating committee’s report had been sent to President Robert Mugabe and would be brought back to Parliament.

Another Fraud Case Uncovered at Zimbank

Sources close to the matter have revealed that while the tobacco merchant saga was making headlines, Zimbank was dealing with another fraud case involving its own branch managers. The alleged scam, which involved up to $2.5 million, was said to have been masterminded from the Gweru branch and implicated businessmen and politicians who were given large loans using suspense accounts.

Key Findings of the Report

• Two businessmen, including a transport operator in Gweru and a businessman in Gokwe, are believed to have offered kickbacks to the managers involved in the scam.
• The report alleges that the businessmen were given loans using the suspense accounts, with one loan amounting to $590 000 given to purchase a new truck.

Similar Cases of Fraud Across Zimbabwe

• Reserve Bank of Zimbabwe allegedly lost Z$3.9 million in a separate scam involving two individuals, John Miller and Titus Veveta Pasipanodya.
• Four Standard Chartered Bank employees allegedly defrauded the Gweru branch of $220 154.86.
• Admire Murandu, an employee of the now-defunct Bank of Credit and Commerce, swindled the institution out of $522 400 using a password to transfer money into his brother’s account.

Concerns Over Transparency and Accountability

The Zimbank case is particularly significant due to its public nature, with the company being listed on the stock exchange. It remains unclear whether the shareholders have been briefed on the frauds or if they were simply written off and presented with glossy reports highlighting the company’s financial performance.

Financial Performance of Zimbank

Zimbank’s latest interim report shows a net operating income of $11.259 million for the six months to March 1992, an increase of $2.606 million or over 30 percent above last year’s figures. However, the fraud scandal has raised questions about the transparency and accountability of the company’s financial dealings.