Zimbank Report Sent to President Mugabe, Parliament to Review

Harare

The long-awaited report on the alleged fraud at Zimbank has finally been sent to President Robert Mugabe for his review. Sources close to the matter have confirmed that the report will be brought back to Parliament for further discussion and possible action.

Report Details Alleged Fraud Scheme

The report reveals a scheme in which branch managers allegedly gave loans to businessmen using suspense accounts, with some of the borrowers being given kickbacks. The amount involved was reportedly up to Z$2.5 million, although the four branch managers implicated were transferred to other branches rather than fired.

Masterminded from Gweru Branch

The alleged fraud is said to have been masterminded from the Gweru branch and involved politicians and businessmen who were given large loans using suspense accounts. Two businessmen are believed to have been involved, with one loan of $590 000 being given to a transport operator in Gweru to purchase a new truck.

Similar Fraud Cases at Other Financial Institutions

The report also highlights similar fraud cases at other financial institutions, including:

• Reserve Bank of Zimbabwe: allegedly swindled out of Z$3.9 million
• Standard Chartered Bank: four employees accused of defrauding the Gweru branch of about $220 000

Zimbank’s Financial Performance

Zimbank’s interim report shows a net operating income of $11.259 million in the six months up to March 1992, an increase of $2.606 million or over 30 percent above last year’s income.

Expectations for Further Debate

The committee’s report is expected to spark further debate on the state of financial institutions in Zimbabwe and whether more needs to be done to prevent fraud.