Gilbert Muponda cleared by Interpol

CANADA – EXILED businessman and ENG Capital director Mr Gilbert Muponda has been cleared by the International Police Organisation and has been removed from the list of international fugitives. Muponda was issued with a clearance certificate through his Canadian lawyers, SVN law firm.

A letter written by the Interpol secretariat to Mr Muponda’s lawyer Mr Sunny Nnamdi Vincent reads: “The procedure in our letter dated 6 December, 2010 has been applied to the process of your request.
“We would like to inform you that the information concerning Mr Muponda communicated by Zimbabwe has been deleted from Interpol General Secretariat Files.”

Mr Muponda was put on the Interpol files after he skipped bail in 2004 when he was facing, together with ENG co-director, Nyasha Watyoka fraud allegations. He was issued with a warrant of arrest after he skipped bail.

The courts cleared the ENG directors in 2008 after it ruled that the case against them should proceed by way of summons.

Mr Muponda was also cleared while some of their assets were returned by a High Court ruling after ENG Capital that had been placed under voluntary liquidation cleared its debt.

He was de-specified two months ago. In a statement yesterday, Muponda, who is also challenging the acquisition of his shares in CFX Bank by Interfin Holdings welcomed the clearance by Interpol.

“The clearance certificate was issued to my Canadian lawyers SVN Law Office after they made an application based on the given facts that I was actually the victim who lost assets such as CFX Bank and my personal house 17 Chishawasha Road, Umwinsdale.

“All these assets were irregularly sold and investigations by Interpol confirmed that I was a victim and did not deserve to be on the list but rather deserved help and protection and assistance in recovering my assets which I am seeking to recover in particular CFX Bank,” he said.

He said the fact that various authorities had cleared him proved his innocence. “I have been cleared by Anti-Corruption Commission, the Home Affairs Ministry de-specified me recently and also the High Court of Zimbabwe confirmed my innocence and returned some of our assets.

“This clearance by a professional and respected organisation like Interpol totally confirms my innocence and I look forward to the return of my Bank CFX and its re-licencing,” Mr Muponda said.

Cautionary Statement - Trade in Interfin Banking Corporation Holdings Limited Shares

Dear Members of the Zimbabwe Stock Brokers Community,

I have well known ongoing dispute with Interfin Financial Holdings Limited.This ownership dispute is with regards to the Interfin's merger with CFX Bank and stripping CFX Bank Assets and then devise a fraudulent scheme to hide the stripping by Liquidating the CFX Bank shell. This has never happened anywhere in the world to capitalize a Bank,then merge with the Bank only to Liquidate it a few months later .

It shows there is something being hidden.Stock brokers must ask what is it thats being hidden..This is an attempt to escape paying $ 15.4 million which me and other ENG Capital contributories are claiming from Interfin on the strength of High court case HC 6244-04.Interfin took over CFX Bank despite clear advisory letters from my lawyers Gutu and Chikowero Attorneys At Law .Earlier Finance Bank of Zambia and Credit Suisse tried to buy CFX Bank but stopped when we advised them of our claim.They did their own due diligence and verifed the nature of our claim and were convinced of its legitimacy and they pulled out of the transaction.

However Interfin decided to ignore our advice and warning and proceeded to take over CFX Bank ,assets and liabilities.We have tried to avoid a public or prolonged dispute with Interfin by trying to talk to their Senior Directors,But this has been continously rebuffed.Interfin`s prior defence all along has been that I am specified and as such I have no legal rights.Now that I have been specified it goes withotu saying that Interfin should be aware of the natural steps which should follow.

As you maybe aware I was recently cleared of any wrong doing by the high court on 15 July 2010.In addition the Government of Zimbabwe has formally cleared me of any wrong doing.This has been confirmed by my De-specification by Co-Home Affairs Ministers Theresa Makone and Hon Kembo Mohadi on 29 April 2011.This has legally restored my rights and I filed a Notice of Opposition to the Proposed liquidation of CFX Bank on 17 May 2011.

The Notice was Served on Interfin and CFX Bank and Master of High Court.Essentially this action is the first step towards enforcing our claim of $ 15.4 million against Interfin or alternatively seek the reversal of the merger between Interfin and CFX Bank and remove any and all CFX Bank assets from Interfin or alternatively seek to convert the my claim into Interfin Equity.

Under normal circumstances Interfin Financial Holdings should have issued a cautionary statement to advise its shareholders of the legal action because it has a material impact on the Company`s position.However Interfin management has not done so and seem not to be in a hurry to do so.As members of the Stockbrokers community it is your responsibility to accurately and honestly advise the investing public on the Company`s prospects in face of this Notice of opposition.As Professional courtesy since I regard myself as a member of the Zimbabwe Investment Community I feel I have a fiduciary duty to alert fellow members of the Zimbabwe investment community of such a serious development.

I have attached Affidavit for HC 6244-04 and Affidavit opposing the CFX Bank liquidation for your records.Please feel free to contact either myself or my lawyers Gutu and Chikowero Attorneys at Law for any clarification.

Please be guided accordingly.

--
Gilbert Muponda,
Phone - 1-647-994-5542
http://www.facebook.com/gmricapital
http://twitter.com/engcapital
www.engcapital.ca

Zimbabwe Sovereign Wealth Fund necessary for future generations.

The discovery of massive diamond reserves in Eastern Zimbabwe has created an economic windfall which should be managed properly for future generations to benefit. Zimbabwe has various other resources including Gold, Coal and platinum which is believed to be the second largest known reserve after South Africa. These resources a finite and can run out and as such the proceeds from these resources must be invested wisely in properly structured Institutions such as the Zimbabwe Sovereign Wealth Fund (ZSWF).

According to the Sovereign Wealth Fund Institute a Sovereign Wealth Fund (SWF) is defined as a state-owned investment fund composed of financial assets such as stocks, bonds, real estate, or other financial instruments funded by foreign exchange assets. Generally these assets include: balance of payments surpluses, official foreign currency operations, the proceeds of privatizations, fiscal surpluses, and/or receipts resulting from commodity exports. Sovereign Wealth Funds can be structured as a fund, pool, or corporation.

There are two major types of SWF funds: saving funds and stabilization funds. Stabilization SWFs are created to reduce the volatility of government revenues, to counter the boom-bust cycles' adverse effect on government spending and the national economy. Savings SWFs build up savings for future generations according to Wikipedia.

Traditionally SWF tend to prefer returns over liquidity, thus they have a higher risk tolerance than traditional foreign exchange reserves. This is in line with their goal to create long term value and build wealth for future generations who may not have the same mineral resources at their disposal.

In theory SWF have their origins in Commodities – funded through commodity exports, either taxed or owned by the government. And Non Commodities – Usually created via transfers of assets from official foreign exchange reserves. Zimbabwe’s Sovereign Wealth Fund would naturally be from commodities and exports of minerals and royalties from Diamonds ,Gold ,Platinum etc.

A few SWFs, such as the Government of Singapore Investment Corporation (GIC) and China Investment Corporation (CIC), invest wealth from fiscal surpluses or foreign currency reserves.

According to the Economist Magazine “The world’s largest sovereign-wealth fund belongs to the United Arab Emirates, whose Abu Dhabi Investment Authority manages assets worth $627 billion. No single Chinese fund is nearly as big: the chunkiest, the SAFE Investment Company, has holdings worth $347 billion. But taken together China’s sovereign funds are worth an estimated $831 billion, more than any other country’s holdings. Many of the biggest sovereign funds belong to oil exporters.”

Many emerging nations which have significant natural resources have turned to SWF as a way to broaden and deepen their capital markets. WF provide long term capital similar to what the National Social Security Authority (NSSA) has been able to do in Zimbabwe’s capital and money markets over the last decade. The ZSWF will have a critical role in ensuring that there are more deep pocketed Institutions in Zimbabwe with capacity to underwrite huge transactions whilst furthering national economic vision and goals.Some African countries as well such as Libya,Nigeria,Botswana and Mauritania have also developed and established SWFs.

SWF have historically been accused of being too secretive and lacking in transparency which the ZSWF should be structured to address and ensure it has the support of all stakeholders as it will be holding assets and resources on behalf of the nation including future generations. he fund structure should outline the Management composition, here and how funds can be invested.


Domestically, people want to know how their money is being invested, whereas internationally SWFs face challenges investing in companies that fear their motives may be politically driven. These are areas which need to be critically looked at before the ZSWF concept is fully implemented.

Disclaimer

Prepared by GMRI Capital (www.gmricapital.com) for 3MG MEDIA (www.3mgmedia.ca). At GMRI Capital, we pride ourselves on the quality and depth of our research and analysis. This means digging deeper than our competition for information and generating more useful reports.

This article is provided "as is" for informational purposes only, not intended for trading purposes or advice. Prior to execution of any security trade, you are advised to consult your authorized financial advisor to verify the accuracy of all information. Neither GMRI Capital nor any independent provider is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.

Contact Email ; gilbert@gmricapital.com
Face book ; http://www.facebook.com/GMRICAPITAL
Skype ; gilbert.muponda
Website ; www.gmricapital.com

Entrepreneurship should be formally included in Zimbabwe Education

Developing nations including Zimbabwe face an uphill struggle to develop their economies relying on foreign Entrepreneurs and multinational corporations which usually are controlled and owned institutions which may or may not assist in building entrepreneurial infrastructure in host nations.

Whilst Foreign Direct Investment is a welcome source of investment and development emerging economics such as Zimbabwe need to take immediate and firm steps to develop local entrepreneurs from a very early age. Individuals shouldn’t become Entrepreneurs by fluke or by chance. There is need to put national efforts and resources to develop entrepreneurs from early in life.

Zimbabwe and other emerging market should welcome FDI but should ensure that local population do not remain perennial cheap labour providers without any hope of ever graduating into shareholders and business owners.

The providers of FDI should be pro-active and seek to use local suppliers wherever possible as a way to support local Entrepreneurs to slowly enter the entrepreneurship ladder. In the long run such relationships build long-term stability for all stake holders including the foreign investors.

Entrepreneurship like any essential life skill can be learnt, developed and refined and this is best done from a very early stages in life. The Educational system in Zimbabwe like many other emerging countries which were once colonized was modelled upon their colonizers and the majority of the population was trained and groomed towards being employees and not potential employers. Its true not everyone can be an employer but its also accurate to say everyone must be given an opportunity to be a potential employer at a very early age.

Considering how nations are forming into regional groups such as Ecowas ,EU,NAFTA, SADC etc, which are essentially economic and political groupings meant to retain all economic activity within members between members its imperative for nations like Zimbabwe to develop comprehensive entrepreneurial based education models which can develop globally competitive Entrepreneurs. The challenge to be Globally competitive should be part of a National Economic Vision which is driven by local Entrepreneurs who would have been trained and groomed from a very early age.

Training teenagers about Entrepreneurship from an early age will teach them proper values such as the need to think long term and seek to build wealth over a sustained period without resorting to asset grabbing or looting already established businesses only to run them into the ground. Youngsters have to be trained on the ethics and spirit required to build a solid business which can be passed from one generation to the next based on proper corporate structures and systems.



Disclaimer

Prepared by GMRI Capital (www.gmricapital.com) for 3MG MEDIA (www.3mgmedia.ca). At GMRI Capital, we pride ourselves on the quality and depth of our research and analysis. This means digging deeper than our competition for information and generating more useful reports.

This article is provided "as is" for informational purposes only, not intended for trading purposes or advice. Prior to execution of any security trade, you are advised to consult your authorized financial advisor to verify the accuracy of all information. Neither GMRI Capital nor any independent provider is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein.

Contact Email ; gilbert@gmricapital.com
Face book ; http://www.facebook.com/GMRICAPITAL
Skype ; gilbert.muponda
Website ; www.gmricapital.com

Letter Sent to Interfin Banking Corporation MD Raymond Njanike

OUR REF: BC/pmd/44



Monday September 27, 2010



The Managing Director

Interfin Holdings (Pvt) Ltd

15th Floor, NSSA Building

Cnr Sam Nujoma St/Julius Nyerere Way

HARARE



Attention: Mr. R. Njanike



Dear Mr. Njanike



Re: GILBERT FARAI MUPONDA and ENG CAPITAL (PVT) LTD: INTEREST IN CFX FINANCIAL SERVICES (PVT) LTD



We refer to our letter dated August 27, 2010 as well as to other previous correspondence in this matter.



We confirm that our client right from the outset, has been challenging the manner in which ENG Capital (Pvt) Ltd’s shares in Century Bank were disposed of by the liquidator, Mr. R. Saruchera. In fact, our client challenged the transfer of the shares through High Court case No. H.C. 6244/04. His co-director, Mr. Nyasha Watyoka supported this court application. The main thrust of this court application was to block the sale and/or transfer of our client’s shares. Our client owned 309 million shares in Century Bank Limited. With respect, therefore, the assumption that our client does not have a legitimate claim is clearly misplaced. Please note that case number H.C. 6244/04, that was filed in the High Court at Harare in late May 2004 by our client’s then lawyer, the late Mr. Oscar Ziweni, is still pending. For your information and records, herewith we forward a copy of the full court application under case number H.C. 6244/04. Our understanding is that Century Holdings has since been effectively taken over by Interfin Holdings Limited. Further, we understand that Interfin Holdings (Pvt) Ltd assumed all the assets and liabilities of the Century Holdings Limited when they took over CFX Bank which itself had taken over the original Century Bank.



When Mr. Oscar Ziweni passed on, our client was left with no legal representation at that stage and around the same time, he was specified. Fearing for his life, our client had no option but to flee Zimbabwe. Mr. Ziweni died in a very mysterious circumstance and our client had every reason to fear that his own life was also in danger. This is the main reason why he fled Zimbabwe.



The process to have our client de-specified has since been set in motion and we are very confident that within the next few weeks, he will be formally de-specified.



You can be assured that our client will take this matter up with the courts in Zimbabwe as soon as he is formally de-specified.



Yours faithfully



B. CHIKOWERO (MR)



GUTU & CHIKOWERO



cc client



cc The Business Editor



NewsDay



Harare



Attention: Mr. Munyaradzi Mugowo



(This is for your information. In the interest of fairness and balanced reporting, we hope and trust that your newspaper will carry a story that gives our client’s side of the story as set out in our letter to Interfin Holdings Limited).

Mr Reggie Saruchera of Grant Thornton Camelsa, of Grant Thornton International When proffessionals act unprofessionally

Mr Reggie Saruchera of Grant Thornton Camelsa, of Grant Thornton International When proffessionals act unprofessionally

Introduction
Mr Reggie Saruchera Managing Partner of Grant Thornton Camelsa, a member firm of Grant Thornton International is at the centre of my dispute with Interfin Banking Corporation due to his corrupt and incompetent handling of the ENG liquidation. In particular his disposal of 309 million Century Holdings shares which we bought for Z$ 35 billion (then equivalent to approximately US $ 17.5 million ) and selling those shares for Z$ 2.9 billion ( then approximately equivalent to US $ 1,5 million).He sold the shares creating a loss of Z$ 32 billion (approximately $ US 16 million).This transaction had all hallmarks or corruption, insider trading and incompetence all rolled into one which forced me to initiate high court action HC 6244-04 . Interfin Banking Corporation due to greed and unchecked appetite for risk thought wise to buy a looted asset which created the current dispute with ENG Capital.

Brief Back Ground
In late 2003 my business partner and myself were arrested on allegations of economic crimes which we were later cleared of resulting in my De-specification on 29 April 2011. In order for us get bail we secured the creditors by placing ENG Capital under voluntary liquidation. We and FML the biggest creditors agreed on Mr Reggie Saruchera who was to protect our Interest and those interests of the creditors .A consent order was granted this order meant he was supposed to work in consultation with all stakeholders since he had been appointed with our consent.


Mr Saruchera and Managing Partner of Grant Thornton Camelsa, a member firm of Grant Thornton International had a fiduciary responsibility to act prudently, honestly and diligently. We all assumed that being a Chartered Accountant accredited to Institute of Accountants of Zimbabwe ( ICAZ) Mr Saruchera would act competently, professionally and reasonably. We were very disappointed by his level of incompetence, unprofessionalism ,unreasonableness and general corrupt conduct on how he handled the ENG Capital Investments liquidation.

In the first instance Mr Saruchera started by selling off ENG Assets before even verifying the Company’s liabilities and assets. He did not even construct a basic Trial Balance to guide the process and he started to sell assets hap-hazardly in a corrupt manner least expected of a man who claims to be a Chartered Accountant. Even an inexperienced book keeper would know that before selling assets you need to secure them and verify all claims before deciding what to sell and at what price.

1 - He sold assets which he didn’t have authority or permission to sell. We suspect he was getting kick backs from his connections who were getting these assets at completely unrealistic prices.

2 - He sold our personal assets even though he had not exhausted Company assets which he later on surrendered saying they were in excess to creditor requirements.

3 - He was cherrying picking our personal assets motivated by greedy, corruption and envy and selling these asset to his select connections whom we suspect were his friends, relatives and business associates.It appears his friends, relatives and business associates were directing him which assets to sell and at what price totally ignoring his fiduciary duties.

4 - For Example he sold my house number 17 Chishawasha Road ,Chishawasha to someone we have reason to believe is his close friend or relative yet he returned Allied Conveyors P/L and other assets to ENG Directors .Why would he sell my personal house leaving me homeless when he could have sold movable assets such as Allied Conveyors. Such actions only prove his corrupt and incompetent conduct which is totally unbecoming of a man who is supposed to be a Chartered Accountant in good standing with ICAZ.

5 - Once Mr Saruchera Managing Partner of Grant Thornton Camelsa, a member firm of Grant Thornton International was appointed Liquidator he took a very hostile and aggressive attitude towards us even though we had appointed him by consent to protect all stake holders. We agreed that the best way was to negotiate share swaps with creditors and give them shares which we owned in various companies instead of selling the shares because the share market was depressed. Our biggest creditor FML and others had agreed to get shares instead of cash in particular our shares in Century Bank were bought at a cost of $ 35 billion and were valued even higher since they were a controlling stake in a Bank

6 - We heard Rumours that Century Shares were being sold and we asked Mr Saruchera who initially denied the rumour. After a few days we then read in the newspaper that Mr Saruchera had sold 309 million CENTURY shares .Our lawyer then wrote to him seeking clarification on why he had sold the shares since he did not have permission to sell the shares and also since Creditors had agreed to receive shares instead of cash payments. We wrote to ZSE and to Fidelity asking for identity of buyer and seeking investigation because we suspected Mr Saruchera acted corruptly to sell the shares at 2,9 billion when we had bough the shares for $ 35 billion ( US17 $ million) (causing a loss of $ 32 billion or US $ 16 million).He sold them through a special bargain which showed he had a side deal already since he was supposed to sell the shares thru normal market deal which sells to the highest bidder.

7 - Special Bargains are pure symptoms of corruption and kick backs especially when assets are supposed to be sold to the highest bidder to ensure that Creditors are fully paid and any surplus goes to the

8 - Our lawyers asked the ZSE to stop the deal and investigate. This was ignored. We then started legal proceedings of High court case HC 6244-04 Seeking to stop the sale of the shares and remove Saruchera from office. Once Saruchera saw our court action he then could not defend his decision which was clearly corrupt and unjustifiable by selling something bought for $35 billion for $ 2.9 billion. He started to intimidate us with specification threats and also verbally saying he had full powers from "authorities" to deal with us as harshly as he wanted.

9 - After we filed the motion to remove Saruchera from office and stop the sale of the shares Saruchera then applied to the Minister of Justice for myself ,my business partner Nyasha Watyoka and our Lawyer to be specified. We were all specified and Saruchera appointed Investigator. Saruchera then became Liquidator and Investigator at the same time.

10 - Mr Saruchera was selling assets which he was supposed to investigate even though there was already court application HC 6244-04 to stop the sales and remove him from office. There was conflict of interest with liquidator being investigator he became the Police, Prosecutor, Witness and Judge all rolled into one creating a situation without any check as to the fairness of the work he was doing.

11 - Various laws and regulations were violated in the process of disposing our shares in the Bank .There was a general cloud of corruption, insider dealing ,incompetence which I outlined in my High court application Case HC 6244-04 seeking to remove Mr Saruchera from office as Liquidator since he had started by selling our assets without even verifying how much we owed to the creditors as is required by the law and general good corporate governance practice

12 - My lawyer then told me I was not safe since he had information that there were people who were prepared to eliminate me so that they can have full access to the ENG assets which I was resisting through court action. In fear I then fled Zimbabwe and tried to clear my name and clarify the ENG position.

13 - Mr Saruchera then continued to sell assets and he even sold my personal house number 17 Chishawasha Road, Chishawasha this (left me homeless) even though he had not finished selling ENG assets he took my personal house whilst leaving ENG assets such as Allied Conveyors which he later returned but he sold my house instead of ENG assets showing he was being ,malicious ,vindictive and corrupt as I suspect most assets were being sold to his connections .

14 - The bank was sold even though there was a court application HC 6244-04 to block it. Interfin and many other buyers before them were buying an asset that was already disputed. They failed to do their proper due diligence to verify the ownership dispute. They inherited Century/CFX bank and took over its assets and liabilities which included our claim. This is the nature of my dispute with Interfin Bank.

15 - Interfin Bank have always known the illegal and corrupt nature surrounding the sale of those shares and assumed all risk linked to these shares and that Financial Instution which is well known.

16 - My court claim HC 6244-04 filed at the High court in Harare on 21 May 2004 is well known and was well publicised such that when the Finance Bank of Zambia and Credit Suisse of Switzerland attempted to buy CFX Bank I told them about my claim and they did their own checks and verified the legitimacy of the claim. They stopped the transaction since my claim was proved to be legitimate. Interfin Banking Corporation were fully aware that they were buying stolen property and are now in possession of stolen property which they should return.

Notice of Opposition to CFX Bank liquidation attempt by Interfin Banking Corporation

Founding Affidavit opposing the Liquidation of CFX Bank Limited in terms of the Companies Act by Gilbert Muponda filed with the Master of High Court I, GILBERT MUPONDA, of the City of TORONTO,ONTARIO ,CANADA, MAKE OATH

AND SAY AS FOLLOWS:

swear or affirm that:

(A) - I know or believe the following facts to be true. If these facts are based on information from others,

(B) - I believe that information to be true.

(C) - I make this affidavit to oppose an application by -

INTERFIN BANKING CORPORATION’s parent Company INTERFIN FINANCIAL HOLDINGS LIMITED DIRECTORS AND CFX BANK LIMITED DIRECTORS AND CFX FINANCIAL SERVICES HOLDINGS LIMITED FOR LIQUIDATION OF CFX BANK LIMITED


BRIEF BACK GROUND

At all material times covered by these proceedings I have been the controlling shareholder of Century Bank Financial Holdings which I controlled through various investment vehicles and companies collectively known as ENG Capital .Century Bank Financial Holdings Limited was merged with CFX Bank and renamed CFX Bank and then merged with Interfin Merchant Bank resulting in formation of Interfin Banking Corporation. I have already filed HC 62 -6244-04 seeking the reversal of the first illegal merger between Century Bank and CFX Bank upon its completion will result upon the reversal of the Merger of Interfin and CFX Bank since Interfin on its own does not have any meaningful assets accept those stripped from my Bank which I owned through various investment vehicles generally known as ENG Capital Group.


When I opposed the first merger between Century Bank and CFX bank I was specified to tie my hands so that I could not legally challenge this illegal and irregular transaction. I was specified under the Prevention of Corruption Act whose purpose is to allow and investigation and also safeguard assets of the specified person so that no-one can sell, buy or dispose of these assets as they are under investigation.


I was specified on 28 May 2004. The specification order was revoked on 29 April 2011.This legally restores me to my pre-specification position and I seek to now proceed with HC -6244-04 .I have attached the original founding affidavit.

According to the Prevention of Corruption Act Assets of a specified person can not be sold ,bought or disposed of since those assets are under investigation and would be required as evidence in the legal proceedings. So you can not be investigating assets and at the same time selling those very same assets. The purpose of specifying a person is to facilitate investigations into the alleged corrupt activities. Section 10(2) specifically prohibits any person from dealing with the assets of a specified person. In terms of Section 10(7) of the Act to all transactions that we purportedly concluded during the period specification are null and void.


The purpose of specification is not to sell an individuals assets but to investigate so assets cant be sold whilst they are being investigated at the same. This is illegal and against natural justice and the Anti-Corruption Act.

When Interfin Bank illegally and irregularly took over my Bank CFX which was previously called Century Bank they used the excuse that I was specified so I couldn’t oppose the illegal transaction. Now that that my full legal rights have been restored I have already filed a motion to oppose the liquidation of CFX Bank and also reverse the Merger which created Interfin Banking Corporation.


1 - I do hereby place it on record that I wish to oppose the proposed liquidation of CFX Bank Limited. I will suffer irreparable financial damage exceeding US $ 15.4 million if the said liquidation goes ahead before finalization of the High Court case HC 6244-04 in which I am challenging the illegal and irregular sale of 309 million shares from Century Bank which was then merged to create CFX Bank which is now in liquidation in an attempt to escape paying the $ 15.4 million.


2 - I have an on-going dispute involving CFX Bank Limited and Interfin Banking Corporation and its holding Company.Mr Raymond Njanike the Managing Director of Interfin Bank has publicly acknowledged this dispute in the NewsDay Newspaper published on 27 September 2010 by Mr Munyaradzi Muguwo in addition to many other articles.Link http://www.newsday.co.zw/article/2010-09-27-muponda-scared-off-cfx-suitors-interfin


3 - Interfin Holdings Limited Director Mr Farai Rwodzi also publicly acknowledged this debt when he falsely claimed in the Newsday Newspaper of 25 August 2010 that Interfin had paid me US $ 5.3 million for my shares in Century / CFX Bank which were illegally and irregularly acquired. The link is herehttp://www.newsday.co.zw/article/2010-08-25-interfin-acquires-13-of-starafrica


4 - I denied this false statement and NewsDay Newspaper published a retraction a few days later.Upto this day Interfin have not paid me anything for my Bank which they took and rebranded Interfin Banking Corporation and now they are trying to liquidate it after stripping it of all assets.


5 - ENG Capital contributories ,shareholders and Directors and myself are claiming US$ 15.4 million being the 309 million shares multiplied by the share price of $ 0.05 which give the claim total of US $ 15.4 million.


6 - Interfin Banking Corporation Zimbabwe is a product of a fraudulent merger between Century Bank and CFX Bank which was subsequently renamed Interfin Banking Corporation after another irregular merger between Century/CFX Bank and Interfin Bank Zimbabwe.


7 - The liquidation of CFX Bank Limited should therefore be held back until such a time that HC 6244-04 is finalized. Interfin Bank Directors are seeking to hide their tracks and creating a very complex and complicated web of mergers and de-mergers and liquidations and re-structurings which will conceal their illegal and irregular take over of Century/CFX Bank assets.



8 - All these “fake mergers” were designed with the intention of concealing the initial fraudulent transfer of 309 million Century shares illegally and irregularly transferred into Century/CFX Bank then Interfin Banking Corporation. This illegal transfer is being challenged through High court case HC-6244-04.


9 - I have attached a copy of my original founding affidavit for High Court Case HC 6244 – 04 dated 21 May 2004.


10 - I have attached the supporting affidavit by my co-Director Nyasha Watyoka fully supporting my Original affidavit.


11 - The High Court Case is still before the Courts but it has been delayed since I am currently specified and as such have to seek permission from the Liquidator/Investigator to proceed with the action. However my court action HC 6244-04 is on the most part against the liquidator /Investigator it is therefore not possible to seek permission and approval from the same person you wish to take action against.


12 - I wish that the liquidation be delayed until such a time High Court deals with HC 6244-04.The liquidation is not urgent and I see no reason why it can not be put on hold pending the finalization of HC -6244-04.


13 - Proceeding with the liquidation before HC 6244-04 is finalized will cause me irreparable damage amounting to $ 15.4 million which I am seeking from CFX Bank Limited ,Interfin Holdings ,Interfin Directors and Shareholders jointly and severally each paying and absolving for the other.


14 - Interfin Banking Corporation Zimbabwe is a product of a fraudulent merger between Interfin Merchant Bank and CFX Bank which was subsequently renamed Interfin Banking Corporation after another irregular merger between Century/CFX Bank Limited and Interfin Bank Zimbabwe.


15 - Any further transaction or re-organization or restructuring will not change the facts that Interfin Banking Corporation has a disputed ownership due to the presence of CFX Bank assets in its DNA composition.


16 - If the merger was approved by all the regulatory Authorities then why would Interfin try to liquidate a Bank which it merged with. It clearly doesn’t make any sense to liquidate a Bank which has already been merged with another .


17 - Its not legally possible and its practically fictitious to claim to liquidate a Bank which has already merged with another resulting in the formation of a new entity.


18 - The so-called liquidation of CFX Bank is nothing but a fraud being perpetrated by Interfin Holdings Directors . There is no liquidation taking place whatsoever since all the CFX assets have already been “merged“ and transferred into the new entity now renamed Interfin Banking Corporation.


19 - This is an effort to hide the tracks of the original fraud which is being challenged under High Court case HC 6244-04.This is an effort to escape legitimate liabilities brought about by Interfin`s unwise and greed move of trying to grab CFX Bank assets.


20 - Interfin can not fully capitalize a Bank and then liquidate the same bank all within a year .According to another report titled Interfin Holdings Fully Capitalises CFX Bank Published on 13 January 2010 – http://allafrica.com/stories/201001130248.html .


21 - This does not add up and only provides further evidence that Interfin Banking Corporation are involved in fraudulent transaction and the various movements are meant to hide the tracks and cleanse an otherwise illegal and underhand deal.


22 - There can be no talk of liquidating CFX Bank since CFX Assets have been merged with Interfin and effectively transferred into Interfin Banking Corporation and rebranded Interfin Banking Corporation in an a deliberate fraudulent effort to hide the illegal take over of Century – CFX Bank assets and network.


23 - Specifically the assets below have been stripped from CFX Bank and transferred into Interfin Banking Corporation. IT and Computer Systems

- MoneyGram Money Transfer Franchise and System

- Branch Network

- Customers , clients and loan Book

- International Correspondent Bank Network

- Management and Staff

- Leases, Contracts and general goodwill

- Buildings and offices

- ZSE Listing Spot


24 - Interfin Bank Directors led by Messrs Farai Rwodzi and Raymond Njanike are getting increasingly desperate to hide their tracks on the illegal and irregular take over of Century – CFX Bank assets which were illegally transferred into Interfin Bank and rebranded Interfin Banking Corporation.


25 - Their lastest stunt of claiming to “liquidate“ CFX Bank is one such effort to conceal their fraudulent take over of Century – CFX Bank assets and stealthily transferring them into Interfin Bank and rename the resultant entity Interfin Banking Corporation.


26 - After claiming a successful merger as anticipated in this report by Dumisani Ndlela http://www.financialgazette.co.zw/companies-a-markets/4525-cfx-fs-to-lose-bank-for-bigger-entity.html in June 2010 only 9 months later CFX Bank now rebranded Interfin Banking Corporation is being liquidatedhttp://www.newsday.co.zw/article/2011-03-14-cfx-to-windup-operations .


27 - Interfin owes me and other contributories US 15.4 million for the 309 million shares fraudulently converted from Century Bank into CFX Bank then Interfin Banking Corporation. Interfin Bank Directors and Shareholders are trying to escape paying this liability by claiming CFX Bank is being liquidated.


28 - Interfin Holdings limited and Interfin Banking Corporation Directors continue to mislead the public and other stakeholders by devising fraudulent schemes as a way to avoid settling what is due to Gilbert Muponda and ENG Capital contributories, shareholders and Directors.


29 - The fraudulent attempt by Interfin Holdings Directors to mislead the investing public and depositors that the ownership dispute will disappear just because they are attempting to fake a liquidation of a Bank whose assets they have transferred into another entity is totally irresponsible and disingenuous .


30 - Interfin Banking Corporation Directors seem to be practizing moral flexibility whilst bending rules and regulations to conceal their prior knowledge of a legitimate claim which they with held informing their employers who are the Investing public who are protected by the ZIMBABWE STOCK EXCHANGE ACT Acts 27/1973, 24/1975, 15/1981, 20/1984; R.G.Ns 54/1975; 1135/1975, S.Is 468/1979, 236/1980.


31 - High Court Case HC-6244-04 was filed in 2004 and its still pending before the courts. Yet Interfin Banking Corporation Directors pretend there was never any challenge to their illegal and irregular grabbing of Century/CFX Bank.


32 - By will fully and deliberately misleading the Investing Public in violation of the ZSE Act Interfin Banking Corporation is an organization that has re-defined the definition of corruption , deceit and concealment of material information from Investing public and Regulatory Authorities.


33 - The liquidation of CFX Bank Limited should therefore be held back until such a time that HC 6244-04 is finalized. Interfin Bank Directors are seeking to hide their tracks and creating a very complex and complicated web of mergers and de-mergers and liquidations and re-structurings which will conceal their illegal and irregular take over of Century/CFX Bank assets.



34 - I make this affidavit in opposing the Liquidation of CFX bank Limited before High Court Case HC 6244-04 is finalized, and for no illegal or improper purpose.

Interfin Bank attempt to liquidate CFX Bank blocked by Gilbert Muponda Case HC 288 -11

Founding Affidavit opposing the Liquidation of CFX Bank Limited in terms of the Companies Act by Gilbert Muponda served on Interfin Bank and CFX Bank and filed with the Master of High Court on 17 May 2011 AT HARARE

I, GILBERT MUPONDA, of the City of TORONTO,ONTARIO ,CANADA, MAKE OATH

AND SAY AS FOLLOWS:
swear or affirm that:

I know or believe the following facts to be true. If these facts are based on information from others,
I believe that information to be true.
I make this affidavit in relation to an application* by

Interfin Holdings Limited Directors and CFX Bank Limited Directors
For Liquidation of CFX Bank Limited.

When Interfin Bank illegally and irregularly took over my Bank CFX which was previously called Century Bank they used the excuse that I was specified so I couldn’t oppose the illegal transaction. Now that that my full legal rights have been restored I have already filed a motion to oppose the liquidation of CFX Bank and also reverse the Merger which created Interfin Banking Corporation.

According to the Prevention of Corruption Act Assets of a specified person can not be sold ,bought or disposed of since those assets are under investigation and would be required as evidence in the legal proceedings. So you can not be investigating assets and at the same time selling those very same assets. The purpose of specifying a person is to facilitate investigations into the alleged corrupt activities. Section 10(2) specifically prohibits any person from dealing with the assets of a specified person. In terms of Section 10(7) of the Act to all transactions that we purportedly concluded during the period specification are null and void.


1 - I do hereby place it on record that I wish to oppose the proposed liquidation of CFX Bank Limited. I will suffer irreparable financial damage exceeding US $ 15.4 million if the said liquidation goes ahead before finalization of the High Court case HC 6244-04 in which I am challenging the illegal and irregular sale of 309 million shares from Century Bank which was then merged to create CFX Bank which is now in liquidation in an attempt to escape paying the $ 15.4 million.

2 - I have an on-going dispute involving CFX Bank Limited and Interfin Banking Corporation and its holding Company.Mr Raymond Njanike the Managing Director of Interfin Bank has publicly acknowledged this dispute in the NewsDay Newspaper published on 27 September 2010 by Mr Munyaradzi Muguwo in addition to many other articles.Link http://www.newsday.co.zw/article/2010-09-27-muponda-scared-off-cfx-suitors-interfin3 - Interfin Holdings Limited Director Mr Farai Rwodzi also publicly acknowledged this debt when he falsely claimed in the Newsday Newspaper of 25 August 2010 that Interfin had paid me US $ 5.3 million for my shares in Century / CFX Bank which were illegally and irregularly acquired. The link is herehttp://www.newsday.co.zw/article/2010-08-25-interfin-acquires-13-of-starafrica4 - I denied this false statement and NewsDay Newspaper published a retraction a few days later. Upto this day Interfin have not paid me anything for my Bank which they took and re-branded Interfin Banking Corporation and now they are trying to liquidate it after stripping it of all assets.

5 - ENG Capital contributories ,shareholders and Directors and myself are claiming US$ 15.4 million being the 309 million shares multiplied by the share price of $ 0.05 which give the claim total of US $ 15.4 million.

6 - Interfin Banking Corporation Zimbabwe is a product of a fraudulent merger between Century Bank and CFX Bank which was subsequently renamed Interfin Banking Corporation after another irregular merger between Century/CFX Bank and Interfin Bank Zimbabwe.

7 - The liquidation of CFX Bank Limited should therefore be held back until such a time that HC 6244-04 is finalized.Interfin Bank Directors are seeking to hide their tracks and creating a very complex and complicated web of mergers and de-mergers and liquidations and re-structurings which will conceal their illegal and irregular take over of Century/CFX Bank assets.


8 - All these “fake mergers” were designed with the intention of concealing the initial fraudulent transfer of 309 million Century shares illegally and irregularly transferred into Century/CFX Bank then Interfin Banking Corporation. This illegal transfer is being challenged through High court case HC-6244-04.

9 - I have attached a copy of my original founding affidavit for High Court Case HC 6244 – 04 dated 21 May 2004.

10 - I have attached the supporting affidavit by my Co-Director Nyasha Watyoka fully supporting my Original affidavit.

11 - The High Court Case is still before the Courts but it has been delayed since I am currently specified and as such have to seek permission from the Liquidator/Investigator to proceed with the action. However my court action HC 6244-04 is on the most part against the liquidator /Investigator it is therefore not possible to seek permission and approval from the same person you wish to take action against.

12 - I wish that the liquidation be delayed until such a time High Court deals with HC 6244-04.The liquidation is not urgent and I see no reason why it can not be put on hold pending the finalization of HC -6244-04.

13 - Proceeding with the liquidation before HC 6244-04 is finalized will cause me irreparable damage amounting to $ 15.4 million which I am seeking from CFX Bank Limited ,Interfin Holdings ,Interfin Directors and Shareholders jointly and severally each paying and absolving for the other.

14 - Interfin Banking Corporation Zimbabwe is a product of a fraudulent merger between Interfin Merchant Bank and CFX Bank which was subsequently renamed Interfin Banking Corporation after another irregular merger between Century/CFX Bank Limited and Interfin Bank Zimbabwe.

15 - Any further transaction or re-organization or restructuring will not change the facts that Interfin Banking Corporation has a disputed ownership due to the presence of CFX Bank assets in its DNA composition.

16 - If the merger was approved by all the regulatory Authorities then why would Interfin try to liquidate a Bank which it merged with. It clearly doesn’t make any sense to liquidate a Bank which has already been merged with another .

17 - Its not legally possible and its practically fictitious to claim to liquidate a Bank which has already merged with another resulting in the formation of a new entity.

18 - The so-called liquidation of CFX Bank is nothing but a fraud being perpetrated by Interfin Holdings Directors . There is no liquidation taking place whatsoever since all the CFX assets have already been “merged“ and transferred into the new entity now renamed Interfin Banking Corporation.

19 - This is an effort to hide the tracks of the original fraud which is being challenged under High Court case HC 6244-04.This is an effort to escape legitimate liabilities brought about by Interfin`s unwise and greed move of trying to grab CFX Bank assets.

20 - Interfin can not fully capitalize a Bank and then liquidate the same bank all within a year .According to another report titled Interfin Holdings Fully Capitalises CFX Bank Published on 13 January 2010 – http://allafrica.com/stories/201001130248.html .

21 - This does not add up and only provides further evidence that Interfin Banking Corporation are involved in fraudulent transaction and the various movements are meant to hide the tracks and cleanse an otherwise illegal and underhand deal.

22 - There can be no talk of liquidating CFX Bank since CFX Assets have been merged with Interfin and effectively transferred into Interfin Banking Corporation and rebranded Interfin Banking Corporation in an a deliberate fraudulent effort to hide the illegal take over of Century – CFX Bank assets and network.

23 - Specifically the assets below have been stripped from CFX Bank and transferred into Interfin Banking Corporation. IT and Computer Systems
- MoneyGram Money Transfer Franchise and System
- Branch Network
- Customers , clients and loan Book
- International Correspondent Bank Network
- Management and Staff
- Leases, Contracts and general goodwill
- Buildings and offices
- ZSE Listing Spot

24 - Interfin Bank Directors led are getting increasingly desperate to hide their tracks on the illegal and irregular take over of Century – CFX Bank assets which were illegally transferred into Interfin Bank and rebranded Interfin Banking Corporation.

25 - Their lastest stunt of claiming to “liquidate“ CFX Bank is one such effort to conceal their fraudulent take over of Century – CFX Bank assets and stealthily transferring them into Interfin Bank and rename the resultant entity Interfin Banking Corporation.

26 - After claiming a successful merger as anticipated in this report by Dumisani Ndlela http://www.financialgazette.co.zw/companies-a-markets/4525-cfx-fs-to-lose-bank-for-bigger-entity.html in June 2010 only 9 months later CFX Bank now re-branded Interfin Banking Corporation is being liquidatedhttp://www.newsday.co.zw/article/2011-03-14-cfx-to-windup-operations .

27 - Interfin owes me and other contributories US 15.4 million for the 309 million shares fraudulently converted from Century Bank into CFX Bank then Interfin Banking Corporation. Interfin Bank Directors and Shareholders are trying to escape paying this liability by claiming CFX Bank is being liquidated.

28 - Interfin Holdings limited and Interfin Banking Corporation Directors continue to mislead the public and other stakeholders by devising fraudulent schemes as a way to avoid settling what is due to Gilbert Muponda and ENG Capital contributories, shareholders and Directors.

29 - The fraudulent attempt by Interfin Holdings Directors to mislead the investing public and depositors that the ownership dispute will disappear just because they are attempting to fake a liquidation of a Bank whose assets they have transferred into another entity is totally irresponsible and disingenuous .

30 - Interfin Banking Corporation Directors seem to be practising moral flexibility whilst bending rules and regulations to conceal their prior knowledge of a legitimate claim which they with held informing their employers who are the Investing public who are protected by the ZIMBABWE STOCK EXCHANGE ACT Acts 27/1973, 24/1975, 15/1981, 20/1984; R.G.Ns 54/1975; 1135/1975, S.Is 468/1979, 236/1980.

31 - High Court Case HC-6244-04 was filed in 2004 and its still pending before the courts. Yet Interfin Banking Corporation Directors pretend there was never any challenge to their illegal and irregular grabbing of Century/CFX Bank.

32 - By will fully and deliberately misleading the Investing Public in violation of the ZSE Act Interfin Banking Corporation is an organization that has re-defined the definition of corruption , deceit and concealment of material information from Investing public and Regulatory Authorities.

33 - The liquidation of CFX Bank Limited should therefore be held back until such a time that HC 6244-04 is finalized. Interfin Bank Directors are seeking to hide their tracks and creating a very complex and complicated web of mergers and de-mergers and liquidations and re-structurings which will conceal their illegal and irregular take over of Century/CFX Bank assets.


34 - I make this affidavit in opposing the Liquidation of CFX bank Limited before High Court Case HC 6244-04 is finalized, and for no illegal or improper purpose.

ENG to list on ZSE

By Darlington Musarurwa
ENG Capital Holdings, which faced the possibility of closure after the 2004 local banking crisis, is considering listing on the Zimbabwe Stock Exchange (ZSE) in the next 18 months in a process that is expected to raise an estimated US$5 million.

The holding company’s investment and asset management arms were placed under voluntary liquidation in February 2004.
However, liquidator Mr Reggie Saruchera, managing partner of Grant Thornton Camelsa, noted that the assets of the liquidated firms were actually in excess of the liabilities.


In an interview with The Sunday Mail Business last week, ENG Capital Holdings co-director Mr Gilbert Muponda said the company is planning to allocate between 5 percent and 10 percent of shares to its creditors and clients.

He also indicated that the listing is not being pursued to raise money but to “broaden and strengthen our shareholder base”.


“Our main reason to seek a ZSE listing is not to raise money but rather to broaden and strengthen our shareholder base.

“There are people who have been loyal and supportive to ENG Capital since day one and throughout the difficulties, and we firmly believe they should be rewarded with shareholding.

“These include the former ENG creditors who have fully been re-paid, but we still feel they deserve a share allocation. In addition, there are well-wishers and sympathisers like the close to 10 000 Facebook friends and fans on my account and the ENG account who have been supportive and shown great loyalty under very challenging circumstances.

“These individuals deserve an allocation of shares to share in the growth.

“So, 5 percent to 10 percent of the company will be allocated to these groups as a gratuity for the unwavering loyalty.
“We intend to list on the ZSE within the next 18 months, most likely via a market introduction. At this stage it’s unclear how much we will seek to raise but a general estimate is around US$5 million depending on market conditions given how illiquid the market is,” said Mr Muponda.


It is believed that initial valuations of the excess assets have indicated that there is sufficient value and operation capacity to meet and exceed all the ZSE listing requirements.

Also a local financial institution has been appointed lead financial advisor to handle the proposed listing of ENG.
Presently, ENG Capital has engaged the Reserve Bank of Zimbabwe and other regulatory authorities in an attempt to resume its business in Zimbabwe, building on the excess assets that were returned to the directors and shareholders.

It has since been established that Allied Conveyors, a firm which manufactures mining equipment for both the local market and the region, has been handed over to the directors.

Despite pursuing a listing on the local bourse, ENG contends that it must be given back its bank, which has since been merged into Interfin Banking Corporation.

According to the ENG boss, the merger of Century Bank, which was an ENG subsidiary, with other financial institutions was irregular and illegal since it was in contravention of the Anti-Corruption Act of Zimbabwe.

Added Mr Muponda: “CFX Bank was a product of an irregular and illegal merger between Century Bank (an ENG subsidiary) and CFX Bank. I challenged that merger on various grounds highlighting its illegality and irregularity through High Court case HC 6244-04.

“My co-director, Nyasha Watyoka, supported this motion by filing a supporting affidavit. We and our lawyers — Messrs Ziweni and Company — were specified as a way to incapacitate us from completing HC 6244-04.

“As you are aware, according to the Anti– Corruption Act of Zimbabwe, assets of specified persons cannot be legally sold, bought or disposed of as they are part and parcel of an investigation and evidence in legal proceedings.


“In short, according to the Zimbabwean law, you cannot sell assets which are subject to legal proceedings which assets would be required as evidence in those proceedings.”
ENG is still challenging the process in the courts.


The Affirmative Action Group (AAG) recently urged the central bank to reinstate the ENG licence.
In the aftermath of the banking crisis, most of the banks whose balance sheets were considered to be wobbly were placed under curatorship.


Trust Bank, Royal Bank, Time Bank and Barbican Bank have been re-licensed.
Royal and Trust Banks have resumed operations while Time Bank and Barbican Bank are still making preparations to open their doors to the public.- The Sunday Mail

ENG Capital Holdings Limited Public Notice

ENG Capital Holdings Limited Public Notice

Due to the liquidity crunch and financial crisis of 2003 and 2004 which affected the whole Zimbabwe financial market ENG Capital and many other financial services firms were negatively affected.
1- On 18 February 2004 The High Court of Zimbabwe at Harare Case HC 145-04 and 244-04 was granted placing ENG Capital Investment P/L and ENG Asset Management P/L into voluntary liquidation as a way to secure the firms’ Creditors. This action did not affect or include ENG Capital Holdings Limited which was the main holding Company.



2- ENG cleared all debts after the liquidation of the company its subsidiaries above. Some of the assets in excess of the claims made were returned to the Shareholders, Contributories and Directors. This has been confirmed by the liquidator, Mr. Reggie Saruchera, Managing Partner of Grant Thornton Calmesa. Further, we have copies of the High Court papers declaring that all the ENG’s past and present and future debts have been fully paid which are available for inspection at the High Court in Harare.



3- The final liquidation and distribution account was approved by the Master of High Court after it had laid for inspection without any objections. The record finished laying for inspection on 31 October 2008. Master of High Court issued the relevant documents confirming all debts had been cleared.



4- A notice in terms of Companies Act section 281 was published in the Zimbabwean Government Gazette. After the approval by the Master of High Court the liquidator handed back an operational company known as Allied Conveyors P/L to ENG Investments P/L Shareholders and Directors since it was excess to requirements to meet creditor claims. This confirmed that ENG Capital Investments was solvent and met all its obligations.



5- On 15 July 2010 The High court of Zimbabwe at Harare High Court Case HC -6086-09 confirmed that ENG Capital and its directors had “satisfactorily liquidated all debts past, present and future accumulated by the Company.”



6- The High Court Case HC 6086-09 also ordered the return of the following vehicles to ENG Capital Shareholders, Directors and Contributories ;

- Mitsubishi RVR – Registration – 792 -035 G

- Mercedes Benz C 320 Registration – 793 – 699 H

- Mercedes C 180 Registration - 778 – 980 R

- BMW Z 3 Registration – 740 372 B




ENG Capital Limited has engaged the Regulatory Authorities on the way forward to resume its business in Zimbabwe building on the excess assets which were returned to the Directors and Shareholders. A leading Zimbabwe Bank has been appointed Lead Financial Advisors to handle the proposed listing of ENG on the Zimbabwe Stock Exchange in line with commitments being made to Regulatory Authorities to broaden ENG shareholder base.

ENG Capital Limited Directors, Shareholders and Contributories would like to thank all regulatory Authorities who assisted in the process particularly Ministry of Finance , the Attorney General’s Office, the High Court, Zimbabwe Stock Exchange, Ministry of Justice ,Ministry of Home Affairs (Co-Ministers) and Reserve Bank of Zimbabwe.

25 April 2011
ENG Capital Holdings Limited - Directors, Shareholders and Contributories
Website ; www.engcapital.ca SKYPE ID – eng.capital

ENG CAPITAL PRESS STATEMENT by AAG National Executive Committee

The National Executive Committee (NEC), the supreme decision making body of the Affirmative Action Group is currently seized with the matters relating to the ENG Capital and its subsidiary companies. To date we have ascertained that ENG , through liqudation, has fully amortized all its financial debts.

This has been confirmed by the liquidator, Mr. Reggie Saruchera, Managing Partner of Grant Thornton Calmesa in a communication to AAG. Further, we have copy of the High Court papers declaring that all the ENG’s past and present and future debts have been fully paid.

It is our hope that, if all ENG outstanding issues have been settled, the bank must be allowed to resume operations. ENG has committed to AAG that they would want to, as soon as they get all requisite authorizations, set up a Youth Empowerment Fund that will help to kick start the businesses of many young indigenous men and women.

AAG is grateful to the authorities for the de-specification of several leading black business people and the reissuance of their banking licenses. As the country now prosecutes the revolutionary black economic empowerment agenda, we urge all Zimbabweans in the Diaspora to come back and participate in this historical exercise.
Tafadzwa Musarara
Secretary General
0774508079
ENDS///

Zimbabwe cant afford the ban on used car imports

Zimbabwe cant afford the ban on used car imports
Zimbabwe’s economic and financial situation cant afford the ban on used car imports which is due to become effective at the end of June 2011.Whilst theoretically the idea seem noble and with good intentions the country is suffering from severe liquidity crisis and very low salaries with some workers reportedly earning as little as $ 150 per month. This makes it impossible for such an employee to ever save enough money to ever buy a car with new cars priced from around $ 20,000.

In Africa and Zimbabwe generally a car is a very important asset which every family should be in position to acquire. This is mostly to do with the unreliable public transport systems .Particularly the transport system to visit the rural areas in many cases requires cars and the new regulations just about makes it very difficult for many families to be able to buy a car.

The main theory advanced is that the imports are hurting local car industry which is also based on imports given that Zimbabwe does now have an indigenous car making company. This argument of trying to protect few big importers of new cars or car kits is ruinous in that it condemns thousands of other individuals who have been importing cars over the years and these cars including commuter omnibus minibuses have served the country’s needs at an affordable price.

The second theory that imported reconditioned cars are past their life since they would have been fully depreciated in accounting terms totally misses the point. There is a huge and material difference between a car’s accounting life (book value) and its economic value according to its Net Present Value (NPV) derived from its discounted cashflows (DCF) based in cash generated or cash saved through the use of the car over its usable life. Under most accounting systems a car would have a maximum life of about 5 years which is just a quarter of its economic life of 20 years (the period most cars are in usable condition).

It is therefore very unrealistic and short-sighted to ban imports of cars just basing the decision on one variable i.e the accounting life of the car. This totally ignores its economic life which is more practical and more important particularly given how Africans and Zimbabweans have become very resourceful in extending car lives given the general resource shortage.

In many advanced countries cars are on the road well into 20 years after first year as new. The financing systems are in place which allow people to replace cars more often as this is a very well supported industry. People are given incentives to replace their cars sooner because these countries can afford it plus this acts as stimulus for their car industries. This explains why the governments of Canada and USA took bold steps to save General Motors and Chrysler ,this was to protect the industry.

In Zimbabwe’s case that industry is actually stronger on the importing and repair side and as such the Goverment policy should be loosening import constraints to allow more cars to be imported.This will reduce car prices and allow people to replace their cars sooner and slowly eliminate the much older and dangerous cars off the road as recent imports will be cheaper and available.The proposed ban is therefore a step in the wrong direction in terms of solving old car and dangerous car problem on Zimbabwe’s roads.

The Government Gazette on April 1 2011 of Statutory Instrument 44 of 2011 (2) section 1 (2) ("Title and date of commencement of the Road Traffic (construction, equipment and use) Regulations, 2010, published in Statutory Instrument 154 of 2010 as amended by the deletion of 1st of December, 2010"), and the substitution of 1st of July, 2011.

Government in September last year gazetted Statutory Instrument 154 of 2010 (Road Traffic Construction), which provided that vehicles that have been on the road for at least five years would not be allowed to enter the country after March 31 this year.

The statutory instrument says in part: "No person shall import any vehicle for registration and use on any road in Zimbabwe if the year of manufacture from the country of origin is more than five years. Provided that this shall not apply to any motor vehicle registered in Zimbabwe before the 31st of March, 2011."

The statutory instrument also stipulates that left-hand drive vehicles would not be registered after March 31 2011 and would be banned from Zimbabwean roads by December 31 2015. Left-hand drive vehicles are considered technically unsuitable for Zimbabwe's roads. The ban, which was initially set for March 31 this year before being extended to June 30 is now set to be effected end of June this year.

For a country which does not have a solid and reliable public sector transportation system the availability of cheap ,imported cars is necessary especially to assist small start up businesses. This sector is based on being able to improvise and being resourceful and having a small run about car is one of those “must have” for a small business still starting out. The move to ban imports is therefore undesirable and counter productive in terms of making it very difficult for start ups to acquire cars which they require for day to day running of a business. It is interesting to note that business lobby groups such as CZI ,AAG and civil organizations such as ZCTU and ZIMTA have been rather silent over the issue even though their members will be affected by the ban.

This article was prepared exclusively for 3MG MEDIA by GMRI Capital www.gmricapital.com

Contact
http://www.facebook.com/engcapital
http://twitter.com/engcapital
www.engcapital.ca

ENG Capital - Final Accounts - All Claims settled As perZim GVT Gazette

All Dividend distributions to ENG Capital investments claims and creditors with final Distribution Account - All Claims settled excess assets returned to Directors,Shareholders and Contributories.Official record as per Zimbabwe Government Gazette.

Interfin Banking Corporation fraud on CFX Bank unpacked 2 of 5

Interfin Banking Corporation fraud on CFX Bank unpacked 2 of 5
Interfin Bank Directors led by MD Raymond Njanike and Chairman Farai Rwodzi are getting increasingly desperate to hide their tracks on the illegal and irregular take over of Century – CFX Bank assets which were illegally transferred into Interfin Bank and rebranded Interfin Banking Corporation. Their lastest stunt of claiming to ``liquidate`` CFX Bank is one such effort to conceal their fraudulent take over of Century – CFX Bank assets and stealthily transferring them into Interfin Bank and rename the resultant entity Interfin Banking Corporation.

After claiming a successful merger as anticipated in this report by Dumisani Ndlela http://www.financialgazette.co.zw/companies-a-markets/4525-cfx-fs-to-lose-bank-for-bigger-entity.html in June 2010 only 9 months later CFX Bank now rebranded Interfin Banking Corporation is being liquidated http://www.newsday.co.zw/article/2011-03-14-cfx-to-windup-operations . This only proves underlying ownership dispute between ENG Capital ,Gilbert Muponda and Interfin Bank alongside MD Raymond Njanike and Chairman Farai Rwodzi .

If the merger was successful why would Interfin Directors led by MD Raymond Njanike and Chairman Farai Rwodzi claim to liquidate CFX Bank when in reality CFX Bank is now Interfin Banking Corporation since all its branch network and asset have been transferred into Interfin Banking Corporation and rebranded accordingly in an effort to hide the fraudulent seizure of Century Bank which was renamed CFX Bank then now rebranded Interfin Banking Corporation. This is an effort to avoid paying legitimate liabilities owed to ENG Capital for its assets illegally incorporated into Interfin Banking Corporation.
There can be no talk of liquidating CFX Bank since CFX Assets have been merged with Interfin and effectively transferred into Interfin Banking Corporation and rebranded Interfin Banking Corporation in an a deliberate fraudulent effort to hide the illegal take over of Century – CFX Bank assets and network.
Specifically the assets below have been stripped from CFX Bank and transferred into Interfin Banking Corporation. IT and Computer Systems
- MoneyGram Money Transfer Franchise and System
- Branch Network
- Customers , clients and loan Book
- International Correspondent Bank Network
- Management and Staff
- Leases,Contracts and general goodwill
- Buildings and offices
- ZSE Listing Spot

CFX Bank had the most advanced IT and Computer System in Zimbabwe banking and this has been looted by Interfin and transferred into Interfin Banking Corporation.
The ENG Capital claim remains focused on MD Raymond Njanike , Chairman Farai Rwodzi , Interfin Holdings limited and Interfin Banking Corporation since they are they ones who took over the assets and liabilities of CFX –Century Bank. Their fraudulent attempt to mislead the investing public and depositors that the ownership dispute will disappear just because they are attempting to fake a liquidation of a Bank whose assets they have transferred into another entity is totally irresponsible and disingenuous.
MD Raymond Njanike , Chairman Farai Rwodzi , Interfin Holdings limited and Interfin Banking Corporation continue to mislead the public and other stakeholders by devising fraudulent schemes as a way to avoid settling what is due to Gilbert Muponda and ENG Capital.
Interfin Bank and its Directors led by Farai Rwodzi are guilty of misleading customers and investing public into buying worthless Interfin Holdings shares .Interfin owes Gilbert Muponda and ENG Capital US 15.4 million for the 309 million shares fraudulently converted from Century Bank into CFX Bank then Interfin Banking Corporation. And they are trying to escape paying this liability by claiming CFX Bank is being liquidated.


Interfin Bank Directors particularly MD Raymond Njanike and Chairman Farai Rwodzi are acting irresponsibly by failing to handle a legitimate claim and responding by plastering a cracked wall which tantamount to the proverbial ostrich putting its head in the sand.

Interfin Banking Corporation fraud on CFX Bank unpacked - 1 of 5

Interfin Baning Corporation fraud on CFX Bank unpacked - 1 of 5

According to All Africa website CFX Bank merged with Interfin Bank and the merger was approved http://allafrica.com/stories/201011180051.html . However if the merger was approved by all the regulatory Authorities then why would Interfin try to liquidate a Bank which it merged with. It clearly doesn’t make any sense to liquidate a Bank which has already been merged with another . Its not legally possible and its practically fictitious to claim to liquidate a Bank which has already merged with another resulting in the formation of a new entity.

Interfin Banking Corporation Zimbabwe is a product of a fraudulent merger between Interfin Merchant Bank and CFX Bank which was subsequently renamed Interfin Banking Corporation after another irregular merger between Century/CFX Bank Limited and Interfin Bank Zimbabwe. Any further transaction or re-organization or restructuring will not change the facts that Interfin Banking Corporation has a disputed ownership due to the presence of CFX Bank assets in its DNA composition.


The so-called liquidation of CFX Bank is nothing but a fraud being perpetrated by Interfin Holdings Directors led by MD Raymond Njanike and Chairman Farai Rwodzi. There is no liquidation taking place whatsoever since all the CFX assets have already been ``merged`` and transferred into the new entity now renamed Interfin Banking Corporation. This is an effort to hide the tracks of the original fraud which is being challenged under High Court case HC 6244-04.This is an effort to escape legitimate liabilities brought about by Interfin`s unwise and greed move of trying to grab CFX Bank assets.

Interfin can not fully capitalize a Bank and then liquidate the same bank all within a year .According to another report titled Interfin Holdings Fully Capitalises CFX Bank Published on 13 January 2010 - http://allafrica.com/stories/201001130248.html . This does not add up and only provides further evidence that Interfin Banking Corporation are involved in fraudulent transaction and the various movements are meant to hide the tracks and cleanse an otherwise illegal and underhand deal.
There can be no talk of liquidating CFX Bank since CFX Assets have been merged with Interfin and effectively transferred into Interfin Banking Corporation and rebranded Interfin Banking Corporation in an a deliberate fraudulent effort to hide the illegal take over of Century – CFX Bank assets and network.
Specifically the assets below have been stripped from CFX Bank and transferred into Interfin Banking Corporation. IT and Computer Systems
- MoneyGram Money Transfer Franchise and System
- Branch Network
- Customers , clients and loan Book
- International Correspondent Bank Network
- Management and Staff
- Leases,Contracts and general goodwill
- Buildings and offices
- ZSE Listing Spot

CFX Bank had the most advanced IT and Computer System in Zimbabwe banking and this has been looted by Interfin and transferred into Interfin Banking Corporation.
The ENG Capital claim remains focused on Interfin Holdings limited and Interfin Banking Corporation since they are they ones who took over the assets and liabilities of CFX –Century Bank. This includes the CFX Bank Holdings Zimbabwe Stock Exchange listing which was taken over and renamed Interfin Holdings Limited all in an elaborate effort to hide the irregular and illegal take over of Century – CFX Bank.

CFX Bank liquidation a clear Fraud by Interfin Banking Corporation Board

CFX Bank liquidation a clear Fraud by Interfin Banking Corporation Board

Over the last 4 months the ENG Capital lawyers and legal Advisors had requested that there be no further statements or public articles regarding the illegal ,irregular and fraudulent merger between CFX Bank and Interfin Bank which was renamed Interfin Banking Corporation. Their hope and expectation was that Interfin Management and shareholders will do the honourable thing and propose a reasonable way forward. Needless to say we were disappointed as the Interfin Board of Directors and Management took our silence for foolishness and proceeded to devise a fraudulent scheme claiming to liquidate CFX Bank knowing full well that CFX Bank assets such as the Moneygram Franchise ,leases, contracts ,goodwill had been spirited into Interfin Banking Corporation. This is disgraceful coming from Bankers who are supposed to be custodians of people`s wealth and savings.

According to the media CFX Bank has been placed into liquidation due the ownership wrangle arising from the High Court case HC 6244-04 which I filed in Zimbabwe. After Interfin Banking Corporation unwisely merged Interfin Bank and CFX Bank and renamed the bank Interfin Banking Corporation they are now fraudulently claiming to be liquidating CFXZ Bank when all the CFX Bank assets such as its MoneyGram Franchise, Buildings, contracts ,employees etc have been stripped and transferred into Interfin Banking Corporation which took over Century / CFX Bank ZSE listing and renamed it Interfin Banking.

The so-called liquidation of CFX Bank is nothing but a fraud being perpetrated by Interfin Holdings Directors led by MD Raymond Njanike and Chairman Farai Rwodzi. There is no liquidation taking place whatsoever since all the CFX assets have already been ``merged`` and transferred into the new entity now renamed Interfin Banking Corporation. This is an effort to hide the tracks of the original fraud which is being challenged under High Court case HC 6244-04.This is an effort to escape legitimate liabilities brought about by Interfin`s unwise and greed move of trying to grab CFX Bank assets.

Interfin Banking Corporation Zimbabwe is a product of a fraudulent merger between Century Bank and CFX Bank which was subsequently renamed Interfin Banking Corporation after another irregular merger between Century/CFX Bank Limited and Interfin Bank Zimbabwe.

Interfin Bank and its Directors led by Farai Rwodzi are guilty of cozening customers and investing public into buying worthless Interfin Holdings shares .Interfin owes me and ENG Capital US 15.4 million for the 309 million shares fraudulently converted from Century Bank into CFX Bank then Interfin Banking Corporation. And they are trying to escape paying this liability by claiming CFX Bank is being liquidated.


Interfin Bank Directors particularly MD Raymond Njanike and Chairman Farai Rwodzi are acting irresponsibly by failing to handle a legitimate claim and responding by plastering a cracked wall which tantamount to the proverbial ostrich putting its head in the sand.

Interfin Board and Management are risking shareholder funds and investor funds by their current tough guy mentality.

The claim by ENG Capital and myself against Interfin and its shareholders is indisputable and must be settled. Interfin must not take the silence for foolishness we expect them to act responsibly.


Contact ;
Email; gilbert@gilbertmuponda.com
Facebook: http://www.facebook.com/muponda
Website; www.gilbertmuponda.com


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