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