ZACC opens investigations against failed banks, claim they externalised US$200 million

The Zimbabwe Anti-Corruption Commission has opened investigations against former managers and directors of failed banks amid allegations they externalised close to US$200 million.

Zacc’s investigations committee chair Mr Goodson Nguni told Sunday News that the investigation was underway. The failed banks under probe are Interfin, Royal, Trust, Allied, Tetrad and AfriAsia. Said Nguni:

The net is closing in on some former directors and managers of failed banks because there are a number of questionable transactions. Money was siphoned out of the country and everyone involved must be held to account. 

An investigator who spoke on condition of anonymity said:

The investigation is expected to be complete in the next few weeks. The directors, chief executives and managers of some of the failed face criminal liability. These people accessed loans and gave loans to friends and relatives for purposes of externalisation. We believe that serious fraud was committed against depositors because some of the funds which were stolen were ordinary people’s money. The bankers thought the cases died a natural death but how can we ignore people who externalised money when the country is facing problems of foreign currency. These are the culprits who created the cash problems and they will soon be brought to book. The long arm of the law is soon catching up with the bankers. We have it on good authority that the money was used to buy mansions and companies mainly in South Africa. The fight against the suspected criminals has started.

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More: Sunday Mail