Discover and read the best of Twitter Threads about #ZAMCOlist
Most recents (2)
ZAMCO-Mangundya-AfreximBank
1. Last week I did a thread on the RBZ-ZAMCO-CBZ axis of corruption & showed how the bank formerly headed by RBZ Governor Mangundya was the principal beneficiary of the ZAMCO scheme that he set up upon taking office. Today, it’s about @afreximbank
1. Last week I did a thread on the RBZ-ZAMCO-CBZ axis of corruption & showed how the bank formerly headed by RBZ Governor Mangundya was the principal beneficiary of the ZAMCO scheme that he set up upon taking office. Today, it’s about @afreximbank
2. One of the banks that sold non-performing loans is AfreximBank, the only non-Zimbabwean financial institution in the list. @afreximbank is based in Cairo. It has a regional office in Harare. I was surprised to see it on the list of banks from whom NPLs were bought by ZAMCO.
3. AfreximBank doesn’t just give loans to the likes of Tom, Dick & Harry. Whoever got these loans & failed to repay is no small person. @afreximbank made reckless lending decisions. Didn’t it ask for collateral? Why should the Zim taxpayer pick the cost of their recklessness?
The RBZ-ZAMCO-CBZ axis
1. This thread is a summary of a section of the #BSR this week. I explain the opaque arrangements concerning a state entity called ZAMCO and how large debts acquired by ZANU PF’s political elites were foisted on the shoulders of ordinary taxpayers.
1. This thread is a summary of a section of the #BSR this week. I explain the opaque arrangements concerning a state entity called ZAMCO and how large debts acquired by ZANU PF’s political elites were foisted on the shoulders of ordinary taxpayers.
2. The principal actors in this systemically corrupt arrangement whose authors gave it a veneer of legality are the central bank RBZ, which formed ZAMCO to buy non-Performing Loans from banks of which the principal beneficiary was CBZ. Add RBZ Governor, John Panonetsa Mangundya.
3. In brief, non-performing loans (NPLs) are bad bank loans which are no longer being repaid by borrowers. A bank might have NPLs for any number of reasons including the fact that some borrowers act with impunity because nothing will happen to them if they don’t repay the loan.
