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
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?
Read 6 tweets
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.
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.
Read 19 tweets

Related hashtags

Did Thread Reader help you today?

Support us! We are indie developers!


This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!