Zimbabwe shuts down commercial bank

[seemslikeadream]

ZIMBABWE's central bank yesterday shut down a commercial bank, Royal Bank of Zimbabwe, which was teetering on the brink of bankruptcy, and placed it under the management of curator Robert McIndoe for six months.

Royal Bank is the sixth bank to be closed down this year by the central bank as the government struggles to maintain stability in the financial services sector.


Thousands of depositors have been unable to withdraw their savings as a result, and many are returning to established international banks such as Standard Chartered, Stanbic Bank and Barclays Bank.


The spotlight fell on Royal Bank two weeks ago when it became locked in a public row with the troubled insurance giant, First Mutual Life.

The two companies are embroiled in a wrangle involving Z60bn, which Royal Bank is said to owe First Mutual Life's asset management arm First Mutual Asset Management in interest.

more
http://www.zimobserver.com/newsdetail.asp?article_id=515

[gmoney]

1. I just got an e-mail from the widow...

Of the manager of the bank. She has $300 Million dollars to share with me if I just send her my bank account number and password. Such a sweet deal!

Right after I take this discount, generic, herbal \/iagra

[seemslikeadream]

2. Amnesty for Zimbabwe banks

By Vincent Kahiya
08/04/04
CENTRAL bank governor Gideon Gono has granted banks caught dealing in foreign currency on the parallel market amnesty on condition that they do not commit a similar offence this year, the Zimbabwe Independent learnt this week.


This revelation comes as three more banks are in trouble for dealing in foreign currency and are set to appear in court, the police said. The banks affected are Barclays, Kingdom and Interfin.


A letter to one commercial bank from Reserve Bank director in the supervision and surveillance division, Stephen Gwasira, stated the conditions of the amnesty.

"Consistent with the approach taken by the review authority, we are now granting your bank a qualified and conditional amnesty from payment of the loca1 currency financial penalty," Gwasira said.


The Independent established yesterday that when the latest batch of banks were charged with dealing in foreign currency this week, they immediately responded by informing the police of the amnesty. Sources said government lawyers at the Attorney-General's office on Tuesday told the police that it would be difficult to prosecute the cases because of the RBZ amnesty.

more
http://www.newzimbabwe.com/pages/banks20.11649.html

[Snazzy]

3. "parallel market"

Interesting. Coup by dollars?