Parly summons CABS over $20 million fund

via Parly summons CABS over $20 million fund – DailyNews Live  20 MARCH 2014

Officials from Central African Building Society (CABS) will appear before Parliament this morning seeking to clear doubts on how the $20 million Youth Fund was handled.

The financial institution will be represented by its chief executive Kevin Terry, who is expected to furnish the Justice Wadyajena-led committee on Indigenisation, Youth and Empowerment with oral evidence on the fund.

Kerry’s appearance follows suspicion amongst  Zanu PF members that the $20 million administered by CABS could have been abused — depriving the intended beneficiaries.

This comes as agitated Zanu PF youths have petitioned President Robert Mugabe to launch  an investigation into how the  $20 million fund was handled.

“The purpose of the meeting is for you to apprise the committee on the following: Detailed report on the beneficiaries of the Youth Empowerment Fund citing the names of beneficiaries, projects undertaken and the provinces in which they come from,” reads the letter sent to Terry by clerk of Parliament, Austin Zvoma.

“How much money was disbursed under the fund, how much has been repaid; list of applicants citing reasons of approval or disapproval, per province, selection criteria employed by your institution on beneficiaries of the funds you are administering and any other funds meant for empowerment.”