DPC boss steps down

Source: DPC boss steps down – The Standard July 29, 2018

DEPOSIT Protection Corporation (DPC) chief executive John Chikura will step down at the end of this month after completing his term of office, which he has described as “full of thorns and thistles”.

By Kudzai Kuwaza

Chikura leaves the DPC after leading the institution for the past 15 years. He assumed office in July 2003.

Speaking at his farewell dinner last week, Chikura recalled how the institution began from humble beginnings with just three members of staff who included himself, a secretary and a driver.

The DPC virtually had no budget, but now boasts of more than 30 members of staff and a balance sheet of $52 million.

His term of office, he said, was characterised by the closure of several banks as well as the hyperinflationary period of 2008, which wiped out the entire savings of the DPC.

“It is very encouraging for me to leave at this juncture when the organisation is flourishing,” Chikura said.

The outgoing DPC boss said his tenure had been difficult as it involved chasing after prominent people who included senior politicians to pay back money they owed to failed banks.

“This was a road that was full of thorns and thistles,” he said.

“The responsibility involved, later on, chasing after people who had borrowed money from the banks but had no intention of paying back.”

He said following up debtors was no easy task as they were threatened, sued and several attempts were made to arrest them.

In some instances, Chikura revealed, their chasing of debts was politicised with questions being raised as to which political faction they belonged to.

The DPC has been involved in bruising legal battles with a number of prominent persons among them Home Affairs minister Obert Mpofu and  business mogul Jayesh Shah.

“It did not change the fact that as DPC we have a mandate to carry out and we will carry out that mandate without fear or favour,” Chikura said.

“We were determined to remain resolute on a straight path. We were tempted bribery-wise, corruption-wise, in many different ways, but we remained straight.”

DPC board chairman Agmos Moyo paid tribute to Chikura for good leadership during his 15- year tenure.

“I want to extend my profound gratitude to Chikura for a sterling performance at the helm of the Deposit Protection Corporation of Zimbabwe for the past 15 years,” Moyo said.

He said among Chikura’s achievements was the corporation’s sizable balance sheet, the successful restructuring of Tetrad’s balance sheet and the successful resolution of several failed banks.