Declare assets, Ministers dared | The Herald

via Declare assets, Ministers dared | The Herald March 6, 2014 by Farirai Machivenyika

Dr Obert Mpofu former Mines and Mining Development Minister, bought the then Zimbabwe Allied Banking Group in 2012 for US$22,8 million to become the major shareholder in what is now Allied Bank

Hurungwe West legislator Cde Temba Mliswa (zanu-pf), on Tuesday challenged Cabinet ministers to disclose the nature of their businesses and how they got millions of dollars to establish them when the economy was under-performing.Cde Mliswa wants ministers to declare how they bought huge assets like banks.

Dr Mpofu, a former Mines and Mining Development Minister, bought the then Zimbabwe Allied Banking Group in 2012 for US$22,8 million to become the major shareholder in what is now Allied Bank.

Dr Mpofu acquired majority stake in the bank through his family-owned investment vehicle, Trebo and Khays.
Cde Mliswa said ministers intending to venture into full-time business should resign from Government.

He said this while contributing to debate moved by Kambuzuma legislator Mr Willas Madzimure (MDC-T) urging Government to take decisive action against corruption.

Said Cde Mliswa: “In an economy like this, it is sad that a minister would actually buy a bank. My plea to the honourable ministers is that when they think about going into business, they must go into business and resign before His Excellency (President Mugabe) and ensure that they do business.

“It is important that we understand that. There is no way that somebody can buy a bank in this economic environment that we have. We need to look into it and do something.”

ZABG was an amalgamation of failed banks following the banking crisis of 2003 to 2005. Dr Mpofu provided US$22,8 million to capitalise the bank when it was struggling to meet the US$12,5 million capitalisation threshold set for commercial banks by the Reserve Bank of Zimbabwe.

Cde Mliswa said ministers must declare their wealth and interests before taking office.

“Ministers must be asked to declare their wealth before they are given their jobs. Time has come for them to declare their wealth before they take up their jobs so that people understand what you actually went in with and what you came out with.

“For as long as that does not happen, we shall have situations where ministers constantly are at the height of being corrupt.”