I HAVE been following your coverage of events at the Zimbabwe Allied Banking Group (ZABG) with keen interest.
Having been assured that the launch of ZABG would he
rald a new era of transparency, ethical conduct and, most importantly, security for depositors, it appears that what is happening at ZABG actually represents a perverse patronage system in which corruption and asset-stripping are the order of the day.
The company’s directors and senior management seem to interpret their fiduciary duty to the public not in terms of avoiding conflict of interest situations as ethical business conduct demands, but in the extreme opposite of plunging headlong into them. According to the “ZABG corporate governance doctrine”, it is okay for senior officials to actively court business opportunities that expose them to conflict of interest situations as long as they are simply “declared to the board”.
Whoever thought that the cleansing of the financial sector as envisaged by Gideon Gono entailed replacing corrupt individuals by even more corrupt ones?
It is now time for the Reserve Bank to impose its authority and urgently facilitate the removal of some dubious characters from ZABG.
Until this is done, I will for the time being continue to spurn the increasingly desperate advances of ZABG marketing officers and keep my money at Barclays!