Mawere protege joins RBZ

Shakeman Mugari

HILARY Munyati, one of Mutumwa Mawere’s most trusted lieutenants, whose surprise resignation from SMM coincided with the arrest of the business mogul in Johannesburg a few months ago, has joi

ned the Reserve Bank of Zimbabwe (RBZ), businessdigest has heard.


Munyati has been appointed the division chief of finance and administration – a position that makes him effectively the finance director of the central bank.


Munyati was the chief executive of the SMM groups, the hub of Mawere’s empire, which has now been taken over by the government.


Government recently took over Shabani Mashava Mine, FSI and other companies Mawere owned.


Munyati is considered to have been the anchor of Mawere’s empire. He joined the THZ group in 1993 and served in positions of managing director of the steel production division, THZ group finance director and chairman.

He was also the chairman of most SMM-associated companies. Prior to his abrupt departure, he was the chairman of Turnal, Steelnet and General Beltings – all of which came out of the unbundling of the THZ group.


Munyati is a qualified chartered accountant and holds a Bachelor of Accountancy degree from the University of Zimbabwe.


When contacted for comment, he referred all inquiries to the central bank’s public relations department saying he was not allowed to comment on anything in his individual capacity.

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