HomePoliticsRBZ caught in own blitz

RBZ caught in own blitz

Shakeman Mugari

THE Reserve Bank of Zimbabwe (RBZ) has been caught up in a web of its own making after revelations this week that its wholly-owned subsidiary company, Finance Trust of Zimbabwe (Pvt) Ltd (Fin

trust) has been struck off the companies’ register after failing to pay the $30 000 statutory fee.

It also emerged this week that the RBZ company has been operating without registration and a valid certificate of incorporation for the past month.

The company was then declared defunct by the Registrar of Companies in the Government Gazette of January 16.

The firm appears among some 162 companies that were struck off the companies register under Section 320 of the Companies Act (Chapter 24:03).

According to details from the Deeds Office, Fintrust was struck off after “proper communication” between the central bank and the Registrar of Companies.

Fintrust was registered in 1987 as company number 167/87. The company was set up to oversee investments on behalf of government.

It owns millions of shares in three listed companies – Tractive Power, Astra Tractive and Cairns Holdings – where it owns stakes ranging from 60% to 67%. Sources said Fintrust’s deregistration meant the firm’s billions worth of investment in the listed companies was now illegal because it was an unregistered entity.

An RBZ statement confirmed that the company was no longer registered.

“We are aware that the company was struck off the register of companies due to failure to file statutory returns, and the necessary action has been taken to restore it to the register of companies,” the RBZ statement to businessdigest said.

It said Fintrust was under the directorship of deputy governor Charles Chikaura, director of finance and administration Peter Mujaya, director of economic research Edward Mashiringwani and Prince Machaya, secretary to the board and legal council.

The directors of the company were this week making frantic efforts to return the company to the register after being alerted by questions from this newspaper.

Section 320 of the Companies Act says that a company is deregistered when there are reasonable grounds to indicate that it is defunct or when it fails to pay annual returns to the office of the Companies Registrar.

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