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Barclays battles for results’ approval

Roadwin Chirara

LISTED banking group Barclays Bank is battling to have its year-end results for 2004 approved by the Reserve Bank of Zimbabwe.

The company’s results, according to the new central bank regulations, have to be presented for approval by the monetary authority before being released to the general public.

The position of the banking group is reported to be worsened by the call for clarification by the central bank of some of its transactions.

The financial results of the bank were due to be released at the beginning of the year.

The Barclays position is also reportedly being worsened by the need to meet stock exchange regulations or risk being suspended from the Zimbabwe Stock Exchange.

The ZSE regulations for listed companies require a company to publish its results within 30 days of year-end, giving the bank until March 31 to have fulfilled the set rules.

Barclays’ communications and community manager Sibongile Mapungwana confirmed that the company’s results were still to be approved by the central bank.

She blamed the delay on the procedure used by the bank to meet the new set regulations enacted recently.

“The results have not been disapproved by the central bank, the process has just taken longer than anticipated as they have requested clarifications on the approach followed in meeting some of the new regulatory requirements,” said Mapungwana.

The Reserve Bank recently announced new rules stipulating that financial institutions have to submit clean certificates of systems audits accompanying their annual financial statements as a precondition for obtaining authority to publish their accounts.

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