HomeBusiness DigestNMBZ's Julius Makoni anxious to return

NMBZ’s Julius Makoni anxious to return

FORMER NMBZ Holdings chief executive officer and founding shareholder Julius Makoni could be coming home after the government dropped charges against him.

Government this week lifted specification imposed on Makoni and his busine

sses indicating it had found no case against the businessman who fled the country to Britain in 2004 after a crackdown on bankers alleged
to have masterminded the externalisation of huge sums of foreign currency from the country.

The Zimbabwe Independent revealed on March 24 that Makoni had no case to answer.

Makoni’s lawyer, Martin Makonese, of Makonese & Partners, confirmed to businessdigest that Makoni was returning to Zimbabwe.

“I confirm that he is coming back,” said Makonese. “He is anxious to come back.”

Makonese said Makoni had been cleared of any wrong-doing in a case involving him and three other former NMBZ Holdings executives.

Makonese said he had no indication when Makoni would come into the country.

“I don’t have the exact date but he is anxious to come back,” he said.

Makoni fled the country to Britain in 2004 together with three other NMB executives — Otto Chekeche, Francis Zimuto and James Mushore — after being accused of externalising foreign currency.

The three remain specified under the Prevention of Corruption Act by the Minister of Justice and Parliamentary Affairs, Patrick Chinamasa, over the externalisation charges.

The four directors’ bank accounts and assets were frozen after they left the country.

Meanwhile, NMBZ Holdings Ltd has proposed to increase its authorised share capital for recapitalisation of the commercial bank by way of a rights issue.

NMBZ’s shareholders will vote for the recapitlisation at an extraordinary general meeting to be held on July 28.

The financial institution wants to raise fresh capital to meet the Reserve Bank’s new capital requirements of over $1 trillion before a deadline set for the end of September.

NMBZ last year made another rights issue to raise capital of $100 billion for its commercial bank. — Staff Writer.

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