HomeLocal NewsThe good, the bad and the ugly of 2012

The good, the bad and the ugly of 2012

THE year has come to a close with drama that would make another cool Western flick in the league of legendary director Sergio Leone’s The Good, the Bad and the Ugly.

Marriages that would never be; plots to stop the premier’s union with his sweetheart; another bank closure, President Robert Mugabe and Prime Minister Morgan Tsvangirai teaming up to ensure Deputy Prime Minister Arthur Mutambara remains a principal in the inclusive government while the legitimate leader of the MDC, Welshman Ncube, remains just that, despite a Sadc resolution confirming him as a principal. Read on:

The Good
January– Biti strips Zimbabwe Revenue Authority boss of all powers
Liquid Telecom acquires ZOL
TN Acquires a controlling stake in Pelhams.
February- Econet Wireless Zimbabwe sells its 19,7% stake in Afre at a premium of 514%.

February– Nssa takes over RMB and Afre.
An age clause seeking to limit the age of a president to 70 in the draft constitution is seen targeting Mugabe ( 88 at the time) from running as president.

Rainbow Tourism Group (RTG) nearly lose its Bulawayo Rainbow Hotel after CBZ Bank Ltd sent a letter of demand over a US$2,5 million facility which matured in January.

April – Former Murray & Roberts (M&R) Zimbabwe CEO Canada Malunga, Paddy Zhanda, high-flying South African executive Sam Sithole, and Michael McCulloch acquire M&R Zimbabwe through Zumbani Capital, the consortium that bought a 47% stake.
April – Afre Corporation says it will explore a legal route to recover US$1,3 million the company lost in a scrip lending deal that went bust during former executive chairman Patterson Timba’s administration.

June – TN Bank announces plans to list separately on ZSE.
KINGDOM Financial Holdings Ltd reaches an agreement with Mauritius-based financial services group AfrAsia Bank Ltd and pledges to invest US$9,5 million for a 35% equity in the group. The investment completes the recapitalisation of KFHL and paves the way for the group to accelerate its strategic initiatives to consolidate the operations of its key subsidiaries.

September – Prime minister Morgan Tsvangirai marries his sweetheart Elizabeth Macheka.

October– Tiger Brands buys a stake in Natfoods.

October – The Federal High Court of Nigeria hands down judgment in favour of Econet in the dispute with Bharti Airtel Nigeria.

December – Zanu PF gives up on all but two contentious issues in the draft constitution.
PPC’s subsidiary Portland Holdings announces plans to invest at least US$200 million towards construction of a new cement plant in Rushinga, Mashonaland Central.

The Bad

January– Patterson Timba and Dunmore Kundishora go ahead with a disputed EGM.

February – Munyaradzi Kereke, RBZ governor Gideon Gono’s adviser, is fired from the central bank.

March – Shah files fraud charges against Tetrad Investment Bank and Interfin Banking Corporation.

May – ZSE CEO Emmanuel Munyukwi suspended from the ZSE.

June – Another bank bites the dust. An investigation into the operations of Interfin Banking Corporation unearths wholesale looting that left the bank reeling from non-performing insider loans of US$60 million, poor corporate governance and general abuse of depositors’ funds by the bank’s shareholders –Farai Rwodzi, Tim Chiganze and Jerry Tsoodzai.

July – THE Reserve Bank of Zimbabwe raises minimum capital requirements for banks tenfold to US$100 million in a bid to protect depositors’ funds.

July – Officials from the Ministry of Lands and its lands inspectorate department as well as people believed to be members of the Zimbabwe National Army occupy part of CFI Holdings’ prime farm — Glenara Estates.

One of Zimbabwe’s wealthiest businessman Sam Levy dies aged 82.

August– Bindura Nickel Corporation (BNC) escapes possible liquidation after employees accept a settlement plan involving cash and shares to settle back-pay liabilities and retrenchment packages.

December– Tawanda Nyambirai steps down from the board of Econet as chairman.

The Ugly

February – Kereke, who was a close confidant of Gideon Gono, makes sensational claims that he did the bulk of academic work for the central bank’s chief’s doctoral degree and threatens to have Gono stripped of his PhD. He also accuses Gono of looting over US$6,5 million and gold from the RBZ at a time when Zimbabweans were reeling from extreme poverty.

June – Never rains but pours as Rwodzi’s Eastlea Spar is Shut Down.

September – Locardia Karimatsenga drags her former boyfriend Prime Minister Morgan Tsvangirai to court and attempts to block his wedding to Elizabeth Macheka.

November– Evidence of BATZ industrial espionage emerges. An internal document titled: Competitor Strategy Document spells out underhand tactics to beat the competition.
December – Econet takes over TN Bank Ltd. Bank to go private.

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