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Zimbabwe: CBZ Vows to Thwart Dodgy Transactions

by telegramnews
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CBZ Holdings Limited has vowed to stop dodgy transactions involving political bigwigs that had blighted the bank’s operations over the years.

CBZ Holdings board chairperson Marc Holtzman in an interview this week said he would ensure fundamentals are observed insisting any deviation from values of integrity would not be tolerated.

The bank, still reeling from a US$385 million penalty by United States’ Office of Foreign Assets Control (Ofac) for numerous financial transactions done on behalf of ZB bank, then under economic sanctions, has in the past been involved in handling other questionable transactions.

CBZ was involved in the Command Agriculture programme whereby it processed in excess of US$3 billion worth of transactions that were not invoiced. It was also fingered in the facilitation of the alleged externalisation of about US$1,5 million by Vice-President’s wife Marry Chiwenga.

But Holtzman said while he could not be held responsible for what happened in the past, he would make things right going forward.”So I cannot be held accountable for things that have happened before I got here. But I can be responsible for what is happening now and I’m proud to take full responsibility. We brought on board several months ago a much respected internal auditor and I’m even doing external audits in every department here. Any deviation from integrity will not be tolerated. Absolutely we are ready to separate politics from business,” he said.