'Rampant corruption threatens Zimbabwe banking sector'

'Rampant corruption threatens Zimbabwe banking sector'
Published: 13 July 2017 (917 Views)
DEPOSITORS Protection Corporation (DPC) chief executive officer, John Chikura, has said the worsening economic crisis facing the country was hindering the performance of most banks, but warned that most of them were facing total collapse, as they were engaging in corrupt activities.

Chikura made the remarks at a breakfast meeting with various bank executives in Mutare yesterday.

The meeting was meant to update stakeholders on the functions of the deposit protection scheme.

"Yes, the economy is not performing and, naturally, the banks would struggle, but the bad corporate practices will make the situation even worse. It is what we do that contributes to the failure of banks,'' he said.

"Corruption, corruption is killing us in the sector. Two weeks ago it came out that there is an issue of a piece of land that was sold to an organisation for $3,5 million and the board does not know where the land is."

Chikura was referring to the mystery over the National Social Security Authority's (NSSA) missing 529 hectares of land acquired using pensioners' funds in Chegutu 14 years ago.

This came as NSSA board chairman, Robin Vela confirmed on Monday that they bought the "missing land" from businessman Philip Chiyangwa.

"Last Friday, we heard of about a $500 000 loan facility that was given to senior government officials. They only borrow and they don't pay back. Let's promise, as a sector, that we are not going to engage in corruption.

"My wish is to see strong banks that are surviving. Banks are like human beings, something should be done for them to survive.

"Bad governance does affect our sector. It's a big challenge facing our banking sector. We need to justify why we are straightforward in a country where corruption is rampant."

- newsday

 0

You May Like These Videos

Comments

There are no comments.

Latest stories

Cleansing ceremony for Gweru- Kwekwe highway black spot

by Staff reporter | 21 June 2018 | 79 Views

.Man hangs self in neighbour's yard

by Staff reporter | 21 June 2018 | 99 Views

Peter Ndlovu's story told in World Cup advert

by Staff reporter | 21 June 2018 | 113 Views

Banks set to cut transaction costs

by Staff reporter | 21 June 2018 | 95 Views

Mnangagwa descends on Matebeleland South

by Staff reporter | 21 June 2018 | 61 Views

Chamisa, Welshman Ncube clash?

by Staff reporter | 21 June 2018 | 112 Views

Bosso coaches gets Barcelona attachment

by Staff reporter | 21 June 2018 | 56 Views

'Mnangagwa our biblical Joshua'

by Staff reporter | 21 June 2018 | 56 Views

Econet unveils Ecocash business wallet

by Staff reporter | 21 June 2018 | 61 Views

Candidate promises bacon, egg and milk

by Staff reporter | 21 June 2018 | 41 Views

Why do so many Zimbabweans want to be President?

by Christopher Farai Charamba | 21 June 2018 | 51 Views

Dinha withdraws candidature

by Staff reporter | 21 June 2018 | 71 Views

Car dealer swindles over 50 people of cash

by Staff reporter | 21 June 2018 | 50 Views

Opposition overwhelmed by Mnangagwa's new dispensation

by Nobleman Runyanga | 21 June 2018 | 71 Views

10 Chinese medical specialists arrive

by Staff reporter | 21 June 2018 | 51 Views

Bosso ECD win #VisitZimbabwe curtain raiser

by Staff reporter | 21 June 2018 | 49 Views

ZTA ropes in Mai Chisamba as tourism ambassador

by Staff reporter | 21 June 2018 | 48 Views

MDC Alliance tells independent candidates to withdraw

by Staff reporter | 21 June 2018 | 51 Views

11-year-old gets HIV after rape

by Staff reporter | 21 June 2018 | 45 Views

Farai Jere takes over as PSL chairman

by Staff reporter | 21 June 2018 | 41 Views

3rd pupil suicide this term as Form One girl hangs

by Staff reporter | 21 June 2018 | 44 Views

Prophet Magaya fails to shake off rape trial

by Staff reporter | 21 June 2018 | 70 Views

Econet payroll moved to Ecocash

by Staff reporter | 21 June 2018 | 26 Views

Truck drivers, soldiers clash at Beitbridge border post

by Staff reporter | 21 June 2018 | 32 Views

Iyasa premiers kids play in Austria

by Staff reporter | 21 June 2018 | 38 Views

Britain increasingly willing to cosy up to nasty regimes

by Economist | 21 June 2018 | 27 Views

Politics of entitlement: A threat to electoral democracy

by Terrence Muvoti | 21 June 2018 | 48 Views

Zesa employees injured in freak accident

by Staff reporter | 21 June 2018 | 29 Views

Women urged to embrace politics

by Staff reporter | 21 June 2018 | 18 Views

TelOne offering enters the big data services

by Staff reporter | 21 June 2018 | 49 Views

Mnangagwa, Chamisa fret over 'rebels'

by Staff reporter | 21 June 2018 | 53 Views

Mutsvangwa tells Zimra to 'shape up'

by Staff reporter | 21 June 2018 | 25 Views

Chamisa must step down, says MDC

by Staff reporter | 21 June 2018 | 97 Views

Legends match flops

by Staff reporter | 21 June 2018 | 33 Views

Charumbira refuses to comply with a recent High Court order

by Staff reporter | 21 June 2018 | 30 Views

Social media game changer of 2018 polls

by Staff reporter | 21 June 2018 | 69 Views