adminZapu to lose property over debt
Court Reporter
THE High Court has issued a writ of execution against movable property belonging to the Zimbabwe People’s Union (Zapu) for its failure to settle their rentals of more than $9 000.
Politburo discusses draft constitution
Herald ReporterThe Zanu-PF Politburo yesterday discussed some of the contentious issues in the Copac draft constitution and raised technical concerns that the party wants to be addressed.
By the time of going to Press, the party had gone through the first 10 chapters and was left with eight more that were expected to drag debate.
Sources said the draft constitution was being discussed in an amicable manner, with no major differences and objections raised on the first chapters.
“We have gone through some of the contentious issues and agreed on the technical issues that need some attention,” said a Politburo member.
The sources said the technical issues revolved around some of the major topics contained in the draft constitution.
The meeting started around 1pm.
The Politburo was discussing the draft constitution section by section, with the members being accorded a chance to air their views for possible amendments.
The purpose of the review was meant to find out if the party agrees with the provisions of the draft constitution.
Some of the contentious issues in the draft constitution include devolution of power, executive powers, citizenship, death penalty and homosexuality.
Copac produced the draft constitution only this week after missing the deadline by almost two years.
Members of the select committee were criticised for taking long to produce the new charter.
They were accused of delaying coming up with the new constitution for them to continue enjoying the huge allowances they received from the donors.
Editorial Comment: City can do better to conserve water
The serious problems faced by Harare City Council in abstracting seriously contaminated raw water and having to treat this adequately to make it safe are not an excuse to deny vast swathes of the city treated water for days on end.The outbreaks of typhoid and the ever present danger of cholera, require that every household should have a basic supply of safe water for at
Banking Act set to be amended
Farirai Machivenyika Senior ReporterGOVERNMENT is working on amendments to the Banking Act to compel banks to pay interest on deposits and set limits on interest rates to be charged on loans.
Merchants still to review seed cotton price
Agriculture ReporterMerchants are still buying the seed cotton at the old price of between 29 cents and 35 cents per kilogramme. Agriculture, Mechanisation and Irrigation Development Minister Joseph Made on Wednesday announced a minimum price of US$0.77 per kilogramme after farmers and ginners failed to agree
Civil servants slam Minister Biti
Herald ReporterGOVERNMENT workers have slammed Finance Minister Tendai Biti for his utterances in Parliament rebuking them for demonstrating against poor salaries and working conditions.
US keen to normalise relations
Zvamaida Murwira Herald Reporter
The United States is keen to engage Zimbabwe to lift sanctions and normalise relations after realising that the embargo had not produced any meaningful effect, a former diplomat has said.
‘Give schoolchildren condoms’
Lloyd Gumbo in Gweru
Copac requires US$2m to host conference
Herald Reporters
Copac requires at least US$2 million to host the second all-stakeholders’ conference where 2 000 delegates are expected to
Royal Bank shuts down
Victoria Ruzvidzo and Martin Kadzere
ROYAL Bank has surrendered its licence amid revelations that the bank has been involved in serious abuse of depositors’ funds and is burdened by non-performing insider loans among a cocktail of operational irregularities.
It becomes the third bank to fall in as many months.
Reserve Bank of Zimbabwe senior division chief: Banking Licensing, Supervision and Surveillance Mr Norman Mataruka last night said onsite investigations by the central bank had unearthed gross irregularities indicating the bank was beyond redemption.
Royal, which was reissued with a licence two years ago had a capital base of US$1,9 million against the requisite US$12,5 million for commercial banks and cumulative losses of US$6 million to June 2012 rendered the bank insolvent.
“The surrender of the licence followed a Reserve Bank of Zimbabwe’s determination that Royal Bank was no longer in a safe and sound financial condition.
The institution has failed to maintain the prescribed minimum amounts of capital and reserves in violation of the Banking Act and has failed to conduct banking business in accordance with sound administrative and accounting practices and procedures, adhering to proper risk management policies,” said a statement issued by RBZ Governor Dr Gideon Gono last night.
Briefing journalists in Harare, Mr Mataruka described the banks’ shareholders and directors as unrepentant, abusing funds in the same manner that saw the bank collapse in 2004.