adminwas never a shareholder of Time Bank Zimbabwe and the bank’s alleged irregular dealings with his companies in 2004 that caused the closure of the bank were actually above board.
At the time of the bank’s closure, Mr Gumbo posed as a shareholder and director of Time Bank. Loans were advanced to his companies including Assetfin, Shopex and these loans were treated as insider loans because of his status in all the companies involved. This was used as one of the reasons for the closure of Time Bank during the same year.
Mr Gumbo’s revelation is contained in a supplementary affidavit filed at the High Court in which he signed an agreement confirming that he was never a shareholder of the bank.
The supplementary affidavit is part of evidence contained in a case involving Assetfin director Paul Chidawanyika and the Anti-Corruption Commission.
The affidavit that was signed in February this year also clarifies the relationship between Mr Gumbo and Time Bank founder and chief executive Mr Takura Tande.
“Mr Christopher Wesley Takura Tande and Mr Oniyas Gumbo are neither relatives nor related as defined in Section 35 of the Banking Act. Assetfin (Pvt) Ltd and Shopex (Pvt) Ltd confirm that they got lawful loans from Time Bank of Zimbabwe Limited.
“The transactions between the two companies owned by Mr Oniyas Gumbo and those companies owned by Mr Tande were lawful commercial transactions done at arm’s length, in good faith and with lawful intention,” read part of affidavit.
In turn, the agreement also points out that Mr Tande was never a shareholder or director of Assetfin and Shopex.
In his submission Mr Chidawanyika pointed out that: “At all material times, we insisted that Mr Oniyas Gumbo had nothing to do with Time Bank either directly or indirectly through someone or any company. He was never a shareholder or director in Time Bank of Zimbabwe.
“Thus all allegations and complaints by Mr Oniyas Gumbo pertaining to him owning a stake in Time Bank of Zimbabwe were clearly false.”
“Sadly and regrettably the Anti-Corruption Commission took Gumbo’s false claims seriously and magnified them into truths despite our clear warnings and submissions of correct information.
“Basically Mr Gumbo misled regulatory authorities on Time Bank and there are potential damages which can be claimed by Time Bank on Assetfin in respect of such conduct. We did not want Assetfin to suffer from such claims, hence as directors we sought to establish the truth and we are happy that the position is cleared.”
Time bank is currently in the process of preparing to re-open this year as an investment bank after it regained its licence following lengthy court battles with the Reserve Bank of Zimbabwe.
Peter Tanyanyiwa
Online Reporter