admingovernance schemes that seem to be characteristic of some firms.
The Renaissance story continues to unfold, with startling revelations that have been unearthed from investigations carried out so far.
We hope the authorities will get to the bottom of it all and proffer solutions that will cushion the sector from the contagion effects associated with a scam of that magnitude.
Elsewhere in this paper we also carry an article in which Trust Holdings executives William Nyemba, Chris Goromonzi and Josphat Sachikonye have been asked by the High Court to pay a loan of US$1,5 million plus interest calculated at 15 percent per year to businessman Jayesh Shah.
This is coming from a deal secured in 2004.
We can only hope this will not affect the operations of the recently re-licensed bank.
Banking is certainly about trust, honesty and integrity.
But is it such cases that will continue to label the financial sector a high risk area.
This tag is not helpful at all, particularly at a time depositors have begun to invest their confidence in the banking sector once again.
They have taken years to recover from the 2004 banking sector crisis that saw the fall of a number of institutions and their executives.
Lessons were learnt, I suppose, from that period on how not to run an institution.
It would really be folly for anyone to do a repeat of that which claimed the scalps of many.
The financial sector, in particular, plays an intermediary role in the economy hence it needs to be operating at its optimum.
Depositors need continuous reassurance that their funds are in safe hands while corporates should also operate with the confidence that the banking sector has the wherewithal to not only safeguard their funds but be in a healthy state to extend a helping hand as and when such assistance is required.
The economy is facing a serious liquidity crunch whose impact can only be minimised by a sound, innovative and sober banking system.
Market rumour has it that the next few weeks could also be telling in terms of corporate fraud and other scandals that could rock the corporate sector in a big way.
Names have not been thrown around yet but we understand something is in the boil.
This is not something anyone can celebrate.
Of course, for the media any big scandal is good copy but our desire is to ensure stability in the economy.
Zimbabwe is expecting a 9,3 percent growth hence all energy should be directed towards achieving, if not surpassing that figure.
Attention should not be diverted to energy-usurping scandals that will not profit the nation.
While information on some of these scandals is still very limited, fears are that there is so much wrong going on in firms, banks included, as part of the financial engineering that has been adopted by some.
Without necessarily declaring anyone or any institution guilty, the levels of fraud are alarming and require a sober thought process to work everything out.
The banking sector and the economy at large could do with a lot of confidence-building and not anything in the mould of the cases that have been reported lately.
It is not helpful at all.
Let us all be motivated by the desire to see our economy grow so that wealth can be generated, business opportunities exposed and jobs created for the thousands that are presently economically disabled.
We sincerely hope that the latest scandal is not the tip of the iceberg but a chip off the 2004 hangover that has just taken long to pass.
In God I trust!
[email protected]
Online Reporter