Articles tagged 'allied bank'

Creditors crank heat on Mpofu's Allied Bank 12 July 2017 HARARE - Liquidator of the collapsed Allied Bank, Cecil Madondo, who is being sued by one of the creditors seeking to recover money locked in the financial institution, has said the Deposit Protection Corporation (DPC) must  provide answers to the bank's creditors. Zimbabwe Amalgamated Housing...
Zivhu demands $1,5m locked in Allied Bank 13 June 2017 HARARE - The Zimbabwe Amalgamated Housing Association (Zaha) has approached the High Court seeking to recover nearly $1,5 million that was locked up in Allied Bank of Zimbabwe. Allied Bank, majority owned by a vehicle linked to Economic Planning and Investment Promotion minister Obert Mpofu, h...
Minister Mpofu in trouble over $3m debt 15 March 2017 HARARE - Macro-Economic Planning minister Obert Mpofu could lose his plush Glen Lorne property after he was dragged to the High Court by CBZ Bank over a long over-due debt of nearly $3 million. According to court documents, Mpofu's now-defunct financial institution, Allied Bank, borrowed the m...
'We've not defaulted on DBSA loans' 29 January 2015 HARARE - The Zimbabwe National Road Administration (Zinara) says it has not failed to pay its $9 million-plus Development Bank of Southern Africa (DBSA) quarterly installments, according to board chairman Albert Mugabe. This comes amid swirling rumours that the highways agency was struggling t...
245 Allied Bank workers lose jobs 16 January 2015 HARARE - Two hundred and forty-five workers are set to lose their jobs upon liquidation of Transport minister Obert Mpofu's collapsed Allied Bank. This comes as nearly 1 000 banking sector employees were pushed onto the streets in 2014 as some financial institutions rationalised operations whi...
Minister Mpofu's Allied Bank collapses 9 January 2015 HARARE – Distressed Allied Bank, owned by Transport minister Obert Mpofu, has voluntarily surrendered its banking licence to the Reserve Bank of Zimbabwe (RBZ). The central bank said the financial institution's licence was revoked “in terms of section 14 (4) of the Banking Act [Chapter 24:20]”...
Mauritius deal to bolster ops: Allied 11 March 2014 HARARE - Allied Financial Holdings (AFH) says Terence Mukupe’s appointment as the group’s chief executive — under a deal with a Mauritius-based consortium — is expected to bolster the institution’s operations. Farai Mutamangira, AFH’s chairperson, said the coming in of Mukupe “reaffirms our co...
Revive depositor confidence 18 December 2013 HARARE - The collapse and closure of banks established after independence reflect a miserable episode in renegade corporate governance among local entrepreneurs that has spawned a deepening banking crisis. Just when confidence was gradually building and a saving culture developing after deposi...
Riots over cash 17 December 2013 HARARE - Civil servants ran amok at Allied Bank yesterday, beating up a branch manager and destroying glass doors as they demanded their money. The chaos began shortly after 9am at Allied Bank branch along Third Street, Harare, when depositors were told that they could not get their money. ...
Banks must give depositors their money 17 December 2013 EDITOR — I feel really concerned with the trouble that has besieged banks once again in this country. We are once again seeing many depositors trying to get their money from these troubled banks, resulting in long queues and depositors queueing for days to get a fraction of their deposit. I...
Bank ordered to reinstate employee 6 November 2013 HARARE - The Supreme Court has ordered Zimbabwe Allied Banking Group (ZABG), now known as Allied Bank, to reinstate a former boss who was unfairly dismissed from the banking institution. Stella Nhari appealed to the Supreme Court after a Labour Court upheld her dismissal. Nhari was employed...
Allied Bank courts investors 3 April 2013 HARARE - Newly-rebranded Allied Bank is courting potential investors to enable it to meet the central bank s minimum capital requirements. Farai Mutamangira, the group s chairperson, said they are currently in negotiations with two equity partners. The bank is confident that these negotiations wi...