There is always a moment in any kind of struggle when one feels in full bloom. Vivid. Alive. One might be blown to bits in such a moment and still be at peace. Martin Luther King Jr. at the mountaintop. Gandhi dying with the name of God on his lips. Sojourner Truth baring her breasts at a women's rights convention in 1851. Harriet Tubman exposing her revolver to some of the slaves she had freed, who, fearing an unknown freedom, looked longingly backward to their captivity, thereby endangering the freedom of all. To be such a person or to witness anyone at this moment of transcendent presence is to know that what is human is linked, by a daring comparison, to what is divine. During my years of being close to people engaged in changing the world, I have seen fear turn into courage. Sorrow into joy. Funerals into celebrations. Because whatever the consequences, people, standing side by side, have expressed who they really are, and that ultimately they believe in the love of the world and each other - which is the foundation of activism.
- Alice Walker reflecting on working for peace
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6 comments:
Change is coming. But you have to tell us about the story of ENG. I am concerned and would like to have deeper details of the ENGgate.
Can you tell me which news site can I read the full story.
There is some information on this site if you surf through it.I treid to be brief and relevant.In better times I will be able to shade more light.
I am happy that ENG was able to fully repay liabilities and creditors despite assets being sold at depressed prices.
Below is the brief ENG Group Structure ;
ENG HOLDINGS GROUP STRUCTURE
- SUBSIDIARIES
- ENG CAPITAL INVESTMENTS PVT LTD
- ENG ASSET MANAGEMENT PVT LTD
- ENG REAL ESTATE PVT LTD
- ENG NOMINEES PVT LTD
- ENG PRIVATE EQUITY (PVT) LTD
- ENG CAPITAL ADVISORY SERVICES PVT LTD
- ENG STRUCTURED FINANCE PVT LTD
- ENG Research Institute
ADDITIONAL MAJOR ASSETS OWNED
- Century Bank Holdings ( now CFX bank)
- Leasing Company of Zimbabwe
- Century Asset Managers
- Century Discount House
- Hybri Micro-Finance Institution
- Care Insurance PVT LTD
- RestCel Insurance PVT LTB
- Hornet Reinsurance
- Pearl Pension Fund Management (PVT) LTD
- Amalgamated Health Services – (Harare West Hospital )
- About 10% of OK Zimbabwe Limited
- 15% of Zimplow Holdings Limited
- 20% Medtech Holdings Limited
- 15 % Clan Holdings Limited
- Allied Conveyor Belts PVT LTD
- Real Estate including ( Belgravia House,Thaine Building, Anastacia Court Residential Complex)
There is need to understand ENG Capital’s ability to mobilise Zimbabwe dollars. At its peak ENG was peerless and unrivalled in the Zimbabwean financial market in its ability to raise and access Zimbabwe dollars. The ENG Capital Group treasury was made up of the following individual units Century Bank, Century Asset Management, Century Discount House, Leasing Company of Zimbabwe, ENG Asset Management and Hybri Micro-Finance Institution. ENG Capital group had a market capitalisation of US$ 75 million, just before the RBZ descended on the Institution.
This made ENG the single biggest combined treasury in the Zimbabwe Financial market. The installation of RTGS immediately allowed the Authorities to trace which Institutions were the biggest movers of money and the money market. The authorities were alarmed to learn that ENG (an unknown firm to them) and which didn’t have a political “Godfather” was allowed to control such resources. A further study was made to trace the political inclination of the shareholders and directors.
ENG was not well represented in the political ladders. The belief was that any independent financial resources could be used and was being used to clandestinely support the opposition or politicians deemed undesirable. In addition business owners were supposed to show gratitude by donating and financing the political set up. Any meaningful business group was supposed to be well known and its owners be vetted by the authorities’ political process.
Any business which didn’t fit that bill had to be either closed, nationalised or shareholding restructured.(by any means necessary). Dr Gono needed a high profile scapegoat and start his new career with a bang.
In 2002, ENG Capital applied for a banking licence. The application was quickly dismissed .Due to this failure ,in April 2003 ENG acquired Century Discount house as a strategy to enter the Banking sector. A cash consideration was paid.
ENG then applied to the Registrar of Banks for the approval of change of shareholding structure. The approval was denied .On further enquiring about the approval denial the Registrar ‘s officers mentioned that the approval will not be for the coming mainly because of ENG Directors age and unknown political background and views. They advised us to restructure our shareholding to accommodate politically acceptable individuals in addition to start being active in funding political activities that would maintain the status quo.
This situation spelled a disaster for ENG as I was of the view that we should not be part of any arrangement that could compromise our reputation, image and market perceptions. In the meantime the seller (Century Holdings) of Century Discount House was not in a position to refund ENG Capital of the purchase price paid. This forced ENG Capital to acquire a controlling stake in Century Holdings ,which was listed on the Zimbabwe Sock Exchange. This at least limited the potential loss since the purchase of Century Discount House was now an inter-company transaction. Obviously the refusal to restructure the shareholding to accommodate those politically correct and the refusal to being active in funding political activity didn’t please those who felt it was their God given right to receive support from any and all companies operating in the country. This independence was viewed as being lack of gratitude.
Anti-Graft war was a diversionary tactic by the government to sway public attention for deepening economic hardships and simultaneously used to punish people deemed a threat to the ruling party as could challenge ruinous policies and they possessed adequate resources which the opposition could draw on.
The idea was to shift blame and attention to perceived government opponents and simultaneously dispossess them of assets. An important observation is the rapid asset ownership change that accompanied the so called "Anti-Graft" war. Trust Bank, Barbican Bank and Royal Bank was taken over by the government of Zimbabwe through forced nationalisation into an entity called Zimbabwe Allied Banking Group.
The shareholders were not paid any meaningful compansation.Their only reward was threat of jail and they were specified without being given any opportunity to present their side of the facts. Africa Resources and entities associated with it were taken over by the Government of Zimbabwe.Whilst various reasons were given its clear the methods used were not legal and can not stand before any competent court and pass any reasonable test of being a justifiable action.
Thanks for the information. I am just a concerned citizen. I hope things get back to normal in Zimbabwe. Some of us want to go back rebuild the country. We want true leaders.
Thanks I will keep an open feed to your blog so that I get updates.
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