ENG Investment in CENTURY BANK

http://www.zimbabwesituation.com/jan6_2005.html#link4

Zim Online

Reserve Bank governor, ministers' investments trapped in closed bank
Thur 6 January 2005
HARARE - Reserve Bank of Zimbabwe (RBZ) governor Gideon Gono and two
senior government ministers' investments are trapped in the collapsed CFX
Bank Limited.

State security minister Nicholas Goche, State Enterprises Minister
Rugare Gumbo and central bank governor Gideon Gono bought 17 percent of CFX
from the liquidated ENG Capital Investments Private Limited through an
investment vehicle known as Network Investments.

The trio later bought 13 percent more from CFX founder Sean Maloney
when he was ordered by the central bank to reduce his stake from 66.59
percent to about 30 percent.

Former ENG directors Nyasha Watyoka and Gilbert Muponda are contesting
the takeover by the three top government officials.

The two allege the ENG liquidator Reggie Saruchera undervalued the
shares prejudicing the former directors. They want the courts to set aside
the sale of the 309 million shares by the liquidator to Network Investments.

CFX Bank was shut down by the RBZ on December 23 after it was
discovered that it was not in a sound liquidity position. Senior executives
allegedly concealed information on accumulated losses of $115 billion from
auditors, leading the central bank to shut down the bank.

The bank is now under the management of a curator appointed by the
central bank..

At least nine banks and financial institutions have collapsed in the
last 12 months as a result of gross mismanagement. - ZimOnline