The recent discussion paper from some Zimbabwean Academics based in the UK makes sad reading especially when they propose a Non Resident Tax aimed specifically at expatriate Zimbabweans based across the world. The idea must be totally rejected and exposed as another scheme to over burden an already over-stretched section of Zimbabwean population. The Diaspora is already facing multiple taxation; this must not be worsened by the ill advised idea of an additional Diaspora tax.
The Zimbabwean Diaspora population has already played a critical role in keeping Zimbabwe from total collapse. During the peak of the Economic meltdown induced by poor policies and bad Governance Zimbabwe was kept afloat by remittances from the Diaspora. Minister Biti recently confirmed that the Diaspora had remitted more than US$ 160 million this year.
This amount is a material amount which has assisted to maintain Zimbabwe from collapsing into a failed state .It is unfortunate that instead of showing some gratitude to the Diaspora Community certain sections remain determined to keep squeezing the Diaspora. It would be good for a change for the Diaspora to start receiving some thanks, concessions and appreciation.
During Prime Minister Tsvangirai’s world tour in June 2009 as some will recall he was booed by the Zimbabwean Community when he proposed they return home. After that debacle I wrote to the Prime Minister Link http://muponda.blogspot.com/2009/06/june-2009-letter-to-prime-minister.html . Diaspora Zimbabweans are mostly committed to their country but it appears this has been a one Way Street as those in Zimbabwe have not been willing to readily acknowledge the critical role being played by the Diaspora.
There are important issues that remain out standing which must be addressed before the Diaspora is forced to finance what is other wise a “forced” Government of National Unity (GNU). Firstly Zimbabweans in Diaspora must be allowed the following;
(1) Dual Citizenship
(2) Right to Vote
(3) Diaspora based Members of Parliament and Senators
(4) Tax Credits for any investment made in Zimbabwe
(5) Import Duty Waiver status
These are minimal conditions which must be afforded the Diaspora without any link to paying the new proposed tax. These are rights which the Diaspora Zimbabweans have already earned and should be granted before a new tax is proposed.
The attempt to link the new tax to Citizenship is both illegal and mischievous. The Diaspora Community has been taken for granted for too long which has led to this misdirected effort that Diaspora needs to pay additional tax to maintain Citizenship or to be allowed to vote. This is illogical as it suggests someone should buy what already is a birth right. This type of thinking is not progressive and will only lead to resentment by the Diaspora Community .And those in the Diaspora need to be more proactive and be more organized otherwise your hard earned money will be spent and budgeted for you by some politician in Harare.
This article appears as courtesy of GMRI Capital ( www.gmricapital.com) prepared for 3MG MEDIA
Gilbert Muponda is a Co-Founder of 3MG Media . He can be reached at;
Email: gilbert@3mgmedia.ca . Skype ID: gilbert.Muponda
Twitter ; http://twitter.com/gmricapital
Phone: 1-416-841-5542
Tuesday, December 29, 2009
Nestle Company Closure Drama Affects Investor Confidence
The recent forced closure of the Nestle Milk Factory in Zimbabwe clearly shows that Zimbabwe’s ruling elite operate a mafia like protection racket aimed at independent businesses and business people. This trend has negatively affects investor confidence and will hinder Economic recovery effort as investors become jittery
There is clear evidence of abuse of political power to gain a business advantage and intimidate investors to make decisions they would otherwise not have made were it not for the presence of a mafia like protection racket being run from the highest office. Reports indicate that the Company has now been offered protection and its staff members safety has been guaranteed.
In a statement late last week (http://allafrica.com/stories/200912250004.html) , Zimbabwe’s Industry and Commerce Minister Professor Welshman Ncube said he had held consultations with Nestlé Zimbabwe, Gushungo Dairies and other "key stakeholders in the dairy sector".Gushungo Diaries is a Business owned and controlled by Zimbabwe’s First family. These negotiations come after Nestle had been forced to close down its operations and endangering several thousand jobs.
The company said, in its statement through AFP, that on Saturday the factory was visited by Zimbabwean "officials" and police, and forced to accept a tanker of non-contracted milk. In a normal country a client can never be forced to take delivery from a non contracted supplier. The contracts are normally there for a purpose including to enforce hygienic standards and avoid ruining the concerned Firm’s reputation by doing business with entities that may have questionable standing.
Reports show that Two Nestle managers were questioned by police but were released without charge after questioning the same day. The “questioning “of managers is clearly an intimidatory tactic employed by corrupt Governments to squeeze favors and bribes from business. This makes Zimbabwe a high risk investment destination. At a time when the country is trying to attract additional Foreign Direct Investment (FDI) this is ill advised for a Company owned by Zimbabwe’s President and his wife to be harassing a foreign investor. What message is this sending to the investing community?
The statement by Minister Ncube continues "As a result of those consultations, the parties have collectively reached an understanding to work together in ensuring that milk produced at Gushungo Dairies is absorbed by the local dairy processors.
"For its part, Government has given its assurance on the safety of staff and management at both Nestlé Zimbabwe and Gushungo Dairies," said the statement.
The latest drama comes a few months after Reserve Bank of Zimbabwe Governor Gideon Gono had temporarily frozen Nestlé’s Bank accounts (http://allafrica.com/stories/200910090831.html). The account freezing incident last for a few weeks to allow “investigations”. An investigation report was never made public as to the findings of this seemingly dubious investigation.
This is a disturbing trend of how Zimbabwe’s leading politicians are poisoning the business environment by grabbing all business opportunities whilst scaring potential investors. Only a few weeks I was highlighting how Vice President Joice Mujuru and her Husband are using their investment front Interfin Merchant Bank to take over my disputed Bank – CFX/Century using brute political force. The take over of CFX /Century Bank by the Mujuru’s through their Bank Interfin despite my protestations show the level of unrestrained self enrichment spree which must be documented and stopped. And if the Nestle /Gushungo Diaries drama is added to the picture it clearly confirms that Zimbabwe’s ruling elite will stop at nothing to control all businesses despite their proven lack of experience in such businesses.
Whilst the protests on Gushungo Diaries and Nestle were based on the fact that the First Family did not pay a fair price for the Gushungo farm and its previous owner was haunted off the farm and forced to accept a token price it matches into the Mujurus’ modus operandi of buying a disputed CFX Bank despite clear evidence that the Bank was looted and unjustly taken from its previous owners. The common denominator being the reliance of political muscle to protect such ill gotten wealth.
If Zimbabwe is to attract fresh and meaningful investment this way of doing business must end. The use and abuse of political office to grab businesses or launder ill gotten wealth must be exposed and discouraged.
This article appears as courtesy of GMRI Capital ( www.gmricapital.com) prepared for 3MG MEDIA – www.3mgmedia.ca
Gilbert Muponda is a Co-Founder of 3MG Media . He can be reached at;
Email: gilbert@3mgmedia.ca . Skype ID: gilbert.Muponda
www.facebook.com/muponda
Twitter ; http://twitter.com/gmricapital
Phone: 1-416-841-5542
There is clear evidence of abuse of political power to gain a business advantage and intimidate investors to make decisions they would otherwise not have made were it not for the presence of a mafia like protection racket being run from the highest office. Reports indicate that the Company has now been offered protection and its staff members safety has been guaranteed.
In a statement late last week (http://allafrica.com/stories/200912250004.html) , Zimbabwe’s Industry and Commerce Minister Professor Welshman Ncube said he had held consultations with Nestlé Zimbabwe, Gushungo Dairies and other "key stakeholders in the dairy sector".Gushungo Diaries is a Business owned and controlled by Zimbabwe’s First family. These negotiations come after Nestle had been forced to close down its operations and endangering several thousand jobs.
The company said, in its statement through AFP, that on Saturday the factory was visited by Zimbabwean "officials" and police, and forced to accept a tanker of non-contracted milk. In a normal country a client can never be forced to take delivery from a non contracted supplier. The contracts are normally there for a purpose including to enforce hygienic standards and avoid ruining the concerned Firm’s reputation by doing business with entities that may have questionable standing.
Reports show that Two Nestle managers were questioned by police but were released without charge after questioning the same day. The “questioning “of managers is clearly an intimidatory tactic employed by corrupt Governments to squeeze favors and bribes from business. This makes Zimbabwe a high risk investment destination. At a time when the country is trying to attract additional Foreign Direct Investment (FDI) this is ill advised for a Company owned by Zimbabwe’s President and his wife to be harassing a foreign investor. What message is this sending to the investing community?
The statement by Minister Ncube continues "As a result of those consultations, the parties have collectively reached an understanding to work together in ensuring that milk produced at Gushungo Dairies is absorbed by the local dairy processors.
"For its part, Government has given its assurance on the safety of staff and management at both Nestlé Zimbabwe and Gushungo Dairies," said the statement.
The latest drama comes a few months after Reserve Bank of Zimbabwe Governor Gideon Gono had temporarily frozen Nestlé’s Bank accounts (http://allafrica.com/stories/200910090831.html). The account freezing incident last for a few weeks to allow “investigations”. An investigation report was never made public as to the findings of this seemingly dubious investigation.
This is a disturbing trend of how Zimbabwe’s leading politicians are poisoning the business environment by grabbing all business opportunities whilst scaring potential investors. Only a few weeks I was highlighting how Vice President Joice Mujuru and her Husband are using their investment front Interfin Merchant Bank to take over my disputed Bank – CFX/Century using brute political force. The take over of CFX /Century Bank by the Mujuru’s through their Bank Interfin despite my protestations show the level of unrestrained self enrichment spree which must be documented and stopped. And if the Nestle /Gushungo Diaries drama is added to the picture it clearly confirms that Zimbabwe’s ruling elite will stop at nothing to control all businesses despite their proven lack of experience in such businesses.
Whilst the protests on Gushungo Diaries and Nestle were based on the fact that the First Family did not pay a fair price for the Gushungo farm and its previous owner was haunted off the farm and forced to accept a token price it matches into the Mujurus’ modus operandi of buying a disputed CFX Bank despite clear evidence that the Bank was looted and unjustly taken from its previous owners. The common denominator being the reliance of political muscle to protect such ill gotten wealth.
If Zimbabwe is to attract fresh and meaningful investment this way of doing business must end. The use and abuse of political office to grab businesses or launder ill gotten wealth must be exposed and discouraged.
This article appears as courtesy of GMRI Capital ( www.gmricapital.com) prepared for 3MG MEDIA – www.3mgmedia.ca
Gilbert Muponda is a Co-Founder of 3MG Media . He can be reached at;
Email: gilbert@3mgmedia.ca . Skype ID: gilbert.Muponda
www.facebook.com/muponda
Twitter ; http://twitter.com/gmricapital
Phone: 1-416-841-5542
Wednesday, December 2, 2009
Interfin Bank Zimbabwe true owners exposed
Interfin Bank are trying to take over my Bank Century/CFX Bank using political muscle and connections. This must be documented and stopped.
At this time its important to pierce the Corporate veil and expose the true beneficial owners of Interfin Bank Zimbabwe. Information obtained last week shows that Interfin Bank Zimbabwe is a ZANU - PF Bank disguised as a commercial venture. The beneficial owners of Interfin Bank Zimbabwe are a Group of ZANU PF Politicians led by Vice President Mujuru, Her Husband General Solomon Mujuru, Former Governor Raymond Kaukonde, Empowerment Minister Saviour Kasukuwere and Former ZANU PF Finance Minister Simba Makoni.These are the real owners of Interfin owning the Bank on behalf of ZANU PF .
Interfin Bank Zimbabwe are trying to buy Century/CFX Bank which was illegally seized from me hoping the ownership problem will disappear by rebranding the Bank and renaming it Interfin Commercial Bank. The hope to hide the tracks of the theft and fraud by changing colours,brand and outside appearance of a stolen asset. This is the trick which CFX Bank tried when they fraudulently took over Century Bank Assets and tried to rebrand it into CFX Bank dropping the name Century from the rebranded Bank.
It appears Interfin Bank have decided to inherit Century/CFX Bank ownership problems. By trying to swallow an illegally acquired asset Interfin is now becoming party to money and transaction laundering. And this has its own benefits ,and consequences.
The trend in Zimbabwe is that once a Bank or Asset is illegally seized there is an immediate need to rebrand it.Intermarket Bank was swallowed by ZB Bank. Beverly Building Society was rebranded to CBZ Building society. Trust, Barbican and Royal Bank were rebranded as ZABG.It is clear there is now a preferred modus operandi of seizing assets and renaming them and rebranding them. It is clear Interfin are trying to take over my Bank Century/CFX and then proceed to rename it and rebrand it as Interfin Commercial Bank since they desperately need the vast commercial Bank network and infrastructure owned by my Bank Century/CFX bank. This must be documented.
When the illegal sale of my 309 million Century Bank Shares was done on or around 12 May 2004 I through my lawyers Ziweni and Company filed a high court application to block the sale of the shares. This record should still be there at the Harare High Court. As soon as we filed this application I was then specified without a hearing. This limited my ability to follow up the application. My lawyer and his firm was also specified. Leaving me without legal representation on the matter. This was all done to ensure that the 309 million shares are sold, transferred and Century/CFX Bank is snatched from my Company – ENG Capital.
I have created a website to document Interfin's attempt to legitimize an illegal transction.The website is http://interfinbank.blogspot.com/
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