RE; The Curious Case of Barbican Bank, Time Bank, ENG, Royal Bank, Trust Bank and the ZABG!

Dear Tazvi G Changata

RE; The Curious Case of Barbican Bank, Time Bank, ENG, Royal Bank, Trust Bank and the ZABG!

I refer to the above article which you posted on Face book and also on your Blog. There material facts I wish to highlight and clarify for the benefit of your readers and blog followers. It is on record that I deny all fabricated allegations.

I have written extensively about the ENG case clearly outlining the sequence of State orchestrated events ultimately aimed at closing down ENG and stripping me of my assets. This case was not isolated as you may be aware Mutumwa Mawere also lost his Africa Resources Limited, Barbican Bank ,Trust Bank and Royal Bank were also seized by the state for the benefit of a few individuals abusing their positions .This was done during a highly charged political period. Since the signing of the Government of National Unity I have sought to engage The Minister of Finance Hon Tendai Biti,Reserve Bank Governor Dr Gono and CFX Bank shareholders and management with a view to have Century/CFX Bank returned to ENG Shareholders/Contributories or compensation be paid.

In the process of being dispossessed on my assets and ENG assets I was arrested, traumatized, abused, beaten, harassed, tortured, denied food, medicine, water and sleep all in an effort to get me to confess to false charges whilst my assets were being stripped from me. In addition I was forced to sleep with dead bodies and share blankets with people suffering from infectious diseases as a way to weaken my resolve and coerce me to surrender my fight to protect my Company and my assets. It is only natural justice that assets seized under such conditions be returned or compensation be paid and those responsible held accountable.

ENG, a company incorporated under Zimbabwean law, is a juristic person, a bearer of rights and duties that is not a natural person, but which is given legal personality by the law. An incorporated company is recognized by law as a separate legal entity, distinct from the separate personalities of the members of the body. The law should treat ENG like any other independent person having rights and liabilities. A company, as a legal person, may enter into contracts, own property, ENG owned a material amount of valuable assets despite the media campaign which tried to portray ENG as a pyramid scheme which only owned vehicles. ENG owned Century BANK which was subsequently renamed CFX Bank.

10 - ENG Capital group had a market value of US$ 175 million, just before the RBZ descended on the Institution.

Below is a brief ENG Group Structure ;
ENG HOLDINGS GROUP STRUCTURE
- SUBSIDIARIES
- ENG CAPITAL INVESTMENTS PVT LTD
- ENG ASSET MANAGEMENT PVT LTD
- ENG REAL ESTATE
- ENG NOMINEES PVT LTD
- ENG PRIVATE EQUITY (PVT) LTD
- ENG CAPITAL ADVISORY SERVICES
- ENG STRUCTURED FINANCE
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 LTD
- Amalgamated Health Services ? (Harare West Hospital )
- 15% of OK Zimbabwe Limited
- 15% of Zimplow Holdings Limited
- 20% Medtech Holdings Limited
- Hornet Re-Insurance PVT LTD
- Pearl Pension Fund Management
- 25 % Clan Holdings Limited
- 25 % Zimbabwe News Papers Group - Zimpapers Limited
- Allied Conveyor Belts PVT LTD
- River Drilling PVT LTD
- Real Estate including (Anastasia Court, Belgravia House, Thaine Building)
- Various Listed ZSE Listed shares
- Treasury Bills
- GMB Bills
- Cargill Commercial Paper
- $ 4 billion - Alliance Capital Debenture (representing 123 million First Mutual Life shares)
- 23 Million First Mutual Life shares


As you correctly noted in your blog post ENG was sufficiently liquid and solvent to meet its liabilities but despite all this its cheques were being bounced and dishonored. This act alone of bouncing and dishonoring cheques of a Financial Institution creates panic and impression of a Bankrupt Institution. It mist be noted First Mutual Life and National Discount House being ENG counter parties in fact sued Zimbank for irregularly dishonoring ENG cheques at a time the ENG account was fully funded and had sufficient funds to meet its liabilities. This clearly confirms a well calculated campaign to close down ENG and grab its assets.

After my arrest on fabricated charges ENG was placed into Provisional Liquidation as a way to secure the creditors. The creditors agreed to take shares held by ENG IN lieu of payment. As such the contributories, directors and lawyers and creditors agreed the shares should not be sold whilst a fair valuation was being negotiated. However we were shocked to read in the papers that a parcel of 309,000,000 Century shares belonging to ENG had been sold through a pre-fixed special bargain transaction on or about 12 May 2004. The beneficiary to this transaction have remained a mystery even though we have reliable information as to the probable ultimate beneficiaries.

Within a week of this sell of shares it was announced that Century Bank will now be merged with CFX Bank and the new Bank will be called CFX Bank. It is clear the merger was a laundering transaction meant to hide and sanitize the illegal and irregular transfer of the shares owned by ENG. The name Century was immediately removed and the new entity rebranded CFX Bank despite the fact that Century Bank provided a majority of the assets and infrastructure of the new Bank.

The so-called merger was only arranged to hide the true nature of the illegality of the transfer of ENG shares in Century. It is clear that without the illegal and irregular share transfer the merger would not have happened and would not have made any sense ,it was therefore just done to cover the tracks of the asset grab that had taken place

Through our Lawyers Ziweni and Company we sought the identity of the buyer and also to clarify that the share sell was null and void as it had all whole marks of corruption, insider dealing and was being challenged by the beneficial owners of the shares. In addition the shares had been sold through a special bargain and not an open market transparent transaction. The shares were sold for an unrealistic amount of Z$ 3 billion when ENG had acquired the same shares for at least Z$35 billion. This resulted in the prejudice of Z$ 32 billion to ENG Creditors and Contributories/Shareholders. As such ENG contributories were not fairly and justly paid for the value of the shares held by ENG. Its this discrepancy that I want resolved and close the matter so that the Institution and My self can each focus on our future without any litigation or dispute lingering on.

We also asked the Zimbabwe Stock Exchange to investigate and stop the share transfer. However due to the general prevailing atmosphere and fear to challenge "authorities " no one was willing to assist us to stop or challenge this illegal and irregular transfer of the shares to an " unidentified" buyer believed to be a group of senior political figures.



Yours Faithfully,

Gilbert Muponda

1-647-994-5542