Prominent Banker, businessman and former president of the Association of Building Societies of Zimbabwe Nicholas Vingirai was scandalized ,criminalized whilst his business empire was parceled by Gono and other ZANU PF cronies. Mr Vingirayi is an experienced banker and entrepreneur whose experience is needed in rebuilding Zimbabwe’s shattered Economy.He is one Zimbabwean with required expertise and experience to be at the helm of the Reserve Bank of Zimbabwe.
Vingirai is one of the first successful indigenous bankers to set up a solid and successful banking enterprise. Mr Vingirai was the founder and major shareholder of Intermarket Financial Holdings which he owned through his investment vehicle called Transnational Holdings.
Intermarket Financial Holdings operated several leading brands in offering financial services. The subsidiaries included the following ;
Intermarket Banking Corporation
Intermarket Securities
Intermarket Discount House
Intermarket Nominees
Intermarket Building Society - Formerly Founders Building Society
Intermarket Life Assurance - Formerly Southampton Life Assurance
Beverly Building Society
Mashonaland Property Holdings
These various leading brands were taken over and parceled out to various politically connected individuals and entities. Specifically Intermarket Banking corporation was taken over by the Government owned ZB Holdings’ Holdings (ZIMBANK) which has obviously found itself on the sanctions list because it has been hijacked by ZANU PF and is now being used a money laundering shop. Beverly was taken over by CBZ Holdings which is closely linked to Gideon Gono.All these asset takeovers were not done transparently and were done at the expense of the visionary founders who exhibited entrepreneurial flair which is desperately needed in Zimbabwe.
It is important to note whilst Gono claims to be the man behind the revival and turning around of CBZ this is just stroking is ego. Gono was working under the instruction of Nicholas Vingirai who at that time was the Chairman of CBZ Holdings were he acted in executive capacity developing ,structuring and executing the turn around of CBZ Holdings with Gono acting as glorified front man. Once the turn around was successful Mr Vingirai then left to focus on his Intermarket Financial Holdings which he grew to be within the top 3 biggest Financial Groups in Zimbabwe by 2003. It is unfortunate that Gono not only proceeded to victimize ,criminalize and scandalize Mr Vingirayi.He has sought to paint himself the chief architect of the CBZ turn around when in fact he was just a front man executing strategies formulated by Mr Vingirayi.
This is very clear that Gono left to his own abilities he is a disaster as proven on how he single handedly destroyed the Zimbabwe dollar along with the Zimbabwe Economy. It is man like Mr Vingirayi who should be heading the Reserve Bank of Zimbabwe because of their proven record in formulating effective strategies and building successful businesses.
Gono has presided over total destruction of the Financial sector in particular and the Economy in general by haunting out talented individuals like Dr Mthuli Ncube the founder of Barbican Bank and Financial Holdings and Mr Nicholas Vingirai.Under Gono the Zimbabwe Stock Exchange has been degraded to the ZANU Stock Exchange (ZSE) and the Reserve Bank has been down graded into a mafia petty cash box better described as the Reserve Bank of ZANU PF (RBZ).
It is important that Gono has ruined many businesses and only a few of the affected business people have directly taken required aggressive action to condemn, criticize and expose Gono for what he is - a Kleptomaniac masquerading as Reserve Bank Governor. "If you have a problem with someone, you have to go after them. Its not necessarily to teach that person a lesson, it's to teach all the people that are watching that you don't take crap. If you take a lot of nonsense, you can't make it"- these are inspiring and sobering words from American business man Donald Trump. These are particularly relevant words on recent past events in Zimbabwe where Gideon Gono led asset seizures from independent business people in the name of fighting corruption whilst embarking on an self enrichment scheme yet to be matched in Zimbabwe's history.
It is clear that Trump’s words are relevant in as much as if all the scandalized and criminalized business people had taken time to plan ,co-ordinate and take decisive action against Gono and show that they wont take crap or accept nonsense from Gono in terms of arbitrarily arrests and asset grabbing and business destruction. This lesson should be clear to all who seek to enter business especially in the Zimbabwean market. There is need to take action when property and human rights are being stepped on especially by people like Gono who presented themselves as Messiahs.
This article appears courtsey of GMRI CAPITAL – www.gmricapital.com . It is original content generated for 3MG MEDIA.
Gilbert Muponda is a Founder of GMRI CAPITAL . He can be reached at; www.ZimFace.com and www.facebook.com/home.php#/muponda?ref=name
Email: gilbert@gilbertmuponda.com . Skype ID: gilbert.Muponda
Twitter ; http://twitter.com/gmricapital
Phone: 1-416-841-5542
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