Fraud by Raymond Njanike,Farai Rwodzi & Interfin Bank against ENG Capital cant go undocumented – 4 of 5
At law generally Innocent misrepresentation (Derry v. Peek)occurs when the representor had reasonable grounds for believing that his or her false statement was true.Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation have been advised and warned that their take over over Century/cfx Bank was illegal and irregular and is being challenged in high court under high court case HC-6244-04.
The fact that Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation continue to mislead investing public and regulatory authorities about the legality of thier illgal action shows fraudulent intent on the part of Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation.In this article I have borrowed liberally from Wikipedia on seeking to unpack the illegal actions by Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation .
Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation actions on Century/CFX Bank leaves a lot to be desired especially given how they have tried to conceal Interfin's illegal and corrupt take over of Century/CFX Bank.In any business it is normal to make a mistake in terms of judgement or at times to act without full information.Inititally Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation could be excused on the assumption that they were not aware of what was happening on the illegal take over of Century/CFX Bank.
Instance of false statement where (1) the party making the statement is aware that it is false or disregards the possibility of it being false, (2) the party making the statement does so to induce another party to enter into a contract, and (3) the other party enters the contract as a result of the statement and consequently suffers a loss.Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation are making false declarations to mislead investing public and regulatory bodies.
Fraudulent misrepresentation occurs when one makes representation with intent to deceive and with the knowledge that it is false. An action for fraudulent misrepresentation allows for a remedy of damages and rescission. One can also sue for fraudulent misrepresentation in a tort action. Fraudulent misrepresentation is capable of being made recklessly
According to Wikipedia Negligent misrepresentation at common law occurs when the defendant carelessly makes a representation while having no reasonable basis to believe it to be true. This type of misrepresentation is relatively new and was introduced to allow damages in situations where neither a collateral contract nor fraud is found. It was first seen in the case of Hedley Byrne v Heller [1964] A.C. 465 where the court found that a statement made negligently that was relied upon can be actionable in tort.
"Distortion of Fact
A representor may make a statement which prima facie is technically true; however this may tell only half the story. If a statement of fact is made but the representor fails to include information which would significantly alter the interpretation of this fact, then a misrepresentation may have occurred. In Krakowski v Eurolynx Properties Ltd (1995) 183 CLR 563, " This is exactly what Interfin and its Directors have been doing regarding CFX Bank.
"Learned Falsity
The negotiating stage of a contract can be a time consuming process. Because of this, new information may arise and circumstances may change. This can result in two situations which can result in a misrepresentation if silence is kept. The first is if the representor subsequently discovers that the statement was false, the second being if the statement becomes false at a later time. If a statement is made and it is subsequently made known to the representor that it is false, it would obviously be inequitable to allow the representor to remain silent with the new information. In Lockhart v. Osman [1981] VR 57, an agent had advertised some cattle as being “well suited for breeding purposes”.
Later on it was discovered that the stock had been exposed to a contagious disease which affected the reproductive system. It was held that the agent had a duty to take remedial action and correct the representation. The failure by the agent to take such measures resulted in the contract being set aside. Should a statement be made which is true at the time, but subsequently becomes untrue due to a change in circumstances, the representor is obligated to amend the original statement" At the start one could have assumed that Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation were not aware of their illegal actions but now that High Court case HC-6244-04 has been brought to their attention they are now liable for any other statement sthey may make on CFX Bank which seek to justify their illegal and corrupt actions.
This is the relationship that Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation have to the shareholders and general investing public "Fiduciary Relationships - A fiduciary relationship is one of trust and confidence; it involves one party acting for the benefit of another. For this reason, when entering into a contract, it is important for a fiduciary to disclose all facts which could be considered material even if not expressly asked about.[5] In Lowther v Lord Lowther (1806) 13 Ves Jr 95, the plaintiff handed over a picture to an agent for sale.
The agent knew of the pictures true worth yet bought it for a considerably lower price. The plaintiff subsequently discovered the pictures true worth and sued to rescind the contract. It was held that the defendant was in a fiduciary relationship with the plaintiff and accordingly assumed an obligation to disclose all material facts. Accordingly the contract could be rescinded." Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation are expected to act in proffessi9onal manner to safeguard investors and shareholders yet they continue to mislead and misrepresent thereby breaaking their fiduciary duties
According to Wikipedia "Contracts ‘Uberrimae Fidei’
A contract uberrimae fidei is a contract of ‘utmost good faith’. Similarly to fiduciary relationships, the parties are required to make known all material facts influencing the contract. Contracts uberrimae fidei usually arise when one party has knowledge which the other does not have access to. Contracts which are commonly considered to be of such a nature include contracts of insurance and family agreements. When applying for insurance, the person or entity must disclose all material facts so that the insurer can properly asses the risk involved with the offering of insurance. Since the insurer cannot have access to all information relating to the insured and their situation which could affect the risk involved, it is necessary for this disclosure so that both parties are entering into the contract on equal grounds.
Lord Blackburn addressed the issue in Brownlie v Campbell (1880) 5 App Cas 925 when he noted "...the concealment of a material circumstance known to you...avoids the policy" This is true in as far as Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation are misleading shareholders and potential shareholders to buy Interfin Banking Corporation shares fully aware of the implications of High court case HC-6244-04 which wiill leave Interfin Bank a mere shell.
Raymond Njanike ( Interfin Bank MD) ,Farai Rwodzi ( Interfin Chairman) and Interfin Banking Corporation are breaking various laws and regulations in their defiance of common sense.As Directors of a Public Company and Financial Institution they have Fiduciary responsibilities under the Companies Act,The Zimbabwe Stock Exchange Act ,The Banking Act and The Reserve Bank of Zimbabwe Act.They are breaking all those acts whilst defending a looted asset which was fraudulently seized from ENG Capital.
Gilbert Muponda is an Investment Banker and Founder of GMRI CAPITAL ( www.gmricapital) .
He can be reached at; www.facebook.com/muponda
Email: gilbert@engcapital.ca .
Skype ID: eng.capital
Twitter ; http://twitter.com/engcapital
http://www.youtube.com/user/ENGCapital
No comments:
Post a Comment