“President Mnangagwa Desires to Secretly Sell POSB to Hebrew Funding Neighborhood”: RBZ Responds

“President Mnangagwa Desires to Secretly Sell POSB to Hebrew Funding Neighborhood”: RBZ Responds

The Reserve Bank of Zimbabwe (RBZ) has refuted claims that President Emmerson Mnangagwa is secretly promoting the Folks’s Secure Financial savings Bank (POSB) to a consortium linked to Zanu PF-aligned cleric Morris Brown Gwedegwe.

Experiences by ZimLive suggested that Mnangagwa used to be transferring forward with the sale despite issues from the Zimbabwe Funding and Issue Agency (ZIDA), which puzzled the source of funding for Hebrew Funding Neighborhood, the chosen investor.

On Friday, RBZ Governor John Mushayavanhu released an announcement dismissing the allegations, pointing out that the central monetary institution had no longer purchased any application or directive with regards to the sale of POSB.

“The Reserve Bank categorically states that these claims are untrue and has no longer purchased an application from any investor for the aquire of POSB, neither has it purchased any correspondence from any Zimbabwean Authorities authority, including His Excellency The President.” section of the assertion reads.

He emphasised that the sale of any banking institution in Zimbabwe requires approval from regulatory bodies, including the Registrar of Banks and Swap Alter.

“If there had been any directive for the sale, it would possibly presumably admire needed to be addressed to the Reserve Bank because the approving authority. We can categorically confirm that the Reserve Bank by no advance purchased the form of directive, neither has it processed any application from the named investors. Accordingly, any reference to the purported sale of POSB can no longer be exquisite because the sale can no longer be consummated with out Reserve Bank approval,” the assertion concludes.

Whatever the RBZ’s denial, ZimLive stories that, as a replacement of a public bidding course of, Mnangagwa—thru Licensed expert Customary Virginia Mabiza—handpicked Hebrew Funding Neighborhood as an investment accomplice for POSB.

Below the reported agreement, Hebrew Funding Neighborhood would salvage a 70% stake in POSB by contributing $70 million of the crucial $100 million to recapitalize the monetary institution. The Zimbabwean government would defend a 10% stake utilizing original POSB resources, whereas non-public investors would contribute the relaxation $20 million for a 20% stake.

Moreover, a joint endeavor agreement signed on December 18, 2024, between Mabiza and Hebrew Funding Neighborhood CEO Professor Emile Kue outlines that Hebrew Funding Neighborhood would lengthen a $6 billion mortgage to the Zimbabwean government. The mortgage, carrying an annual price of interest of 0.3%, would be repaid over 30 years utilizing dividends from the government’s POSB shareholding.

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