An exiled Zimbabwean businessman who says his bank was illegally seized from him by the government in 2004 has managed to use an internet campaign to block a major financial institution from buying the disputed asset. Gilbert Muponda fled the country after a controversial crackdown in the financial sector saw his ENG Capital Limited taken over by the government. At the timBut this year one of the worlds biggest banks Credit Suisse, through the Finance Bank of Zambia sought to buy the struggling CFX Bank. Using an aggressive internet campaign dubbed Return Mupondas Bank the young businessman made enough noise to scare Credit Suisse from the deal. Internet banners picked up by Google, letters and articles circulated online were enough to discourage the deal from going through.
I was put in jail, denied food, criminalised and tortured just so they could take my company and now you have a reputable international bank trying to buy it, he fumed. On Monday Muponda told Newsreel he has made it clear to anyone who wants to buy the bank that, you cannot invest in a disputed asset and hope people will forget.
Currently Interfin, a company Muponda says is owned by ZANU PF politicians aligned to the Mujuru faction is trying to buy the disputed bank. Mupondas lawyers Gutu and Chikowero Attorneys have already written to Interfin advising them of Mupondas claim to CFX Bank.
Muponda meanwhile has called for a Commission of Inquiry into the seizure of several banks done almost 6 years ago under a crackdown led by Reserve bank governor Gideon Gono. While over 3 banks, including Trust Bank, Royal Bank and Barbican have been returned to their previous owners, Muponda says he has had no such luck.
Charges against me have not been proven in court but my bank was still taken, he told us.
Post published in: Economy