In an interview, NMBZ Holdings Chief Executive, James Mushore, jokingly said: "No, this is not for me to buy a luxury boat or a new merc (Mercedes Benz). It is, in fact, meant to help ignite the important agricultural, mining and manufacturing sectors in Zimbabwe. We are facing numerous problems trying to get the loan from foreign investors due to our lop-sided politics.
"The politics in Zimbabwe are not right at the moment and most of our efforts trying to secure loans from investors are affected because we are not clear. Investors strive on certainty which is not the case at the moment in Zimbabwe."
Mushore, whose Group chalked up a handsome $2,1 million profit for the period ending June 30, 2011, from a loss of about $1,8 million previously, told The Zimbabwean that the agriculture, mining and manufacturing sectors needed more investment so that the economy ticks again.
He said without much funding these sectors would continue to dwindle. "Agriculture, mining, and manufacturing need lots of investement," Mushore said. "And that is why we are seeking for $10 million to invest into these sectors."
While presenting his firms unaudited results for the year ended June 30, 2011, Mushore blasted the latest indigenisation and economic empowerment regulations, pointing out that they were scaring away potential investment into Zimbabwe.
The Minister savior Kasukuwere, has however said he will grab the operating licences of foreign-owned banks if they do not play ball by month-end.
Mushore said NMBZ had "done well" this year save for the "expensive retrenchment programme that it had carried out last year".
NMBZ Holdinds Limited, which is dually listed on the Zimbabwe and the London Stock Exchanges, respectively, splashed more than $2,1 million retrenching staff last year.
The move came at a time when the financial services sector was faced with numerous problems including too much staff on their payroll.
"The politics in Zimbabwe are very bad," a worried Mushore said.
"There are very few nationalists in Zimbabwe today. Everyone seems to be fighting for their own survival and not for the nation. Leaders are very selfish in Zimbabwe today. If we had more nationalists we would make greater strides than what we are making right now."
He said delays in rewriting the Constitution of Zimbabwe, as well as the problems facing the Reserve Bank of Zimbabwe (RBZ) were all causing mayhem in the financial services sector.
A chartered accountant, Mushore said: "The RBZ has no way withall about what it is doing right now. It has failed to be the lender of last resort causing more problems for the banking sector.
"I am glad, however, that the problems facing ReNaissance Merchant Bank (RMB) are almost over because they were causinbg more problems for most of us. It greatly affected the liquidity situation even at NMBZ. It affected all of us in different degrees.
"There must be clarity, certainty and we must make decisions all the time. There is lack of clarity surrounding legislation on our lines of credit. We are facing limited success trying to secure the required $10 million that we need right now."
Looking forward Mushore told The Zimbabwean that the Group would continue with its quest to access more lines of credit in order to capacitate its clients.
"The Group will also continue to explore growth opportunities in the market," Mushore, clad in a navy blue designer suit and gold watch, said in Harare.
Post published in: Business