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More Reserve Bank of Zimbabwe Property Attached and Put Up for Auction

Sources reported a scramble for Reserve Bank assets by creditors including a Zimbabwean farm equipment dealer and two South African seed companies looking for payment for goods sold to the central bank in the past

Zimbabwe's Sheriff’s Office on Wednesday expanded its attachments of Reserve Bank of Zimbabwe property amid reports previous auctions of such property have raised only US$200,000 against a debt of US$2.1 million owed to Farmtech Spares for tractors.

Sources said a deputy sheriff executing court orders for two South African seed companies was unable to seize movable property Farmtech has already attached.

The Sheriff's Office was expected to attach immovable properties of the RBZ as the auctions proceed.

Attorney Davison Kanokanga, representing Farmtech, told VOA Studio 7 reporter Gibbs Dube that there is a scramble by many creditors for central bank assets including those already attached.

Elsewhere, economist Eric Bloch said that despite the recent signature by President Robert Mugabe of a new law to reform the Reserve Bank, oversight continues to be provided by the executive and the Finance Ministry pending constitution of an oversight committee.

Bloch said the the central bank can be autonomous if it is divorced from the realm of politics.

“The new Act still gives the executive and Ministry of Finance extreme authority and control of the bank which creates the danger of them going too far in overseeing its operations,” he said.