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Zimbabwe's Central Bank Board Investigates Mines Minister's Source of Funds

The Reserve Bank of Zimbabwe board has started investigating Mines Minister Obert Mpofu’s source of funding after he was given the greenlight by the government to buy the struggling state-owned Zimbabwe Allied Banking Group (ZABG).

Authoritative sources told the Voice of America’s Studio 7 for Zimbabwe that the board is expected within the next two weeks to submit a detailed report on the minister’s financial status.

Mpofu has already paid $10 million for the bank and declared some of his assets including the highly-priced York House in Bulawayo, Zimbabwe's second largest city. He is reported to have a number of properties in the city and other parts of the country.

The minister was not immediately available for comment.

The ZABG has been failing to raise the $12.5 million minimum capitalization requirements demanded by the RBZ.

Independent economic commentator Rejoice Ngwenya said the RBZ board routinely investigates sources of funds for any entity or individual venturing into the finance sector.