PRESIDENT Emmerson Mnangagwa's recent appointment of John Mushayavanhu as Reserve Bank of Zimbabwe (RBZ) governor has been challenged, with lawyers declaring it illegal and demanding that it be reversed immediately.
PRESIDENT Emmerson Mnangagwa's recent appointment of John Mushayavanhu as Reserve Bank of Zimbabwe governor has been challenged, with lawyers declaring it illegal and demanding that it be reversed immediately.Lawyers representing Harare residents, Nesbert Munyuki and Valentine Ziko, have, however, raised a number of irregularities over Mushayavanhu's elevation, mainly centred on his 7% stake in investment company FBC Holdings.
"Dr Mushayavanhu, as the governor of the RBZ is the head of the body that regulates and has total oversight of the functions of banking institutions. This entails the imposition of penalties for errant behavior on the part of banks and even suspension or revocation of their trading licences should the need arise.
On September 9 of the same year he bought 512, 200 more shares for ZW$5 112 000 with two more purchases recorded in June 2021.There was a problem processing your submission. Please try again later.Section 16 of the RBZ Act bars the President from making an appointment similar to the one made on Mushayavanhu.
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