Parly quizzes Timba

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Ousted ReNaissance Merchant Bank (RMB) boss Patterson Timba was yesterday quizzed by the Parliamentary Portfolio Committee on Budget and Finance.

In June, the Reserve Bank of Zimbabwe placed RMB under curatorship for six months after establishing a systematic abuse of depositors’ funds, a high level of non-performing insider and related-party exposures that included a $9,8 million loan and gross violations of banking laws and regulations.

The merchant bank was deemed technically insolvent, as it had a negative capital of about $16,7 million as at April 30.

Parliamentary Portfolio Committee on Budget, Finance and Investment Promotion chairman Paddy Zhanda confirmed the appearance of Timba.

“The committee had called in ReNaissance boss Patterson Timba to gather oral evidence on the ReNaissance saga. At the moment, I would not want to issue out a statement pertaining to unfinished business. I will give a full statement when the committee has completed its investigations,” said Zhanda.

The portfolio committee is expected to interrogate several players involved in the looting of RMB including the official from the central bank.

Reggie Saruchera of Grant Thornton Camelsa Chartered Accountants was appointed the curator of RMB.