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RFHL defies RBZ

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Renaissance Financial Holdings Limited (RFHL) on Wednesday defied the order by the Reserve Bank of Zimbabwe (RBZ) and proceeded with the extraordinary general meeting.

The central bank had warned of the meeting describing it as “irregular and unlawful”.

RFHL board chairperson Professor Christopher Chetsanga, Collin Kuhuni and Monica Maitirwa Mukonoweshuro were all sacked from the board.
New members were elected to the board.

“The public is advised that Professor CJ Chetsanga, Collin Kuhuni and Monica Maitirwa Mukonoweshuro have ceased to be board members of RFHL and no responsibility or liability will be accepted by RFHL for their actions,” a statement containing the resolution of the meeting said.

“Members regret having had to take this drastic action but were left with no choice after members holding in excess of 75% of the shareholding of the RFHL had previously written to the board on October 6 2011, requesting it to resign.

“In addition members are advised that the company is not under curatorship and the curator of Renaissance Merchant Bank cannot extend his so called powers to members of RFHL,” reads part of the statement.

“The law is quite clear and we have the benefit of precedents given the multiple curatorships of indigenous banks in the last eight years. Members are advised to disregard the notices of the curator and Reserve Bank which have no force of law.”

However, Chetsanga said the board will only be removed by the central bank and the curator.
“That board is a fictitious one,” said Chetsanga.

“On the statements there are no names of the new members. The bank is bankrupt and we are working with the curator to get a new buyer for the bank. The new buyer will bring on a new board with him.

“We were approved by the Reserve Bank of Zimbabwe. Who approved the new board that attended the meeting? The curator is still there. All this is fictitious,” he said.

RMB curator Regis Saruchera referred all questions to chairman Chetsanga.

Warning against the holding of the meeting, the RBZ said: “The directors of RFHL do not have the power to convene the meeting that was requisitioned without the approval of curator of RMB first having been sought and obtained in terms of Section 54(1) of the Banking Act.”

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