Metbank, ZC must clean their mess

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THE row between Zimbabwe Cricket (ZC) and Metbank over a $15 million loan to the sporting organisation is threatening the very existence of the game in this country and must be dealt with expeditiously.

NewsDay Editorial

The bank’s involvement in the running of cricket cannot be healthy and clearly points to a serious conflict of interest which in the end affects in a very bad way the people that make the game what it is — the players.

Afghanistan’s visit to Zimbabwe scheduled for the end of this month has been called off not because the tourists couldn’t fund their trip, but because the hosts, Zimbabwe, cannot raise a team.

Zimbabwe’s domestic cricket season is in limbo because the players are on strike as ZC cannot pay them.

ZC has no clue as to when it will get the money to fulfil its obligations yet it has set January 18 as the restart of the games.

It is understood ZC has asked the International Cricket Council (ICC)for $3 million in addition to the funds they received from the Targeted Assistance and Performance Programme earlier last year.

The international body can easily release that money, but there are issues of compliance with corporate governance and audits that have to be dealt with before that can happen.

What is stopping ZC from conducting that audit immediately?

It seems the fact that the involvement of the leadership of ZC in Metbank could also be a contributing factor.

The cricket body owes Metbank and the bank, in order to meet its obligations to its customers, needs its money back.

The involvement of the bank’s leadership in cricket further complicates issues in terms of funding in that any money that comes from ICC, or any other donor for that matter, is paid through the bank, which demands its dues before the money reaches ZC, meaning the cricket administrators are always in the red.

It’s an unfortunate situation which could have been avoided had there been clear separation of powers between the two entities. As things stand, all the grants will be go towards debt payment much to the detriment of the game.

ZC is set to receive funding from the World Twenty20.

A tri-series involving Australia and South Africa is also being mooted which could be a major source of revenue for ZC this year in addition to about $25 million for the 2015 World Cup.

We hope these funds will be well administered for the benefit of the game and its future.

No one wants to see cricket die; we want to see all those sponsors of yesteryear — which include Old Mutual, Econet, Bata, Delta and Stanbic Bank — back and branding the game and its growth.

13 COMMENTS

  1. Just incase you didn’t know. The fomer cricket boss, Ozias Bvute is related to Kamushinda owner of Met Bank. Send forensic audit squad there. Dont kill CRICKET.

  2. But is there anything wrong with ZC paying back the money that they borrowed from the bank. I think its categorically stated here that when the money comes from ICC, Metbank takes whats due to them first. Or is someone out there trying to suggest that ZC muct not pay back the loan they obtained from the bank just because their former boss is now the boss at the bank? Does anyone out there appreciate that the bank is on the verge of collapsing because of these institutions that do not want to pay back to banks after their loans mature?

  3. As Mafira Kureva has disclosed, the MD (Jakachira) and Ozias are personal friends. This happened during the time of Ozias.
    If ZC cannot produce audited accounts is it not deliberate? Was the whole lot channeled into cricket or siphoned somewhere else?

    Ozias haana kuendesa mari ku AD Capital company yake here?????

    A forensic audit is necessary.

  4. in the first place the bank should not have loaned ZC they should have just sponsored what they could afford,coz to me this is abuse of depositors funds ZC is just more of a charity case the game is not followed in Zim it survives on hand outs

  5. its not about who owns what but its about icc paying their dues .wht needed to be audited is icc not metbank.met bank is a separate legal entity and chishimba is seperate jus common sense

  6. From the story it looks like this cricket body does not intent to repay the loan. In business there is no free lunch. Depositors funds can not be loaned out and not returned. In the first place how did they intent to pay. This could be looking back but i think bankers are at time “silly” in advancing loans to individuals and companies based on relationships somewhere and not their ability to repay!

    I dont want cricket to die, and neither do i want Metbank to close. Who ever owes another , let them repay as they intended to do in the first place!

    • The ZC body speculated in the hope of paying the bank. People must not forget that the ZC board and Metbank CEO are closely knitted and once worked together. Peter Chingoka has been ZC Chairman for immemorial hence they know all the chicanery of stealing the cricket funds. And also the Metbank CEO has tentacles outside the bank where he tried to influence the airline to open accounts with the bank so that he could get access to it. When you see these guys in Harare one would think all is roses in their work places but they would ‘killed’ organisations. ZC was the envy of many countries in the world but talk of now, it’s sad. Was last in Singapore a few months back, people I came across asked about ZC, I had no answer.

  7. @blessing – thats an intelligent comment. Whether chizivano or not ZC is supposed to hounor its obligations. I feel sorry for Metbank. They are a small bank, how can they expose themselves to the tune of USD15 million. That exposure could wipe a sizeable chunk of their capital. To be honest, I do not see ZC being in a position to honour their obligation.
    I would like to recall to the Kingdom-Wazara issue. Its almost similar. Kingdom could not afford an exposure of 21 million given their size…just look at where the bad loan got them.
    I am not a prophet of doom, but a realist…I can see metbank heading for some rough waters because of that exposure. Kingdom fired its staff and the founder ended up doing the honourable thing…
    Time will tell

  8. Every time Chingoka paanonzi ibva pachigaro haadi, ZC yatove personal company, pakangoita murungu anoti ibva, anomhanya kuti RACE, and race card anorigona, term of office is just one year , iye avepo more than 7 yrs apa cricket yacho haana kana mbiri yekuti akatamba kupi, pamwe ndakarasika, but hey zvigaro izvi ngatisiyire vamwe.

  9. My beloved nephew the late Clement Masendeke, Zimbabwe’s number one cricket fan must be turning in his grave.

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