The
A letter seen gleaned by NewZimbabwe.com Business, and signed by the BoZ director of non-bank financial institutions supervision,
The BoZ believes Manyere's actions and his counterpart,
"The view of the Bank is that the transaction was irrational and failed to satisfy the requirement that it was done in the ordinary course of business of
The BoZ, therefore, found Manyere; "not to be fit and proper to be a shareholder and director" of a financial services provider.
The decision was implemented basing on section 41 (2) of the BSFA which empowers the Bank to remove a person from office, if it considers that its requirements have been breached.
Accordingly, MyBucks Zambia is expected to dispose of its 45% shares to Xtenda, which if approved by BoZ, is expected to provide for an orderly divestment of shareholding in the company.
Meanwhile,
"After all the procedures, this means that your shareholding in MyBucks Zambia will be reduced to 40.9% through
Contacted for comment on the developments could Manyere neither acknowledge nor dismiss the allegations.
"I cannot comment on confidential matters from the Regulator (
The BoZ did not respond to e-mailed questions on the matter at the time of publishing.
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