DOCSLIB.ORG

Corporate Governance of Banks: Evidence from Zimbabwe’S Banking Sector

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Corporate Governance of Banks: Evidence from Zimbabwe’S Banking Sector CORPORATE GOVERNANCE OF BANKS: EVIDENCE FROM ZIMBABWE’S BANKING SECTOR A Thesis submitted to the University of Manchester for the degree of Doctor of Philosophy in the Faculty of Humanities 2011 LANCE SHINGAI MAMBONDIANI Institute for Development Policy and Management School of Environment and Development. TABLE OF CONTENTS Contents .....................................................................................................................................2 List of Tables ………………………………………………………………………………………………………………………………..…8 List of Figures …………………………………………………………………………………………………………………………………10 List of Appendices ………………………………………………………………………………………………………………………….11 Abstract ………………………………………………………………………………………………………………………………………….12 Declaration …………………………………………………………………………………………………………………………………….13 Copyright Statement ………………………………………………………………………………………………………………………14 Dedication ………………………………………………………………………………………………………………………………………15 Acknowledgements ………………………………………………………………………………………………………………………..16 List of Abbreviations ……………………………………………….………………………………………………………………………17 CHAPTER 1: Corporate Governance of Banks: An Introduction…………………………………………………..19 1.1 Introduction ………………………………………………………………………………………………………………..…………….19 1.2 Research Questions ………………………………………………………………………………………………………..………...24 1.3 Research Scope …………………………………………………………………………………………………………………………24 1.4 Structure of the Thesis ……………………………………………………………………………………………………………...25 CHAPTER 2: Corporate Governance as Religion: A Review of Literature.…………………………………….27 2.0 Introduction ……………………………………………………………………..…………………………………………………….…27 2.1 Definitions of Corporate Governance ………………………………………………………………………………………..29 2.2 Corporate Governance from Different Theoretical Perspectives ………………………………………….……30 2.2.1 Shareholder Model and Agency Perspective ……..………………………………………………………30 2.2.2 The Stakeholder Model ………………………………………………………………………………………..……30 2.2.3 The Stewardship Model ……………………………………………………………………………….………….35 2.3 A Critique of the Theoretical Approaches …………………………………………………………………………….……35 2.4 Corporate Governance Systems ………………………………………………………………………………………………..37 2 | P a g e 2.4.1 Ownership Structure …………………………………………………………………………………………….……38 2.4.2 Board of Directors ……………………………………………………………………………………………………..43 2.4.3 Corporate Governance and Performance ……………………………………………………………….…45 2.4.4 Corporate Governance in Developing Countries ………………………………………………………..47 2.5 Corporate Governance of Banks ………………………………………………………………………………………………..48 2.5.1 Special Features of Banks …………………………………………………………………………………………..48 2.5.2 Agency Problems in Banks …………………………………………………………………………………………50 2.5.3 Regulation of Banks and Corporate Governance ……………………………………………………....52 2.5.4 Ownership Structure, Corporate Governance and Bank Performance ……………………..53 2.6 Theoretical Framework ……………………………………………………………………………………………………………..57 2.6.1 Linking the Agency Theory and Institutional Theory ……………………………………………….…57 2.6.2 An Institutional Perspective ……………………………………………………………………………………..59 2.7 Historical background and institutional environment ……………………………………………………………….64 2.7.1 Overview of the Macroeconomic environment..…………………………………………………….…64 2.7.2 Legal and Regulatory Systems…………………… …………………………………………………………..…67 2.8 History of the Zimbabwean banking sector ….…………………………..………………………………………………70 2.8.1 Bank Ownership before liberalization………………………………………………………………………..70 2.8.2 Financial sector liberalization ………………………………………………………….………………………..71 2.8.3 The 2003-2004 Banking sector crisis ………………………………………………………………………….73 2.8.4 Structure of the Banking Sector after the Crisis …………………………………………………………78 2.9 Conclusion………………………………………………………………………………………………………………………..………81 CHAPTER 3 Methodology…………………………………………………………………………………………………………82 3.0 Introduction …………………………………………………………………………………………………………………………….82 3.1 Research Approach …………………………………………………………………………………………………………………82 3.1.1 Qualitative Approach ……………………………………………………………………………………………...83 3 | P a g e 3.1.2 Quantitative Approach ……………………………………………………………………………………………84 3.1.3 Triangulation of Approaches ……………………………………………………………………………………85 3.2 Research Methods ……………………………………………………………………………………………………………….…86 3.2.1 Questionnaire Survey …………………………………………………………………………………………..…86 3.2.2 Case Studies ………………………………………………………………………………………………………….…87 3.2.3 Statistical Analysis of Bank Performance …………………………………………………………………91 3.2.4 Triangulation of Research Methods and Data ………………………………………………………….92 3.3 Fieldwork Difficulties ………………………………………………………………………………………………………….……92 3.4 Limitations of the Research ………………………………………………………………………………………………….…93 3.5 Summary …………………………………………………………………………………………………………………………………94 CHAPTER 4: Corporate Governance in Zimbabwean Banks : Findings Based on Questionnaire Survey……………………………………………………………………………..………………………………………………………95 4.0 Introduction …………………………………………………………………………………………………………………………….95 4.1 Questionnaire Survey ………………………………………………………………………………………………………………96 4.1.1 Design of Questionnaire ……………………………………………………………………………………….…96 4.1.2 Administration of the Survey ……………………………………………………………………………………96 4.1.3 Response Rate …………………………………………………………………………………………………………98 4.2 Analysis of Survey Responses ………………………………………………………………………………………………....99 4.2.1 Ownership Structure of Respondent Banks ……………………………………………………………..100 4.3.2 Summary of Key Findings on Ownership Structure ………………………………………………….110 4.3 Board of Directors …………………………………………………………………………………………………………………..112 4.3.1 Board Size ………………………………………………………………………………………………………….…….113 4.3.2 Board Composition ………………………………………………………………………………………………….115 4.3.3 Separation of the Roles of CEO and Board Chairman ………………………………………….……116 4.3.4 Board Committees ………………………………………………………………………………………………..…116 4.3.5 Board Meetings ………………………………………………………………………………………………….……117 4 | P a g e 4.3.6 Board Qualifications …………………………………………………………………………………………..……119 4.3.7 Arrest of Board Members ………………………………………………………………………………………..120 4.3.8 Board of Directors and Related Party Transactions ………………………………………………….122 4.3.9 Sub-Summary of the Results on the Board ……………………………………………………………...123 5.5 Opinions on Effect of Ownership Changes on Corporate Governance …………………………………...125 5.6 Conclusions ……………………………………………………………………………………………………………………..……..130 CHAPTER 5: The Relationship between Corporate Governance and Bank Performance…………….134 5.0 Introduction …………………………………………………………………………………………………………………………….134 5.1 Performance of the Banking Sector …………………………………………………………………………………………136 5.1.1 Profitability and Operational Efficiency of the Banking Sector (1999- 2008)………...…137 5.1.2 Profitability Ratios by Bank Ownership types (2003- 2008) ……………………………………..140 5.1.3 Asset Quality Ratios (1999- 2008) …………………………………………………………………………...143 5.1.4 Asset Quality Ratios by Ownership types (2004-2008)……………………………………………..146 5.1.5 Liquidity Ratios by Ownership type (2004- 2008) …………………………………………………….147 5.1.6 Sub-Summary ……………………………………………………………………………………………………….…150 5.2 Scoring Corporate Governance Practices in Zimbabwean Banks ……………………………………………..151 5.2.1 Method of Corporate Governance Scoring ………………………………………………………………151 5.2.2 The Corporate Governance Scoring Results for Individual Banks ………………………...….154 5.3 Correlation between Corporate Governance and Bank Performance …………………………….……...158 5.3.1 Data and Variables for the Correlation Analysis …………………………………………….……….159 5.3.2 Results of the Correlation Analysis between Corporate Governance and Performance ……………………………………………..…………………………………………………………….163 5.3.3 Correlation Analysis between CGS and Performance ………………………………………………166 5.4 Conclusion ……………………………………………………………………………………………………………………………...167 5 | P a g e CHAPTER 6: The Best Way to Rob a Bank is to Own One: Case Studies on Collapsed Indigenous Banks………………………………………………………………………………………………………………………………………170 6.0 Introduction …………………………………………………………………………………………………………………………….170 6.1 Selection of Cases ……………..……………………………………………………………………………………………………171 6.2 Group A Cases – UMB, Trust Bank and Royal Bank..…………………………………………………………………173 6.2.1 Background of the Cases…………………………………………………………………………………………..173 6.2.2 Shareholding Structure of Group A Cases………………………………………………….………….….175 6.2.3 Board Structure of Group A Cases………………………………………………………………..…………..178 6.2.4 Corporate Governance Weaknesses in Group A Cases..……………………………….………….180 6.2.5 Sub-Summary of Group A Cases ……………….. ……………………………………………………………184 6.3 Group B Cases – NMB, Barclays and TN Bank …………………………………… ……………………………………185 6.3.1 Background of Group B Cases..…………………………………………………………………………….….186 6.3.2 Shareholding Structure of Group B Cases…………………………………………………………..….…188 6.3.3 Board Structure of Group B Cases …………………..……………………………………………………….194 6.3.4 Corporate Governance and Internal Control Weaknesses in Group B Banks…..………..197 6.3.5 Corporate Governance and related practices in Group B Cases …….…………….………..…200 6.4 Comparative Analysis of the Case Studies ………….……………………………………………………………………205 6.4.1 Ownership Structure….…………………………………………………………………………………………….205 6.4.2 Board of Directors of Case Study Banks…………………………………………………………………….210 6.4.3 Malpractices as a result of Corporate Governance weakness…………………………………..211 6.4.4 Sub-Summary ………..…………………………………………………………………………………….....………217 6.4.5 Institutional Arrangements and Corporate Governance of Banks…………………………...219 6.5 Conclusions ………………………………………………………………………………………………………………………….…226 CHAPTER 7: Conclusions – Does Ownership Structure matter in the Corporate Governance of Banks .....................................................................................................................................
Load more

Recommended publications
  • THE RESPONSE of the ROMAN CATHOLIC, ANGLICAN and UNITED METHODIST CHURCHES to HIV and AIDS in MANICALAND, ZIMBABWE (1985-2007)
    THE RESPONSE OF THE ROMAN CATHOLIC, ANGLICAN AND UNITED METHODIST CHURCHES TO HIV and AIDS IN MANICALAND, ZIMBABWE (1985-2007) BY MICHAEL MBONA Student Number: 207511186 Submitted in fulfilment of the requirements for the degree of DOCTOR OF PHILOSOPHY History of Christianity Programme School of Religion, Philosophy and Classics College of Humanities University of KwaZulu-Natal, Pietermaritzburg, South Africa SUPERVISOR PROFESSOR PHILIPPE DENIS 26 November 2012 0 DECLARATION - PLAGIARISM I, Michael Mbona, declare that 1. The research reported in this thesis, except where otherwise indicated, is my original work 2. This thesis has not been submitted for any degree or examination at any other university. 3. This thesis does not contain other persons‘ data, pictures, graphs or other information, unless specifically acknowledged as being sourced from other persons. 4. This thesis does not contain other persons' writing, unless specifically acknowledged as being sourced from other researchers. Where other written sources have been quoted, then: a. Their words have been re-written but the general information attributed to them has been referenced b. Where their exact words have been used, then their writing has been placed in inside quotation marks, and referenced. 5. This thesis does not contain text, graphics or tables copied and pasted from the Internet, unless specifically acknowledged, and the source being detailed in the thesis and in the Bibliography sections. ______________________ __________________ Michael Mbona Date As the Supervisor, I have agreed to the submission of this thesis. ____________________ __________________ Prof. Philippe Denis Date ii DEDICATION To my beloved parents John Nyazvita and Marian Zvoitwawani, my bothers, sisters and friends who died of the HIV and AIDS pandemic iii ABSTRACT This study focuses on the history of the Roman Catholic, Anglican and United Methodist churches reaction to HIV and AIDS in Manicaland province, Zimbabwe between 1985 and 2005.
    [Show full text]
  • 13-1-2006. Chairman, Competition Andtariffcommission
    Published by Authority Vol. LXXXIV, No. 3 13th JANUARY,2006 Price $45 000,00: GeneralNotice 4 of 2006. Furtherinformation can be obtained during normal business hours STATE PROCUREMENT BOARD from the Commission’s Directorat telephone (04) 775040/5, fac- simile (04) 770175 or by e-mail from [email protected]. Tenders Invited O. M. TSHABANGU, Tenders must be enclosed in sealed envelopes, endorsed on the outside with the 13-1-2006. Chairman, Competition and Tariff Commission. advertised tender number, description, closing date and mustbe posted in time to be sorted into Post Office Box Number CY 408, Causewayor delivered by hand to the General Notice 6 of 2006. Principal Officer, State Procurement Board,Fifth Floor, Old Reserve Bank Building, 76, Samora Machel Avenue, Harare, before 10.00 a.m. on the closing date. PREVENTION OF CORRUPTION ACT [CHAPTER9:16] E. M. USHEWOKUNZE, 13-1-2006. Principal Officer, State Procurement Board. Declaration of Specified Persons and Appointmentof Investigator Tender number CON.66/2005. Harare. Construction of road works at Morgan THE Minister of Justice, Legal and Parliamentary Affairs, in ZINTEC College. Ministry of Higher and Tertiary Educa- terms of section 6(1) of the Prevention of Corruption Act tion. Compulsory site visit will be held at Morgan ZINTEC {Chapter 9:16], hereby declares the personslisted in the Schedule College, corner Alamein Road and J. M. Nkomo Road, to be specified persons, and furtherin termsof section 7 of the said Act appoints and assigns Mr. Reggie Francis Saruchera of Messrs Braeside, Harare, on 26th January, 2006, at 10.00 a.m.
    [Show full text]
  • 453996 1 En Bookbackmatter 219..266
    Appendix A For Restricted Circulation For The Eyes of the Shona Elite Only, Please Pass To Most Trusted Person! Progress Review on the 1979 Grand Plan (Unedited) Gift Never before has history given us the majority Shona people, such a precious present than it has done with Robert Gabriel Mugabe. R.G. is simply a perfect embodiment of all our cultural norms and values, our aspirations and expectations, our wants, desires and interests. In his whole life R G has not failed to demonstrate that incredible consciousness of who we are as people. The most vivid imagination of what an ideal Shona person should look like in appearance as well as how he should behave or present himself to the public, finds an exact match in R.G. His presence among us as a leader with and an abundant and compelling inspiration towards the establishment of Shona Nationhood deserves to be honoured and celebrated as a memorable great occasion in the life histories of all the generations of our people. Acknowledgement We do not as a matter of obligation, fail to appreciate and acknowledge wonderful achievements, the great valour and the spirit of stubborn resistance against for- midable adversaries of all those other great Shona men and women who led our people before. However, without prejudicing fair comparison, it is inarguable though that R.G. stands out distinctly as a cut above the rest among both the dead and the living Shona leaders. © Springer International Publishing AG 2018 219 D. Ngwenya, Healing the Wounds of Gukurahundi in Zimbabwe, The Anthropocene: Politik—Economics—Society—Science 19, https://doi.org/10.1007/978-3-319-66818-5 220 Appendix A Consistency Countless incidents in R.G.’s decorated and exuberant political career testify to the conviction most of us have that the man is a visionary of rare gifts.
    [Show full text]
  • Collaboration and Conflict in Transnationally-Dispersed
    Syracuse University SURFACE Dissertations - ALL SURFACE December 2017 Collaboration and Conflict in rT ansnationally-Dispersed Zimbabwean Families William John Suk Syracuse University Follow this and additional works at: https://surface.syr.edu/etd Part of the Social and Behavioral Sciences Commons Recommended Citation Suk, William John, "Collaboration and Conflict in rT ansnationally-Dispersed Zimbabwean Families" (2017). Dissertations - ALL. 822. https://surface.syr.edu/etd/822 This Dissertation is brought to you for free and open access by the SURFACE at SURFACE. It has been accepted for inclusion in Dissertations - ALL by an authorized administrator of SURFACE. For more information, please contact [email protected]. Abstract Approximately one quarter of Zimbabwean adults left their country of birth during the past twenty years. These sojourners are increasingly dispersed as tightening immigration regimes in preferred destinations and fluctuating global opportunities lead them to places with fewer historical links to Zimbabwe. This dispersive process fractures many families between multiple international locations. Nevertheless, the idea of family remains centrally important to diasporans, who work with relatives around the world to care for children and elders, to acquire important documents like passports, and to prepare for an eventual return home. Following from performative and relational theorizations of kinship, this dissertation argues that collaborative projects are crucibles in which families are forged and reconfigured. This exploration of how dispersion shapes family life deploys three analytical lenses: history, space and technology. Contemporary journeys are historically linked to a century of dispossession and labor-migration in Southern Africa. Colonial governments used onerous “bioinformational regimes” to subjugate Africans and profit from their labor.
    [Show full text]
  • Myclassifieds 12 December 2014 Listings
    To advertise in print or online contact To adverMyClassifiedstise in print Toream online NewsDay contact MyClassifieds 12 December 2014 ListingsMyClassifiedsTel: 04-773930-9, Team NewsDay Email: [email protected] MyClassifiedsSearchSearch Find Find Buy Buy Sell Sell Tel: 04-773930-9, Email: [email protected] Property Vehicles Jobs For Sale Business Houses For Sale Buses Banking/Accounting/Finance/ Cell Phones - Accessories Banking & Insurance Houses Wanted Trucks & Commercial Vehicles Insurance Clothing Building & Hardware Sales/Marketing/Advertising/ Accomodation Available Vehicles For Sale Domestic Appliances Education Houses To Let Public Relations Sound & Vision Property Vehicle Spares & Accessories Administrative/Secretarial/ Flats For Sale Clerical Electronics Hotels & Lodges Flats To Let Human Resource Home - Furniture - Garden Information Communication & Plots/Properties For Sale Business / Strategic Technology Business Premises Available Management Motor Vehicles & Accessories Business Premises Wanted Legal Retail Clothing/Security OVER A DECADE OF EXPERIENCE IN THE WATER INDUSTRY!!! CYPRUS INTERNATIONAL UNIVERSITY (+90) 392 671 11 11 Ext:2074 (+90) 392 671 11 30 Haspolat - Nicosia, North Cyprus via MERSİN 10 TURKEY ON SPOT ADMISSION AND SEMINARS IN ZIMBABWE Meet Ms. Hazal ARIPINAR, Head of Admissions, CIU International Office BULAWAYO SEMINAR HARARE SEMINAR 18005 Dhlela Way, Graniteside. Harare Tel: +263 (4) 748118, 748 120 AUCTIONEERS Email: [email protected] 3 December 2014 , 10am – 5pm 5 December 2014
    [Show full text]
  • School of Postgraduate Studies Bank Failures: Examining Corporate Governance Principles and Practices of Indigenous Banks in Zi
    SCHOOL OF POSTGRADUATE STUDIES BANK FAILURES: EXAMINING CORPORATE GOVERNANCE PRINCIPLES AND PRACTICES OF INDIGENOUS BANKS IN ZIMBABWE AND THEIR IMPACT ON ORGANIZATIONAL EFFECTIVENESS BY JUSTINE CHINOPEREKWEYI PHDOLD1511443 SUPERVISORS: DR. EMMANUEL P. MULENGA DR. ABEL C. SHIMBA Submitted in fulfilment of the requirement for the award of the Doctor of Philosophy Degree (PhD) in Organizational Leadership and Development at the University of Lusaka, Zambia. 2018 P a g e | i Abstract The health of the banking industry is strongly dependent on the state of corporate governance in an economy. The adoption and enthronement of sound corporate governance principles and practices is regarded as important in ensuring bank organizational effectiveness at institutional, industry and inclusive levels. The inclusive level of organizational effectiveness takes into consideration all the stakeholders of the bank. The Zimbabwean economy has experienced persistent indigenous bank failures allegedly due to internal corporate governance deficiencies during the period 2000-2015. The present study sets out to address two research concerns (1) to identify and discover Zimbabwean indigenous banks’ corporate governance irrationalities with regard to organizational effectiveness and, (2) to achieve regulation change through understanding and explaining the impacts of the adopted corporate governance principles and practices on organizational effectiveness. This research examines the corporate governance mechanisms of Zimbabwean indigenous banks and their impact on organizational effectiveness. The research adopts a methodological pluralism approach using the phenomenology and symbolic interactionism epistemological strands. These techniques are used in an effort to address the cardinal points of this research being to identify, discover, understand, explain, predict and recommend controls to the bank failures in light of internal corporate governance deficiencies phenomenon in Zimbabwe.
    [Show full text]
  • Ijcrb.Webs.Com 467 Non Performing Loans in Commercial Banks: a Case of CBZ Bank Limited in Zimbabwe
    ijcrb.webs.com NOVEMBER 2012 INTERDISCIPLINARY JOURNAL OF CONTEMPORARY RESEARCH IN BUSINESS VOL 4, NO 7 Non Performing loans in Commercial Banks: A case of CBZ Bank Limited In Zimbabwe Mabvure Tendai Joseph1, Gwangwava Edson2, Faitira Manuere3, Mutibvu Clifford4, Kamoyo Michael5 1,2Lecturers: Department of Accounting Science and Finance Chinhoyi University of Technology P.Bag 7724 Chinhoyi, Zimbabwe 3Lecturer :Department of Business Management and Entprepreneurship Chinhoyi University of Technology P.Bag 7724 Chinhoyi, Zimbabwe 4 Manager :E-Banking and Card Services CBZ Bank limited 5Michael Kamoyo, Lecturer: Department of International Marketing Chinhoyi University of Technology P.Bag 7724 Chinhoyi Zimbabwe Corresponding Author Mabvure Tendai Joseph Abstract The purpose of the study was to find out the causes of non-performing loans in Zimbabwe. Loans form a greater portion of the total assets in banks. These assets generate huge interest income for banks which to a large extent determines the financial performance of banks. However, some of these loans usually fall into non-performing status and adversely affect the performance of banks. In view of the critical role banks play in an economy, it is essential to identify problems that affect the performance of these institutions. This is because non-performing loans can affect the ability of banks to play their role in the development of the economy. A case study research design of CBZ Bank Limited was employed. Interviews and questionnaires were used to collect data for the study. The paper revealed that external factors are more prevalent in causing non performing loans in CBZ Bank Limited. The major factors causing non performing loans were natural disasters, government policy and the integrity of the borrower.
    [Show full text]
  • Weekly African Footprint
    For week ending 13 April 2012 Weekly African Footprint We have included summaries for the countries listed below, please click on the country name should you wish to navigate to it directly: Botswana Morocco Egypt Namibia Ghana Nigeria Kenya Tanzania Malawi Zambia Mauritius Zimbabwe African Stock Exchange Performance: Currencies: Source:oanda.com Securities Africa Botswana Botswana Stock Exchange Stock Exchange News 9,000.00 The DCI gained a marginal +0.24% to close at 7,075.78 points. Turnstar 8,500.00 8,000.00 and NAP led the gainers after adding +7.14% and +4.65% to close at BWP 7,500.00 7,000.00 1.50 and BWP 2.25 respectively. Other counters to gain included Letlole 6,500.00 6,000.00 (+4.55%), New Gold (+.65%) and Stanchart (+0.33%). On the losing front we 1/31/2008 2/29/2008 3/31/2008 4/30/2008 5/31/2008 6/30/2008 7/31/2008 8/31/2008 9/30/2008 1/31/2009 2/28/2009 3/31/2009 4/30/2009 5/31/2009 6/30/2009 7/31/2009 8/31/2009 9/30/2009 1/31/2010 2/28/2010 3/31/2010 12/31/2007 10/31/2008 11/30/2008 12/31/2008 10/31/2009 11/30/2009 12/31/2009 had Cresta (-5.45%) to BWP 1.04, Selafana (-1.79%) and RDCP (-0.73%). Source: Reuters Corporate News BWP/USD TSX-V-quoted Galane Gold has completed the acquisition of Northern 9 Lights Exploration (NLE), giving it control over prospective gold areas in 8.5 the Tati Greenstone Belt, in Botswana.
    [Show full text]
  • For the Attention of H. E. President R. G. Mugabe Your Excellency We
    For the attention of H. E. President R. G. Mugabe Your Excellency We, the Archbishop and Bishops of the Anglican Province of Central Africa (CPCA), hereby submit a dossier of abuses committed against our Anglican dioceses in Zimbabwe over the last four years. Since 2007 Anglican congregations have suffered systematic harassment and persecution at the hands of the police, often in direct contravention of court rulings. Details of this litany of abuses, which include false imprisonment, violence, denial of access to churches, schools, clinics and mission stations, are outlined below. In the dioceses of Harare and Manicaland properties belonging to the Province have been misappropriated. It is a matter of the greatest sadness that we are being prevented from continuing our work to support local and often very needy communities with healthcare and education. Our priests and people are being denied access to our own clinics and schools. Many of these institutions have been taken from us and under current poor or corrupt management are being rapidly run in to the ground and stripped of their assets. Details of this unwarranted activity and the impact on local communities are also included in this report. Every week tens of thousands of Anglicans are denied their basic right to worship because of the lies and falsifications being propagated by the now excommunicated former bishop, Dr Kunonga, and his associates. Nolbert Kunonga and Elson Jakazi chose of their own volition to leave the CPCA in 2007. They are no longer recognised as bishops or leaders by their former flocks, by the CPCA, by the Anglican Communion worldwide or by national and international ecumenical bodies.
    [Show full text]
  • 26Th MAY, 2006 Price $195 000,00
    7M Published by Authority Vol. LXXXIV, No. 35. 26th MAY, 2006 Price $195 000,00 General Notice 129 of 2006. General Notice 131 of 2006. : . - THE following Bill is published with this Gazette for general BANKING ACT [CHAPTER 24:20] information— ; . Interception of Communications Bill, 2006 (H.B. 4 of 2006). Approval of Merger of CFX Bank Limited and CFX Merchant Bank Limited A.M. ZVOMA, 26-5-2006. Clerk of Parliament. * IT is hereby notified that, in terms of section 25(6) of the Banking Act {Chapter 24:20], the Minister ofFinance has,in terms of section, General Notice 130 of 2006. 25(5) of the said Act, approved the merger ofCFX Bank Limited and CFX Merchant Bank Limited. Thenameofthe merged entity is CFX STATE PROCUREMENT BOARD Bank Limited. Tenders Invited H. MURERWA, 26-5-2006. - Minister of Finance. Tenders must be enclosed in sealed envelopes, endorsed on the outside with the advertised tender number,description, closing date and must be posted in time to be . General Notice 132 of 2006. Sorted into Post Office Box Number CY 408, Causeway or delivered by hand to the Principal Officer, State Procurement Board, Fifth Floor, Old Reserve Bank Building, LABOUR ACT (CHAPTER 28:01] 76, Samora Machel Avenue, Harare, before 10.00 a.m. on the closing date. : E. M. USHEWOKUNZE, Notice of Accreditation Proceedings: Zimbabwe Funeral Service 26-5-2006. Principal Officer, State Procurement Board, : and Assurance Employers Association Boe ipie aaety ~ changed the mili. / IT is hereby notified that, in terms of section 42 of the Labour Act ZOU/FT/01/06.
    [Show full text]
  • Healing the Wounds of Gukurahundi: a Participatory Action Research Project
    Healing the wounds of Gukurahundi: a participatory action research project Submitted in fulfilment of the requirements of the degree of Doctor of Technology: Public Management in the Faculty of Management Sciences at Durban University of Technology Dumisani Ngwenya August 2014 APPROVED FOR FINAL SUBMISSION Geoff Harris BComm, Dip Ed, MEc, PhD Supervisor ............................................ Date.............................. Sylvia Kaye BS, MS, PhD Co-supervisor.......................................... Date............................. DECLARATION I Dumisani Ngwenya declare that I. The research reported in this dissertation/thesis, except where otherwise indicated, is my original research. II. This dissertation/thesis has not been submitted for any degree or examination at any other university. III. This thesis does not contain other persons’ data, pictures, graphs or other information, unless specifically acknowledged as being sourced from other persons. IV. This dissertation/thesis does not contain other persons’ writing, unless specifically acknowledged as being sourced from other researchers. Where other written sources have been quoted, then: a. their words have been re-written but the general information attributed to them has been referenced: b. where their exact words have been used, their writing has been placed inside quotation marks and referenced. V. This thesis does not contain text, graphics or tables copied and pasted from the Internet, unless specifically acknowledged, with the source being detailed in the dissertation/thesis and in the References sections. Signature: ii Abstract Between 1983 and 1987, an estimated 20 000 people from Matebeleland and parts of Midlands Province in Zimbabwe were killed in an operation code named Gukurahundi by state security agents; mostly the Central Intelligence Organisation and a battalion [5th Brigade] especially trained for this operation.
    [Show full text]
  • Persecuted and Forgotten?
    Persecuted and Forgotten? A Report on Christians oppressed for their Faith 2011- 2013 Persecuted and Forgotten? Persecuted and Forgotten? A Report on Christians oppressed for their Faith 2011-2013 © 2013 Aid to the Church in Need. All rights reserved. Compiled and edited by John Pontifex and John Newton Additional research by Raquel Martín (Cuba) and William Lo (China). Published by Aid to the Church in Need 12-14 Benhill Avenue Sutton, Surrey SM1 4DA AUSTRALIAN OFFICE - Aid to the Church in Need PO Box 7246, BAULKHAM HILLS BC NSW 2153 PH: 02 9679 1929 Email: [email protected] web: www.aidtochurch.org Front cover image: Destruction of the Virgin Mary Church in Imbaba, Cairo, May 2011, © EPA. Design by John Newton. Maps taken from ACN’s Religious Freedom in the World Report 2012, © Istituto Geografico De Agostini, 2010. All rights reserved. 2 Persecuted and Forgotten? © ZENIT/Kenneth Drake 3 Foreword by Patriarch Gregorios III Head of the Melkite Greek-Catholic Church © Marcin Mazur I am writing this letter in Damascus where we have been experiencing a harsh, bloody, painful and long Way of the Cross that has stretched down every road in Syria. All Syrians have been living this Way of the Cross for more than two years now. As Jesus Christ, Our Lord and Saviour, fell under the weight of the Holy Cross, Simon of Cyrene was fetched to help. We too need a Simon to help bear our cross. Most of all, we need Jesus to bring to an end without delay our harsh Way of the Cross, enabling us to reach the joyful goal of the Resurrection.
    [Show full text]