DOCSLIB.ORG

Annual Report 2012

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Annual Report 2012 ANNUAL REPORT 2012 TABLE OF CONTENTS Governor’s Foreword............................................................................................................5 Deputy Governor’s Foreword ...............................................................................................6 Senior Division Chief’s Foreword .........................................................................................7 CHAPTER ONE: OVERVIEW .................................................................................................9 MACRO-ECONOMIC DEVELOPMENTS ...........................................................................9 Global Developments… .......................................................................................................9 Domestic Developments…...............................................................................................10 ARCHITECTURE OF THE BANKING SECTOR ..............................................................14 OWNERSHIP STRUCTURE ......................................................................................................14 CHAPTER TWO - MAJOR DEVELOPMENTS IN THE BANKING SECTOR ............................16 INTERNATIONAL REGULATORY AND SUPERVISORY DEVELOPMENTS ...............16 Revised Basel Core Principles For Effective Banking Supervision… .....................................16 Basel III: A Global Regulatory Framework ...........................................................................16 REGULATORY AND SUPERVISORY DEVELOPMENTS IN ZIMBABWE ....................17 Minimum Capital Requirements… .......................................................................................17 Microfinance Bill… .............................................................................................................17 DEVELOPMENTS IN THE BANKING SECTOR ..............................................................18 Licensing .........................................................................................................................18 Conversion of Banking Licences .....................................................................................18 Cancellation of Licences..................................................................................................19 Curatorships… ..................................................................................................................20 Mergers and Acquisitions….............................................................................................20 Supervisory Co-operation… ............................................................................................21 Mobile Banking Initiatives in Zimbabwe… .......................................................................22 DEVELOPMENTS IN THE MICROFINANCE SECTOR ..................................................24 DEVELOPMENTS IN THE ASSET MANAGEMENT SECTOR .......................................26 CHAPTER THREE: STATUS AND PERFORMANCE OF THE BANKING SECTOR ................28 BALANCE SHEET STRUCTURE .....................................................................................28 SECTORAL ANALYSIS ....................................................................................................38 Commercial Banks...........................................................................................................38 Merchant Banks.................................................................................................................44 Building Societies ..............................................................................................................48 Asset Management Companies ..........................................................................................51 Microfinance Institutions .................................................................................................53 Introduction… .....................................................................................................................53 Architecture of the Microfinance Industry… .......................................................................54 Performance of the Microfinance Sub-Sector…..................................................................54 CHAPTER FOUR - OUTLOOK .............................................................................................58 APPENDICES ......................................................................................................................61 2 Vision of Bank Licensing, Supervision & Surveillance Division To become an effective, efficient and dependable regulatory and supervisory authority for the financial sector, supportive of economic development in Zimbabwe. Mission of Bank Licensing, Supervision & Surveillance Division To promote and maintain the safety and soundness of the financial system through proactive and rigorous regulation and supervision, in line with international best practice. Objectives of Bank Licensing, Supervision & Surveillance Division The objectives of the Division are to: enhance and maintain the safety and soundness of the financial system through effective risk-based supervision; periodically review regulatory and supervisory policies and procedures in line with international best practice and changes in the macroeconomic environment; promote public confidence in the financial system by ensuring a consistent, objective and transparent regulatory and supervision process; minimise moral hazard and supervisory forbearance through taking prompt supervisory action against weak and troubled financial institutions in order to protect the integrity of the financial system; promote sound corporate governance practices and adoption of adequate risk management systems; foster a culture of strict compliance with laws, rules, regulations, policies, procedures, guidelines and international best practice; and build supervisory capacity through structured training and development programmes to enhance the skills base. 3 PURPOSE OF THE REPORT This annual report is prepared in terms of Section 78 of the Banking Act [Chapter 24:20]. The purpose of this annual report is to provide an analysis of the condition and performance of the banking sector in Zimbabwe for the year ended 31 December 2012. This report presents an overview of the supervisory operations and activities during the period under review. 4 Governor’s Foreword 1. The major challenge on the global arena continued to be the Euro-zone crisis which further threatened the global economy to a recession. Risks to global financial stability increased on the back of a weakened outlook for growth and persistently volatile markets, notwithstanding various countercyclical measures instituted to address the challenges. 2. In the sub-Saharan Africa region, economic growth remained generally robust with real GDP outturn for SADC expected to be about 5.3% in 2013. 3. Meanwhile, the domestic economy experienced a slow down in economic activity on account of the deterioration in global and local economic conditions. These adverse developments combined with limited access to offshore lines of credit, compounded the country’s external sector position with ramifications on the banking sector. 4. During the year, the banking sector experienced a number of challenges including persistent market illiquidity, asset quality vulnerabilities and limited lender of last resort facility, among others. 5. The Reserve Bank, in collaboration with other stakeholders, is making conscientious effort to address these macroeconomic challenges. 6. On the supervisory front, the Reserve Bank continued to enhance its supervisory practices to ensure the banking sector remains safe and sound. 7. I would like to take this opportunity to thank all stakeholders for their contribution and continued support in ensuring a stable financial sector. Dr. G. Gono Governor 5 Senior Division Chief’s Foreword 1. The Reserve Bank continued to undertake its core mandate of promoting a sound banking system through its various supervisory methodologies. 2. There were 23 operating banking institutions as at 31 December 2012, down from 26 as at 31 December 2011, under the supervision of the Reserve Bank. 3. One banking institution was placed under curatorship following a determination that it was operating in an unsafe and unsound manner, while two others voluntarily surrendered their licences after failing to meet the minimum capital requirements, in line with provisions of section 14(4) of the Banking Act [Chapter 24:20]. 4. There were 150 microfinance institutions under the supervision of the Reserve Bank as at 31 December 2012, up from 146 in 2011. Reserve Bank cancelled licences of five (5) microfinance institutions following on-site examinations which determined that they were engaging in illegal deposit taking activities. 5. The on-site examinations on banking institutions conducted by the Reserve Bank revealed major weaknesses including poor corporate governance practices, inadequate capitalisation and chronic liquidity challenges among others. 6. In an endeavour to strengthen the financial intermediation role of the sector, the Reserve Bank has increased the minimum capital requirements for banking institutions. As at 31 December 2012, a total of 14 banking institutions were in compliance with the 31 December 2012 minimum capital requirements, whilst five banking institutions had made significant progress towards compliance, in terms of the credibility of their capitalization plans. Two banking institutions
Load more

Recommended publications
  • 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]
  • 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]
  • 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]
  • Habonimana Oliver R021706p
    INVESTIGATION INTO FACTORS THAT CONSTRAIN BANKS TO BANK THE UNBANKED SMEs in ZIMBABWE THE CASE OF HARARE CBD BY OLIVER HABONIMANA R021706P A DISSERTATION SUBMITTED IN PARTIAL FULFILLEMT OF THE REQUIREMNETS FOR THE DEGREE OF MASTER OF BUSINESS ADMINISTARTION 2013 GRADUATE SCHOOL OF MANAGEMENT UNIVERSITY OF ZIMBABWE SUPERVISOR: DR N. KASEKE DECLARATION I, OLIVER HABONIMANA, do hereby declare that this dissertation is a result of my own investigation and research, except to the extent indicated in the acknowledgements, references and comments included in the body of the report, and that it has not been submitted in part or in full for any other degree to any university. ................................................... ....................................................... Student Signature Date ................................................... ....................................................... Dr N. Kaseke Date Supervisor Signature i DEDICATION This dissertation is dedicated to my wife Clarisse and children Angeline and Ryan, whose unconditional love, patience and support have been the wind beneath my wings. And to my family and friends who instilled in me the importance of education and hard work. ii ACKNOWLEDGEMENTS Divine insight converts good works into master-pieces. I acknowledge that God alone gets the glory for this divinely inspired piece of work. I am forever grateful to Dr. N. Kaseke for the assistance throughout my research. His fortitude was remarkable and the knowledge I gained was priceless. Thank you also to all the Graduate School of Management Lecturers who imparted knowledge with love. I would also like to thank all the MBA lecturers who passionately guided me during the program. I am glad to say that I learned so much and was able to develop myself.
    [Show full text]
  • Government Gazette
    n ■ f ■ f!• A % ZIMBABWEAN \ GOVERNMENT GAZETTE i Published by Authority Vol. LXXXm, No. 101 25th NOVEMBER, 2005 Price $45 000,00 General Notice 454 of 2005. RESERVE BANK OF ZIMBABWE ACT [CHAPTER 22:15} Statement of Assets and Liabilities of the Reserve Bank of Zimbabwe IN terms of section 39 of the Reserve Bank of Zimbabwe Act [Chapter 22:15], a statement of the assets and liabilities of the Reserve Bank of Zimbabwe as at the 21st of October, 2005, is published in the Schedule. ’ W. L. MANUNGO, 25-11-2005. Secretary for Finance. Schedule STATEMENT OF ASSETS AND LIABILITIES AS AT 21st OCTOBER, 2005 Liabilities Assets $ $ Capital .... 2000 000 Gold and foreign assets 8 669 860 767 190 General Reserve Fund 6000000 Loans and advances . 17 026 697 734 841 ! Currency in circulation 6 976 596 705 007 Internal investments . 1 259 424 076 027 Deposits and other Uabilities to the public 37 560 654 895 475 Government stock — Other. 1 249 299 251 181 Committed funds 72 208 765 Fixed assets . 221607 818 931 1 Other liabilities 5 174 052587 657 Other assets . 29 558 711 484 643 $49 711 312 188 139 $49 711 312 188 139 ...General Notice .45S.of.2Q05,. RESERVE BANK OF ZIMBABWE ACT [CHAPTER 22:15]. Statement of Assets and Liabilities of the Reserve Bank of Zimbabwe t IN terms of section 39 of the Reserve Bank of Zimbabwe Act [Chapter 22:15], a statement of the assets and liabilities of the Reserve A Bank of Zimbabwe as at the 28th of October, 2005, is published in the Schedule.
    [Show full text]
  • 2011 ANNUAL REPORT TABLE of CONTENTS Ii
    2011 ANNUAL REPORT TABLE OF CONTENTS ii. Governor’s Foreword .............................................................................. 5 Iii. Deputy Governor’s Remarks .................................................................. 7 Iv. Senior Division Chief’s Preview ............................................................. 9 1 Chapter One: Overview ................................................................................ 11 1. Macro-Economic Developments .......................................................... 11 Chapter Two: Major Developments And Activities In The Banking Sector18 2.1 Key Developments In The Banking Sector .......................................... 18 2.2 Financial Inclusion ................................................................................ 22 2.3 Developments In The Microfinance Sector ......................................... 22 2.4 Legal Developments .............................................................................. 23 2.5 Prompt Corrective Action ..................................................................... 23 2.6 International, Regional And Domestic Co-Operation ......................... 24 Chapter Three: Status And Performance Of The Banking Sector ................ 25 3.1 Highlights Of Banking Sector Performance ........................................ 25 3.2 Balance Sheet Structure ....................................................................... 25 3.3 Performance Of The Banking Sector ................................................... 29 3.5 Sectoral
    [Show full text]
  • Government Gazette
    ZIMBABWEAN GOVERNMENT GAZETTE Published by Authority Vol. XCII, No. 76 23rd OCTOBER, 2015 Price US$2,00 General Notice 352 of 2015. sortedito Post Office Bux Number CY 408, Causeway, of delivered by hand tu the Principal Officcr, State Procurement Board, Fifth Floor, Old Reserve Bank Building, GOLD TRADE ACT [CHAPTER 21:03] Samora Machel Avenue, [arare, before 10.00 a.m. on the closing date. C. NYANHETE, Confiscated Gold 23-10-2015. Pruicipal Officer, State Procurement Board. Tender number IT is hereby notified that, in terms of section27 of the Gold Trade Act [Chapter 21:03], that the gold described in the Schedule which Zimpost 03/2015. Request for expression of interest to tender for has been forfeited to the State, is in the possession of the Ministry the development supply and implementation ofan intergrated of Mines and Mining Development. postal system. Interested bidders are required to obtain the The gold may, by prior arrangement, be inspected by a person tender documentsthat consist of the instructions and scope claiming a legal right to the gold at the Ministry of Mines and of work fromThe Procurement Officer, ZimpostHarare Main Mining Development,Fifth Floor, Zimre Building, corner Kwame Post Office, Second Floor, Room 10, comer Inez ‘Letrace and Nkrumah Avenue and Leopold Takawira Street, Harare, during the George Silundika Avenue, Harare. A non-refundable fee of two months following the date of a publicationofthis notice. US$10,00 is paid in the Main Post Office before collection of Any person claiming a legal right to any of this gold may apply, the tenderdocument.
    [Show full text]
  • Reflections On: What Went Wrong at Trust and Royal Banks
    REFLECTIONS ON: WHAT WENT WRONG AT TRUST AND ROYAL BANKS BY DR G GONO GOVERNOR RESERVE BANK OF ZIMBABWE 3 MAY 2006 CONTENTS 1. Background....................................................................................2 2. Does Banking Insolvency Matter? and What To Do About It?........3 3. Summary of Reserve Bank and Curators’ Findings In Trust Banking Corporation Limited and Royal Bank Zimbabwe Limited...........................................................................................7 4. Does the Above Sound Familiar?..................................................24 1 1 BACKGROUND 1.1 This booklet contains a no-holds barred personal reflection by the Governor on the important matters relating to the recently concluded issue of appeals by failed banks (Trust and Royal Banks) 1.2. In this write-up, I also take the opportunity to comment on another topical issue regarding Zimbabwe’s relations with the International Monetary Fund (IMF), and the specifics of what transpired during the recent IMF Board meeting of the 8th of March, 2006. 1.3 This personal reflection seeks to discuss in concise detail the pertinent issues that have been raised by many stakeholders regarding the specifics of what exactly happened at the failed banks, and specifically at Royal and Trust banks. 1.4 I have chosen to focus on the two banks and reveal exactly what happened at these banks because the matters are now in the public domain. 1.5 Details of what transpired at all other failed financial institutions namely, Time Bank, Barbican, Intermarket, CFX, First National Building Society and others are being withheld because in some of the cases, the matters are sub-judice as there are pending court cases. 1.6 In other cases, as Governor, I feel that it is better to “let sleeping dogs lie” because the institutions concerned have made progress towards self-rehabilitation and thus publishing the gory details of what happened in their past lives would prejudice their eventual recovery.
    [Show full text]
  • Government Gazette
    S' ADb6O WOT AVAILABLE TOR LOAN NG) yay Rr EF ZIMBABWEAN GOVERNMENT GAZETTE Published by Authority Vol. XCIV, No. 7 29th JANUARY, 2016 Price US$2,00 CHANGE OF NAME CHANGE OF NAME NOTICEis herebygiven that, on the 10th day ofNovenber, 2015, TAKE notice that, on the 18th of January, 2016, Samuel Arufeyo Cynthia Chizipi (born on the 5th day of August, 1958) appeared (born on 29th September, 1952) personally came and appeared changed his name before me, Gerald Saidi, a legal practitioner and notary public,at before me, Regis Dembure, a notary public, and be referred to as Samuel Maguya Marondera,and, by notarial deed of change of name, changed her to Samuel Maguyasothathe shall transactions. name from Cynthia Chizipi to Cynthia Senesiya Muchaziwepi, so in all records, decuments and that he shall henceforth be known andreferred to as Cynthia Senesiya Dated at Harare on this 18th day of January, 2016.—Regis Muchaziwepionail occasions andinail records, deeds, documents Dembure, c/o Mabulala & Dembure Legal Practitioners, No. 1, CY 1890, Causeway), and transactions. Waterfield Road, Mount Pleasant (P.O. Box Harare. 465078f Dated at Marondera this 1 8thday ofJanuary, 2016.—GeraldSaidi, c/o Sakala and Company,legal practitioners, 48A, Dimiz House, CHANGE OF NAME Marondera. 465039F The Green, NOTICEis hereby given that, by notarial deed executed before CHANGE OF NAME me, Daglus Pundu, a legal practitioner and notary public, on the 9th day of December, 2015, appeared Obert Morrison Tomu (born TAKE notice that, on the 6th January, 2016, before me, Doreen on 15th January, 1957) in his capacity and he formally abandoned practitioner and notary public, at Bulawayo, Vundhia-Phulu,a legal the name Obert Morrison Tomu and adopted Obert Tomu, so that, appeared Thaba Dube and changed his surname from Dube to henceforth, for all purposes and occasions he shall be known by Ndlovu.
    [Show full text]