Zanu-PF votes in SME Bank tzar

08 May 2018 | People

Former SME Bank director and nephew to 5% shareholder Enock Kamushinda, Ozias Bvute, has emerged as the Zanu-PF parliamentary candidate for the Goromonzi North Constituency in the neighbouring country.

Bvute secured an overwhelming 4 069 votes in the Zanu-PF primaries, comfortably putting him in pole position to win a seat in parliament for Zimbabwe's ruling party. His closest rival Nicholaas Matshika mustered a paltry 1 011 votes, while his other rivals Kudzai Majuru secured 122 votes David Mazhandu 51 votes.

Known locally for being at the centre of the unfolding SME Bank saga, which saw the institution first being placed under the curatorship of the Bank of Namibia in March last year, Bvute has a chequered past that includes being arrested for externalising foreign exchange in 2005.

Externalising foreign currency means converting a country's local currency into a foreign one without the approval of the central bank.

During his tenure as Zimbabwe Cricket Union (ZCU) MD Bvute, among other executives, was embroiled in a scandal around the alleged mismanagement of US$6 million obtained from the International Cricket Council, by investing it in Metbank, which later became a shareholder of SME Bank.

SME Bank was plunged into disarray after it emerged that dubious investments had been made in questionable assets in South Africa.

Bvute, by virtue of his directorship at Metbank, served as an SME Bank director.

The flashy businessman and his co-directors have been fighting against the liquidation of SME Bank following a High Court judgement that the bank would be placed under the guardianship of local liquidators Bruni and McLaren.

The SME Bank was placed in provisional liquidation on 11 July 2017, sealing the fate of 208 employees, who are now jobless.

At the time Bvute was a member of the board which gave the green light to transfer of between N$181 million and N$196 million to VBS Mutual Bank and Mamepe Capital between August and November 2016.

Ironically, VBS is the bank that gave former South African president Jacob Zuma a R7.8 million loan to settle debt relating to the upgrades to his Nkandla homestead back in 2016.

VBS has since been placed under curatorship.

As the SME Bank saga deepens, the Windhoek High Court recently ordered the setting up of a commission of inquiry that should investigate its financial collapse and the disappearance of the funds.

Deputy Judge President Hosea Angula granted an order establishing the commission of inquiry in terms of the Companies Act of 2004.

However, the SME Bank saga is not cramping Bvute's style and he is now gunning for the Zimbabwean parliament, after won a Zanu-PF primary for the Goromonzi North Constituency in the Mash East Province.

However, a rerun has been ordered in some constituencies.

Bvute holds a Bachelor of Commerce in Banking and Finance from India's Pune University.

ESPN backed CricInfo described Bvute as articulate, loud and flashy.

“He drives a BMW X5, wears stylish suits, and displays all the trappings of success in modern Zimbabwe. He is young, estimates put him in his early thirties - and runs his own business in Harare. One journalist told me that Bvute 'knows how to push the right and wrong buttons with people. He understands power, and can be intimidating intellectually and with his physical presence',” the sports website wrote in 2004.

Zimbabwean voters, who will go to the polls in July, directly elect the president, 210 MPs and more than 9 000 councillors.

Sixty women will be appointed through proportional representation to the lower house of parliament, while 60 people will be appointed in the upper senate via the same system.

The Zimbabwe Electoral Commission (ZEC) usually announces winners for parliament in their constituencies, while results for president are announced at the commission's headquarters in Harare within five days of voting.


Similar News


Nambundunga inspired us - Shalli

9 hours ago | People

Former Namibian Defence Force (NDF) chief Martin Shalli says his successor, the late Peter Nambundunga, played a significant role during the liberation struggle as a...

Iilonga to be buried in Heroes' Acre

4 weeks ago - 18 December 2018 | People

President Hage Geingob has accorded liberation veteran, politician and unionist Petrus Iilonga a state funeral.In a media statement, the presidency announced that Iilonga would be...

A leader by heart and deed

1 month - 14 December 2018 | People

Elizabeth JosephSarel van Zyl, CEO of FirstRand Namibia, has been in the hot seat for the last four years and he has not slowed the...

Maengahama yields great fruit

1 month - 14 December 2018 | People

Elizabeth JosephAfter Maengahama finished high school he immediately started laying the foundation for his future. In 2007 he started at Deloitte and studied long-distance with...

Iilonga hailed as steadfast, courageous

1 month - 13 December 2018 | People

Tributes are pouring in for struggle veteran Petrus Iilonga, who died on Tuesday evening at the age of 71.Iilonga was a former trade unionist and...

The good, the bad and the ugly of 2018

1 month - 04 December 2018 | People

Everyone deserves a break after the rollercoaster 2018 draws to an end. Award-winning philanthropist, mother and entertainer Lize Ehlers chats to June Shimuoshili on why...

Ignoring the naysayers

1 month - 23 November 2018 | People

Elizabeth Joseph National Training Authority (NTA) research and planning manager, Indongo Indongo, has taken great strides to ensure that his legacy lives on.Indongo was...

Believe in the plan

1 month - 23 November 2018 | People

Octavia Tsibes NMH rewarded 42 employees and Yochanaan Coetzee was awarded the employee of the year 2018 title, after scoping two other awards in...

20 years of pure success

1 month - 23 November 2018 | People

Octavia Tsibes Born and raised in Windhoek, Gerine Hoff attended Centaurus High School before she matriculated from Windhoek High School. Her mother encouraged her to...

A toast to success

1 month - 20 November 2018 | People

Tunohole Mungoba After completing her entrepreneurship and new venture management studies at the University of Namibia (Unam), 24-year-old Anna Shuuya started pondering different business ideas.I...

Latest News

Higher food, fuel prices expected

9 hours ago | Economics

Consumers should brace themselves for even more expensive food and fuel this year. Although motorists received a slight reprieve in fuel prices in December,...

'Technical glitches' force plane to...

9 hours ago | Transport

An Air Namibia Embraer ERJ 135 en route to Ondangwa from Windhoek had to turn around on Sunday evening and land at Eros Airport, from...

When legends die paupers

9 hours ago | Columns

The death on Sunday of Bafana Bafana legend Phil Masinga and the outpouring of grief around his passing, especially in Namibia, has once again brought...

SA regulator weighs Eskom price...

9 hours ago | Economics

NAMPA/ANAAs the National Energy Regulator of South Africa (Nersa) on Monday began public hearings on Eskom's tariff increase application, pressure group SAFCEI suggested that the...

Cross-border buses to Zim suspend...

9 hours ago | Economics

Nampa/ANAThe International Cross-Border Traders Association (ICTA) on Monday said it had withdrawn all buses travelling to different parts of Zimbabwe from neighbouring countries as protests...

Nambundunga inspired us - Shalli

9 hours ago | People

Former Namibian Defence Force (NDF) chief Martin Shalli says his successor, the late Peter Nambundunga, played a significant role during the liberation struggle as a...

SADC urged to speak with...

9 hours ago | International

The Southern African Development Community (SADC) has been urged to speak with one voice on the current crisis in the Democratic Republic of Congo (DRC).This...

China and Canada in 'hostage...

9 hours ago | Economics

NAMPA/AFP A Chinese court's decision to impose the death penalty on a...

Ghana's biggest oilfield yet discovered...

9 hours ago | Economics

NAMPA/ANANorwegian oil exploration company Aker Energy has announced the discovery of what appears to be the biggest oil find in the Ghana's history to date...

Load More