The Pro-Mugabe Reserve Bank Of Zimbabwe - The Root Of All Evil?

The unilateral appointment of Gideon Gono as the governor of the Reserve Bank of Zimbabwe is one of the outstanding issues holding up negotiations between Mugabe’s ZANU PF party and the two factions of the Movement for Democratic Change.

And when we look at two current stories on the internet, the Reserve Bank and it’s erstwhile governor are inextricably involved.

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Firstly. the furore about the missing diamonds continues...

"Mines Minister, Obert Mpofu, has been fingered in the controversy surrounding the whereabouts of diamonds forcibly taken by police officers from the Reserve Bank of Zimbabwe (RBZ) last week.

The diamonds, worth millions of dollars, had earlier on been delivered to the central bank by the deputy sheriff in the presence of officials from governments Minerals Marketing Corporation of Zimbabwe (MMCZ), UK company and the owners of the diamonds, African Consolidated Resources (ACR), Central Intelligence Organisation Operatives, police officers led by one Freedom Gumbo. Last month the Supreme Court ruled that 300000 carats seized from the London-based ACR in 2006 should be kept at the RBZ for safekeeping."

This is interesting. Earlier reports had put the total carats of the diamonds at 129000 - this report would suggest that the number is 300000. That would put the total value at US$1.5 billion - that is taking a middle of the road standard and colour of diamond valued at US$5000 per carat.

Please note that I stand to be corrected on the value of the diamonds.

As I asked in an editorial yesterday, what facilities does ZANU PF have that are more fortified than the vault at RBZ seeing as Mugabe's party cited the security of the diamonds as the reason for the removal...?

"Highly placed sources told RadioVoP that police officer Gumbo then told all the people who had witnessed the moving of the diamonds from MMCZ offices in Msasa to the RBZ that he had received directives from Senior Assistant Commissioner Silence Pondo - who heads the precious mineral unit to take the diamonds to an unknown destination. The police officers claimed to have been sent by Mpofu. ACR lawyer Jonathan Samkange said over the weekend that Mpofu had ordered the police to remove the diamonds from the RBZ. Samkange said he did not know where the diamonds had been taken to. "The diamonds must be kept at the RBZ. I do not know why the government decided to disregard that order and take our diamonds," said Samkange."

Regardless of who ordered the removal of the precious stones, no one has the right to defy a Supreme Court ruling - unless you are one of Mugabe's minions that is.

Who is this policeman Pondo? Has he got the required authority to countermand a court ruling?

Why is it that a government minister was obliged to obey the order of a police officer?

Just like the ballot boxes in 2008, ZANU PF have magicked the stones away and they will, no doubt, be added to Mugabe's growing wealth and be used to arm his security forces, feed his loyalists and they will continue to live in obsequious style at the expense of the voters who voted for someone else and another party to rule them.

A cold, calculated and cruel rule perpetrated by Mugabe and his apologists.

"Chief Justice Godfrey Chidyausiku last month ruled that the diamonds should be held by the RBZ until the mining rights case between ACR and the government has been resolved. This followed an appeal by the government against a High Court order by Justice Charles Hungwe. The sources said Mpofu had earlier on personally attempted to block the movement of the diamonds from MMCZ offices to RBZ after he produced a letter from the Supreme Court that allegedly barred the deputy sheriff from transporting the diamonds. But the deputy sheriff stood his ground telling Mpofu that he was acting on the basis of Chidyausiku’s order. Zimbabwe’s diamonds have been mired in controversy since government took over ACR claims in Marange."

Mpofu is misguided in his position as mines minister.

The Reserve Bank of Zimbabwe, whilst under the control of ZANU PF's pro-Mugabe governor, Gideon Gono, is reportedly hanging on to assets ordered returned to Time Bank. Is there a chance that they are 'hanging on' to the assets because they have already been disposed of?

"Time Bank of Zimbabwe (Time Bank) says millions of dollars worth of its assets seized in 2004 by the Central Bank have not been returned, weeks after a landmark Administrative Court judgement restored its banking licence.

The emergent banking giant was stripped of its licence five years ago in what sources claimed were Reserve Bank of Zimbabwe (RBZ) controversial governor Gideon Gono’s plans to frustrate banks in which he, Mugabe and ZANU PF had no interests.

On Monday RBZ officials appeared set to delay returning the assets. In a statement, Time Bank appealed to its customers to be patient as a date for an official return of the assets was now going to be set."

Why should the RBZ withhold the assets? Is it possible that the RBZ has used the assets to gain yet another small pile of money which would, in turn, be used to finance Mugabe's grip on power?

In order to out think Mugabe, we have to think as if we were part of his motley crew.

"The bank said among the clients’ assets in the RBZ’s possessions were title deeds. Bank properties were also held by the regulators in a heavily-condemned swoop on allegedly erring and corrupt financial institutions. Gono, newly arrived at the RBZ said he was going to clean up what he alleged to be the mess in the banking industry but was later accused of nearly crashing it.

TIME Bank managing director Chris Tande invoked the Administrative Justice Act (AJA) and successfully applied for a restoration of the bank’s operating licence through an Administrative Court (AC)."

When you consider this story and the removal of diamonds from the RBZ by ZANU PF, we have to realise that Mugabe is playing for keeps, and he will do whatever it takes to remain in power.

Robb WJ Ellis

The Bearded Man