By Jessica Mundawarara|
Shareholders and depositors in the collapsed Afrasia Bank Zimbabwe Ltd (formerly Kingdom Bank) have called for investigations into founder Nigel Chanakira’s income from the once-vibrant institution.
Afrasia was shut down by the central Reserve Bank of Zimbabwe’s registrar of financial institutions on Tuesday after funding talks between Chanakira and the Mauritian investor Afrasia Bank Ltd failed to yield results. Afrasia was undercapitalized and fell short of the RBZ’s $100 million threshold by tens of millions of dollars. Kingdom bank mainly catered to black executives and small corporates, many of who say they have lost life savings.
“It will destabilize marriages and families, and the losses are immeasurable,” said one shareholder, describing Chanakira as “the epitome of white collar crime”.
“I still hold on to substantial shares, some issued at the split from the Meikles marriage, and others from the rights issue undertaken by the bank,” the shareholder said.
Chanakira lives in Johannesburg, South Africa and is known for lavish spending, including chartering jetplanes for leisure travel to Europe at the bank’s expense.
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