ZABG illegally acquired bank assets

The Reserve Bank of Zimbabwe's economic turnaround strategy was dealt a severe blow recently when a Supreme Court ruling found that its "Zimbabwe Allied Banking Group" (ZABG) had illegally acquired assets from collapsed commercial banks.

The court found that there was a disregard of the law in the manner the bank approved the takeover of the assets, and added that the central bank had sidestepped the Troubled Financial Institutions Act, which was rushed through parliament last year to justify

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