Mines and Mining Development minister Obert Mpofu?s wife Sikhanyisiwe and prominent Harare lawyer Farai Mutamangira have been appointed to new Zimbabwe Allied Banking Group (ZABG) board.

Trebo and Khays Limited, an investment vehicle owned by the Mines minister?s family, recently concluded a $22,5 million transaction. ZABG was created as a special purpose vehicle that facilitated the conversion of assets in the troubled banks into equity following the 2003-2004 banking crisis.

In a statement yesterday, ZABG said the new appointments followed the successful recapitalisation of the bank by Trebo and Khays.

The new board would be chaired by Mutamangira and he would be deputised by Mark Wood, an associate and fellow of the Institute of Bankers.

Other board members would include Graeme Mcintosh, Togarmah Dhlakamah, Abdullah Kassim, and Stephen Gwasira as the chief executive officer.

Frank Karara has been appointed the operations director, Ethel Chitanda finance director, while Florence Gowora is the business director. The new board replaces the five-member board that was chaired by Alex Jongwe and included Lawrence Gudza, Jim Sanders, Jonathan Kadzura and Kasirai Kujinga.

Source B24


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