HARARE - Businessman Gilbert Muponda has demanded that money transfer agency, MoneyGram International, stop using Century/CFX/Interfin Banking Corporation as its agent in Zimbabwe, because the corporation is engaged in business conspiracy, fraud and deception.

Muponda, whose bank Century/CFX Bank's assets and its MoneyGram  International franchise were grabbed and incorporated into Interfin Bank, has asked MoneyGram International to suspend all business dealings with Century/CFX Interfin Bank until such a time that a raging ownership dispute has been resolved.

Muponda's 309 million shares in Century Bank were irregularly converted into CFX Bank then into Interfin Banking Corporation, which is chaired by Farai Rwodzi, who co-owns the bank with Retired General Solomon Mujuru, his family and other senior politicians. Efforts to get Rwodzi to respond to Muponda's claims remained futile right up to the time of going to print.

"MoneyGram's continued use of Century/CFX/Interfin Bank as an agent is clearly prejudicing me financially and causing me severe emotional distress," Muponda said in correspondence seen by The Zimbabwean.

"MoneyGram International is continuing to use my bank infrastructure, systems and assets illegally seized from me despite my protestations."

Muponda says his bank was seized on false claims that it was not on sound financial footing, even though the holding company ENG Capital group had a market capitalisation of US$75 million, making it the single biggest combined treasury in the Zimbabwe financial market, according to Muponda.

Muponda, now based in  the UK, is one of successful black tycoons forced to flee Zimbabwe in 2004 after President Mugabe launched a crackdown that saw prominent bankers such as Julius Makoni, Mthuki Ncube, James Mushore, Otto Chekeche, Francis Zimuto of NMB, and Intermarket Group founder Nicholas Vingira flee the country.

By The Zimbabwean