An investigation was launched by the Zimbabwe Republic Police this week into the disappearance of $20 million from the International Monetary Fund (IMF), which were given to Interfin Bank by the Finance Ministry.
The IMF gave the money to Zimbabwe in 2009 as part of an emergency facility meant to help distressed manufacturing companies. The police claimed their investigation centred on Finance Minister Tendai Biti, but he told The Sunday Mail he had transferred the money to Interfin.
Interfin is involved in another case with businessman Gilbert Muponda, who is suing the bank for $15.4 million, saying they took over his assets at Century Bank and rebranded it Interfin. Muponda told SW Radio Africa that Interfin is now "under curatorship" because of its cash problems.
"It was found the bank had a negative capital balance of $107 million, which the bank claims to have loaned to their clients. But some of these clients were found to be related to officials at the bank," Muponda said. He added that a thorough' due diligence' of every dollar that went into the bank over the last year will be conducted by an independent curator.
Interfin CEO, Farai Rwodzi, is himself a controversial figure who was allegedly the proxy for the late Retired Army General Solomon Mujuru's financial affairs. It is widely believed the bank was used to launder money from corrupt ventures, including government contracts received without tender.
Last year Rwodzi was arrested and charged with espionage, along with his partner at Africom Holdings, Simba Mangwende and Oliver Chiku from Global Satellite Systems. The state accused them of conniving to send official government secrets to the United States, Canada and Afghanistan.
The charges were later changed to setting up satellite equipment without permission, but from the beginning there were suspicions something else was at play. SW Radio Africa later received information that the case centered around Rwodzi. The state later dropped the charges.
Interfin highlights the economic chaos that has developed in Zimbabwe due to a lack of the rule of law and the culture of greed that has taken over the country.
The ZANU PF so-called "empowerment" policy has allowed thugs to seize properties and companies owned by foreigners with impunity. Officials with connections to top chefs have also looted everything from farms to businesses.