THE Reserve Bank of Zimbabwe has cancelled the licence for McDowell's International, a money-lender, for contravening the Banking Act and illegally mobilising US$4 million in deposits. McDowell's International's licence was cancelled after the company failed to adhere to ethical business practices and for charging exorbitant lending rates, averaging 600 percent per annum.
Zimbabwe: McDowell International's Licence Cancelled
The Herald (Harare), 21 June 2012
THE Reserve Bank of Zimbabwe has cancelled the licence for McDowell's International, a money-lender, for contravening the Banking Act and illegally mobilising US$4 million in deposits. McDowell's International's licence was cancelled after the company failed to adhere to ethical business practices and for charging exorbitant lending rates, averaging 600 percent per annum.
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