Farai Rwodzi is a Zimbabwean entrepreneur. He is known as one of three founder Members of Interfin

Farai Rwodzi
Farai-Rwodzi.jpg
Born Farai Rwodzi
Occupation
  • Entrepreneur

Contents

Background

Education

Rwodzi attended Churchill Boys High before serving his articles with Ernest & Young Chartered Accountants Zimbabwe between 1991 and 1995.[1]

Career

After qualifying as a chartered accountant he joined Delta Corporation Limited before leaving for Real Africa Durolink (Private) Limited, where he was the executive director responsible for corporate finance. [1]

He left Real Africa Durolink (Private) Limited in October 1999 to set up Inter-fin Merchant Bank of Zimbabwe Limited. He was employed at Benscore Investments (Private) Limited.

He served as Chairman of Zimbabwe Alloys Chrome (Pvt) Limited. Rwodzi has been the Chairman of Apex Corporation of Zimbabwe Limited since January 2005. He served as the Chairman of the Board of Seed Co. Ltd and served as the Chairman of Meikles Limited from January 1, 2010 to June 15, 2011. He served as the Chairman of Dawn Properties Limited until March 31, 2010. He serves as a Director of New Chester Investments (Private) Limited.

He serves as a Director of Gulliver Consolidated Limited. He served as a Non-Executive Director of Cottco Holdings Ltd. since December 01, 2010. He served as a Non-Executive Director ofAfrican Sun Limited until December 01, 2009. He served as a Director of Dawn Properties Limited until March 31. He served as an Executive Director WMB Durolink.[2]

Business Investments

In October 1999, he set up Interfin Merchant Bank of Zimbabwe together with Tim Chiganze and Jerry Tsodzai. Interfin were underwriters in the ART rights issue where the subscription rate was low. In the end Interfin was a significant shareholder in ART.

Rwodzi and his partners became ambitious and thought of transforming the merchant bank into a commercial bank. A chance presented itself when then CFX was struggling to raise the $12,5 million minimum capital requirements. Interfin was begged to underwrite the bank’s $10 million rights issue on condition that it gained a controlling shareholding. The deal sailed through, but not without Gilbert Muponda’s claims that Rwodzi and his team were fraudulently taking over his bank.

Muponda ran a campaign on social media telling everyone who cared to listen that he was muscled out of his bank. Although Rwodzi dismissed Muponda’s campaign, it would inevitably affect the bank’s perception in the long run. Rwodzi’s ascendancy was attributed to the backing of one of the factions in Zanu PF, although the businessman vehemently denied that.[1]

The bank was put under curatorship in 2012 and then liquidation in December 2014.[3]

Scandals

Farai Rwodzi is reported to have been sued for over 136k by the Deposit Protection Corporation to compensate for prejudice caused by his negligence.DPC cited that

“On diverse occasions first defendant (Rwodzi) wrongfully and unlawfully or fraudulently utilised his influence as a controlling shareholder in the bank and caused the board of directors of the bank and/or the employees of the bank to grant loans to companies or entities in which first defendant had a direct or indirect interest in circumstances where no proper security was granted or pledged,” DPC said in its founding affidavit.[4]


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References

  1. 1.0 1.1 1.2 Farai Rwodzi: The man, NewsDay, published: June 21, 2012, retrieved: November 25, 2016
  2. Executive Profile Farai Rwodzi, Bloomberg, published: No Date Given, retrieved: November 26, 2016
  3. Interfin directors face legal action, Herald, published: October 14, 2015, retrieved: November 25, 2016
  4. Charles Laiton (November 7, 2016). "Former Interfin Bank bosses sued for $136m". Newsday. Retrieved October 17, 2017.