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<p>A High Court judge has dismissed an application by a local pensioner, Duncan Hugh Cocksedge, who was seeking reimbursement of his US$179 541 by CABS.</p>
<p><a href="https://www.zimlive.com/judge-dismisses-depositors-us179000-debt-claim-from-cabs/"><span>ZimLive</span></a> reported that Cocksedge approached the courts for redress after his US$179 000 bank balance which was being held in a CABS account was wholly converted to local currency through the government’s Exchange Control Directive RT120/2018.</p>
<p>In his ruling, Justice Webster Chinamhora averred that it was not for the courts to change “political questions”.</p>
<p>The judge stated that the regulation of banking activities to achieve economic stability and protect the banking public was the prerogative of the Executive. He said:</p>
<blockquote>
<p>Put differently, how the government makes policies aimed to achieve monetary stability and incentivise the generation of foreign exchange in the national interest is a political question, best left to the politicians.</p>
<p>Courts in this jurisdiction are familiar with the political questions doctrine and how to deal with a case where this arises.</p>
<p>No basis exists, in my view, for not deferring to the minister who made the policy decision on behalf of the Executive.</p>
</blockquote>
<p>The judge also said Cocksedge had not shown his court that the deposit in his account was realised from offshore or foreign currency cash deposits. He added:</p>
<blockquote>
<p>The applicant has not shown that the provisions of the Exchange Control Directive RT120/2018 and the Finance (No.2) Act 2019 are not laws of general application.</p>
<p>As a result, I do not find any merit in the applicant’s argument and am inclined to dismiss his application.</p>
</blockquote>
<p>Cocksedge’s claim was for reimbursement of his US$179 541 by CABS.</p>
<p>In his alternative claim, Cocksedge said the conduct of the Reserve Bank of Zimbabwe (RBZ) and the Finance Minister was “unlawful, grossly unreasonable and irrational”.</p>
<p>He said the changes in law, effectively amount to unlawful and unconstitutional expropriation of value.</p>
<p>CABS did not dispute that Cocksedge had deposited US$179 541.45 before February 2023.</p>
<p>It said its banking services are regulated by RBZ adding that it had no disputes with the latter.</p>
<p>The central bank argued that Cocksedge had no right to challenge the provisions of the Exchange Control Directive.</p>
<p>It said CABS had acted according to the law and as such, Cocksedge could not try to impugn a lawful act.</p>
<p>The Minister of Finance Mthuli Ncube argued that the Exchange Control Directive does not take away Cocksedges rights.</p>
<p>In his application, Cocksedge had cited CABS as the first respondent and the Reserve Bank of Zimbabwe as the second respondent.</p>
<p><strong>More: <a href="https://zero.pindula.co.zw/">Pindula News</a></strong></p>


Pindula News

High Court Judge Dismisses Depositor’s US$179 000 Debt Claim From CABS

<p><strong><a href="https://www.pindula.co.zw/CABS">CABS</a> has temporarily shut down its Bulawayo and Karoi branches after two of its staff members tested positive for COVID-19. CABS shut down its branches when Zimbabwe has recorded a spike in new COVID-19 infections in the Karoi District. Karoi is among several districts in Mashonaland West province that have been declared COVID-19 hotspots by the Health ministry and is under localised lockdown. Pindula News present CABS’ statement on the closure.</strong></p>
<blockquote><p>Dear Valued Customer</p>
<p>We regret to advise that two of our staff tested positive for CovId-19 following PCR tests that were done after exhibiting flu-like symptoms. The affected branches are Jason Moyo in Bulawayo and Karoi. Both branches are closed to allow for disinfection of the branches. PCR testing and self-isolation of our staff. The Jason Moyo branch (Bulawayo) will open for service on 28 June 2021 and Karoi branch will open on 2 July 2021. Banking services will be available at the following areas:</p>
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<td title="Character Accurarcy=99.29">Nowest Petroleum</td>
<td title="Character Accurarcy=98.83">Stand 118 Karoi</td>
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<td title="Character Accurarcy=99.09">Chris Kasiga</td>
<td title="Character Accurarcy=96.76">Northern Tobacco Auction Floor, Karoi</td>
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<td title="Character Accurarcy=98.72">Foya Cut</td>
<td title="Character Accurarcy=98.79">Stand 370 Karoi</td>
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<td title="Character Accurarcy=99.4">Lampstand</td>
<td title="Character Accurarcy=99.41">Stand number 9 Magunje</td>
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<td title="Character Accurarcy=97.77">Chris Kasiga 1</td>
<td title="Character Accurarcy=87.34">838 Chikangwe, Karoi</td>
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<td title="Character Accurarcy=99.77">Clear vision hardware</td>
<td title="Character Accurarcy=99.41">6241 West View Karoi</td>
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<td title="Character Accurarcy=98.84">OK Karoi</td>
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<p>The health and safety of our customers and staff is important to us. therefore we urge you to make use of digital channels; Internet and mobile banking platforms (*227#/mobile app).</p>
<p>We would like to remind you to observe social distancing each time you visit the branch and to adhere to the precautionary measures that have been put in place for your safety.</p>
<p>Thank you for your continued support.</p>
<p>Regards</p>
<p>Mehluli Mpofu</p>
<p>Managing Director</p></blockquote>
<p><strong>More: <a href="https://news.pindula.co.zw">Pindula News</a></strong></p>


CABS Temporarily Shut Down Bulawayo, Karoi Branches

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<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"><a href="https://www.pindula.co.zw/CABS">CABS</a>, formerly Central African Building Society, has received a historic €15 million credit facility from the European Investment Bank (EIB).</span></div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0"> </span></div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">This is the first-ever European Investment Bank engagement with a Zimbabwean commercial bank and the first engagement in the country in EIB in 22 years.</span></div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"></div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"><span class="css-901oao css-16my406 r-poiln3 r-bcqeeo r-qvutc0">CABS which has one of the largest banking networks in the country</span> is a subsidiary of <a class="mw-redirect" href="https://www.pindula.co.zw/Old_Mutual" title="Old Mutual">Old Mutual</a> Zimbabwe Limited, Zimbabwe’s largest life assurance organization.</div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"></div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en">Credit facilities have been dwindling since the imposition of sanctions on Zimbabwe at the turn of the millennium.</div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"></div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en">The Zimbabwean government claims the sanctions <a href="https://news.pindula.co.zw/2017/05/04/zimbabwe-expects-get-2-billion-credit-clears-afdb-world-bank-loans/">took away their ability to service their local and foreign debts resulting in the country</a> being blacklisted while some institutions stopped extending credit facilities in fear of sanctions from the Breton Woods institutions.</div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en"></div>
<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" id="tweet-text" lang="en">Zimbabwean financial institutions used to get most of the credit facilities from Breton Woods financial and other international institutions that have not been forthcoming since two decades ago.</div>
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<div class="css-901oao r-18jsvk2 r-1qd0xha r-a023e6 r-16dba41 r-rjixqe r-bcqeeo r-bnwqim r-qvutc0" dir="auto" lang="en"><strong>More: <a href="https://news.pindula.co.zw/">Pindula News</a>; <a href="https://twitter.com/FinxZim/status/1387342331423100928">Financial Express</a></strong></div>
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CABS Receives Historic €15M Credit Facility From European Investment Bank

<p><strong>Zimbabwean journalist and documentary filmmaker, Hopewell Chin’ono has said he is fighting for a better Zimbabwe for today’s youth because it is possible for them to lead decent lives. We present his statement below.</strong></p>
<blockquote><p>Why do I fight for a better Zimbabwe for today’s youth?</p>
<p>I bought my first property in Chisipite when I was 29 years of age.</p>
<p>It was through a CABS mortgage.</p>
<p>Today a doctor, lawyer, engineer or journalist can’t buy the same US$500k property, because there is no money in the economy due to LOOTING, plunder and misgovernance.</p>
<p>So I find it weird when some youths fight me for trying to let them see that their future is being destroyed, and that if things are fixed, they too could live anywhere they want.</p>
<p>That is why I fight against corruption, it is because I know the both sides of life, and I want those on the other side of the railway line to also be able to cross the tracks.</p>
<p>It can be done because I and many others are living proof of it, but you won’t be able to do it unless we have a proper economy.</p>
<p>Why don’t we have a proper economy? The ZANUPF looting, the corruption, the plunder and the incompetence.
You won’t be able to get the chances I got in life unless you are part of the looters.</p>
<p>Now is that the kind of Zimbabwe that you want where your education counts for nothing, and where the youth celebrate tax dodgers and crooks instead of hard work.</p>
<p>The only way today’s youth are going to be able to live in a luxury property in Chisipite is if there is investment in Zimbabwe that allowed banks to offer mortgages.</p>
<p>Investors both local and foreign won’t come unless the government respects the rule of law, implements political and economic reforms and stops the looting and the plunder!</p>
<p>Now is it a crime for me to say these things so that today’s youth also get the same chances that I got?</p>
<p>It is not normal in any decent society to buy your home cash, it only happens in banana republics.</p>
<p>Homes are bought through mortgages, ask yourself why there are no mortgages today for professionals, then you will understand my fight against corruption!</p>
<p>#NoToCorruption #NoToLooters</p>
</blockquote>


Chin'ono: Why Do I Fight For A Better Zimbabwe For Today’s Youth?

<p>CABS Gwanda Branch was reportedly closed after 3 employees tested positive for COVID-19, the Chronicle reports. This was revealed by CABS Managing Director Mr. Mehluli Mpofu who revealed the branch will be closed until 7 December:</p>
<blockquote><p>We regret to advise that three of our staff at Gwanda branch tested positive for Covid-19 following PCR tests. Please note that the branch has been temporarily closed until 7 December 2020 to allow for disinfection of the branch and self-isolation of our staff.</p>
<p>We encourage you to make use of our digital channels, internet and mobile banking platforms to reduce the risk of exposure and spread of Covid-19 during this period. We will continue to monitor the situation and implement changes to ensure a high level of safety for all our stakeholders.</p></blockquote>
<p>Apart from the reports that CABS Gwanda is closed, Gwanda made headlines for running out of isolation space this week. Reports of companies closing down due to COVID-19 have drastically reduced since positive cases have drastically reduced over the last few months.</p>
<p>Zimbabwe has so far recorded close to <a href="https://news.pindula.co.zw/2020/11/28/zimbabwe-coronavirus-covid-19-update-27-11-2020/">10 000 cases and close to 280 deaths</a> since the first case was recorded in Zimbabwe on 20 March 2020.</p>
<p>More: <strong><a href="https://www.chronicle.co.zw/cabs-closes-as-3-test-covid-19/">Chronicle</a></strong></p>


CABS Gwanda Closed As 3 Employees Contract COVID-19

<p>CABS has closed its Gwanda branch after three (3) workers tested positive for the coronavirus, the bank said in a statement on Wednesday.</p>
<p>The bank’s managing director, Mr Mehluli Mpofu said the branch will be closed until December 7. Reads Mpofu’s statement in part:</p>
<blockquote><p>We regret to advise that three of our staff at Gwanda branch tested positive for Covid-19 following PCR tests. Please note that the branch has been temporarily closed until 7 December 2020 to allow for disinfection of the branch and self-isolation of our staff.</p>
<p>We encourage you to make use of our digital channels, internet and mobile banking platforms to reduce the risk of exposure and spread of Covid-19 during this period.</p>
<p>We will continue to monitor the situation and implement changes to ensure a high level of safety for all our stakeholders.</p></blockquote>
<p>Gwanda Town has recorded about 50 cases of the coronavirus over the past two weeks which has resulted in the shortage of isolation space.</p>
<p>The town’s only isolation centre housed at the Gwanda Provincial Hospital can only accommodate 16 people while Phakama Clinic isolation centre is still under construction.</p>
<p>Gwanda Provincial Hospital acting medical superintendent, Dr Blessing Gwarimbo said as a result of the shortage in quarantine space patients were being discharged to self-isolate at home even though their conditions required them to be housed at the isolation centre.</p>
<p>This is happening when the country, particularly in Matebeleland provinces, has in the recent past recorded a rise in the number of new coronavirus cases raising fears of a second wave.</p>
<p>Whilst most of the cases have been recorded in schools, the government is adamant schools won’t be closed.</p>
<p><strong>More: <a href="https://www.chronicle.co.zw/cabs-closes-as-3-test-covid-19/" rel="noopener noreferrer" target="_blank">Chronicle</a></strong></p>
<p> </p>


CABS Branch Closed As Workers Contract Coronavirus

<p>The CABS board has appointed a new Managing Director following the outgoing MD Simon Hammond’s decision to take a  pre-retirement leave, Techzim reports.</p>
<p>Mehluli Mpofu is the new Managing Director and he will be deputised by Cecil Tanyaradzwa Ndoro. A statement published by the bank confirmed the development</p>
<p>According to the publication, Mehluli:</p>
<blockquote><p>Has been the Deputy Managing Director of CABS since July 2015. His experience spans over 15 years in which he has held several positions including Managing Director of Old Mutual Investment Group (OMIG), Chief Investment Officer in Old Mutual Kenya and Head of Research in OMIG. Mehluli holds a Charter in Financial Analysis, an MBA from the University of Cape Town’s Graduate School of Business as well as an Honours degree in Electrical Engineering.</p></blockquote>
<p>While his deputy Cecil:</p>
<blockquote><p>Also commences his role as Deputy Managing Director on 1 April 2020. Cecil has served CABS as Head of Corporate &amp; Institutional Banking since the inception of the department in 2012. Prior to this, he has held senior positions in local and international banks. Cecil holds an MBA, a Degree in Business Studies, a Diploma in Marketing Management and a Certificate in Management from Wits Business School</p></blockquote>
<p>More: <strong><a href="https://www.techzim.co.zw/2020/04/cabs-appoints-mehluli-mpofu-as-new-managing-director/">Techzim</a></strong></p>


CABS Appoints New MD

<p>CABS has refuted claims circulating on social media which purport that <a href="https://news.pindula.co.zw/2020/02/14/cabs-payment-system-hacked-hacker-withdrawing-funds-from-some-accounts-report/">its system has been hacked and the hacker was stealing people’s funds.</a> We present the Bank’s statement in full below.</p>
<blockquote class="wp-block-quote"><p><strong>CABS has noted messages circulating on social media claiming that CABS payment systems have been compromised and accounts have been accessed Illegally.</strong></p>
<p><strong>We would like to edvise our customers that our systems have not been compromised. The writer was referring to incidences of card cloning.We would like to urge all eur customers to be vigilant when making card transactions.To protect yourself from card fraud:</strong></p>
<p><strong>1. Be alert at all times.Not everyene standing around you has good intentions.</strong><br/>
<strong>2.Never lose sight of your card when making a transaction.</strong></p>
<p><strong>3.Do not let anyone see yeu enter your pin; hide your pin when transacting at an ATM/ POS machine.</strong><br/>
<strong>4.If you have the new Chip &amp; Pin card. request the Chip option whe.n swiping on a POS mechine.</strong><br/>
<strong>5.Registerfor SMS alerts for full visibllity of the activities on your account</strong><br/>
<strong>“6. Download the CABS Mobile banking App on the App store and Google Play. The App has a functien that allews yeu to block end unblock yeur card.If you detect any suspicious activity on your account,visit any CABS branch immediately.</strong></p>
<p><strong>You can also contact us on (024) 2 870 158, 870 570,870 567,</strong><br/>
<strong>870 532 between 8.00am and 4.30pm or on (024) 2 252 861-4/9 on our 24-hour contact centre.</strong><br/>
<strong>CABS is in the process of rolling out Chip &amp; PIN enabled cards to all CABS customers. These cards have security fe·atures that provide better protection against card fraud.</strong></p></blockquote>
<p><strong><img alt="" class="wp-image-8225 lazy-loaded" data-lazy-type="image" data-src="https://zimpricecheck.com/wp-content/uploads/2020/02/cabs_statement-min.jpeg" data-srcset="" decoding="async" sizes="(max-width: 620px) 100vw, 620px" src="https://zimpricecheck.com/wp-content/uploads/2020/02/cabs_statement-min.jpeg" srcset="https://zimpricecheck.com/wp-content/uploads/2020/02/cabs_statement-min-200x283.jpeg 200w, https://zimpricecheck.com/wp-content/uploads/2020/02/cabs_statement-min-212x300.jpeg 212w, https://zimpricecheck.com/wp-content/uploads/2020/02/cabs_statement-min-400x566.jpeg 400w, https://zimpricecheck.com/wp-content/uploads/2020/02/cabs_statement-min-500x707.jpeg 500w, https://zimpricecheck.com/wp-content/uploads/2020/02/cabs_statement-min-600x849.jpeg 600w, https://zimpricecheck.com/wp-content/uploads/2020/02/cabs_statement-min.jpeg 620w"/></strong></p>


FULL TEXT: CABS Responds To Reports Saying "Its System Was Hacked, Clients' Funds Are Being Stolen"

<p>The <a href="https://www.pindula.co.zw/CABS" rel="noopener noreferrer" target="_blank"><strong>Central Africa Building Society (CABS)</strong></a> plans to close four more branches in Harare and Norton.</p>
<p>The development comes after the bank announced in August that it was closing four branches, one in Nkulumane Bulawayo, <a href="https://www.pindula.co.zw/Mt_Pleasant" rel="noopener noreferrer" target="_blank"><strong>Mt Pleasant</strong></a> in Harare as well as Dangamvura and CA House branches in Mutare.</p>
<p>In a short statement to customers, CABS managing director Simon Hammond said:</p>
<blockquote><p>All services will be available at the nearest branches, or any other CABS branch nationwide.</p></blockquote>
<p>CABS is a subsidiary of <a href="https://www.pindula.co.zw/Old_Mutual_Zimbabwe" rel="noopener noreferrer" target="_blank"><strong>Old Mutual Zimbabwe</strong></a> Limited, Zimbabwe’s largest life assurance organization.</p>
<p>It offers a diverse range of financial products and services that includes transaction and savings accounts, mobile banking, mortgage loans, money market investments, term deposits and payroll loans.</p>
<h4><strong>More: <a href="http://newziana.co.zw/2019/12/02/cabs-to-close-more-branches/" rel="noopener noreferrer" target="_blank">New Ziana</a></strong></h4>


CABS To Close Four More Branches

<p>CABS has notified its customers of its intention to close four of its branches across the country in what is seen as a restructuring exercise.</p>
<p>The bank advised its customers about its plans to close the four branches without giving the reasons for the move. It said in the statement:</p>
<blockquote><p>Please be advised that we intend to close the stated branches by the following dates.</p></blockquote>
<p>The branches set for closure include CABS’ Nkulumane unit in Bulawayo, Mt Pleasant branch in Harare and Dangamvura branch in Mutare. They will be closed on 31 October 2019.</p>
<p>CA branch in Mutare will be closed at the end of December this year.</p>
<h4><strong>More: <a href="https://www.chronicle.co.zw/cabs-closes-four-branches/" rel="noopener noreferrer" target="_blank">Chronicle</a></strong></h4>


CABS To Close 4 Branches

<p>The Old Mutual Zimbabwe company is set to reduce the number of its companies by merging them into 3 companies. The group currently has 9 companies in financial services, investment, insurance, and real estate.</p>
<p>Old Mutual will merge the companies into 3 groups: insurance, wealth management, and banking.</p>
<p>Here’s how the group’s companies are (2016 Organogram)</p>
<p>The Group’s chairman Johannes Gawaxab commented on the change:</p>
<blockquote><p>Having reviewed the current structure of the Old Mutual Zimbabwe Limited Group, the directors have concluded that the interests of both shareholders and customers would be best served by restructuring the group into a simpler and more optimal outfit.</p>
<p>The process entails the proposed clustering of the Old Mutual Zimbabwe Limited businesses into three clusters on the basis of the major lines of business which the group operates, namely, insurance, wealth management and banking — subject to regulatory and shareholder approvals as necessary.</p>
<p>Old Mutual Zimbabwe Limited will remain as the holding company of these three clusters</p>
<p>The exercise is also intended to streamline the ownership of Old Mutual Insurance Company.</p>
<p>It is expected that this will result in a reduction of the legal entities in the Group.</p></blockquote>
<p><strong>More:</strong> <a href="https://www.thestandard.co.zw/2019/05/12/old-mutual-boss-step/"><strong>The Standard</strong></a></p>


Old Mutual Merging Its Companies Into 3 Clusters

<p>A Chitungwiza man, Donald Shorai Jima (29) of Zengeza, has appeared before the Harare Magistrate, Barbara Mateko charged with unauthorised use or possession of debit cards.</p>
<p>It is alleged that the accused and his accomplices who are still at large cloned bank debit cards belonging to Amanda Zietsman, John Clark and Valentine Vincent Oldfiel (CABS account holders) and transferred a total of $69 000.</p>
<p>They are argued to have used the money to buy expensive wines, beer and agricultural inputs.</p>
<p>Jima and his accomplices are reported to have transferred the stolen money into their fraudulent Ecocash Accounts. Jima was arrested on April 26 after he went to Karimbika’s Hardware with printouts from EcoCash to confirm that he had not received the $500 which was still outstanding.</p>
<p>The State said in all the transactions, nothing was recovered.</p>
<h3><strong>Related:</strong></h3>
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<li><strong><a aria-label="“Border Jumper Sentenced 30 Months In Jail For Stealing Wheelchair” (Edit)" class="row-title" href="https://news.pindula.co.zw/wp-admin/post.php?post=92431&amp;action=edit&amp;classic-editor">Border Jumper Sentenced 30 Months In Jail For Stealing Wheelchair</a></strong></li>
<li><strong><a aria-label="“WATCH: Man Caught On Camera Stealing A Phone” (Edit)" class="row-title" href="https://news.pindula.co.zw/wp-admin/post.php?post=90811&amp;action=edit&amp;classic-editor">WATCH: Man Caught On Camera Stealing A Phone</a> </strong></li>
<li><strong><a aria-label="“NEDBANK Ordered To Return Close To $3M To Client” (Edit)" class="row-title" href="https://news.pindula.co.zw/wp-admin/post.php?post=92303&amp;action=edit&amp;classic-editor">NEDBANK Ordered To Return Close To $3M To Client</a> </strong></li>
</ul>
<p><strong>More: <a href="https://www.newsday.co.zw/2019/04/man-clones-bank-cards-swipes-69-000/" rel="noopener noreferrer" target="_blank">NewsDay Zimbabwe</a></strong></p>


Man Swipes $60 000 Using Cloned Bank Cards To Buy Wine

<p>Junior police officers were allegedly duped of over US$4 million by their bosses in an opaque housing scheme financed by CABS, a report claims.</p>
<p>The Zimbabwe Republic Police was allocated land in Hatcliff in Harare by the Ministry of Local Government for the development of a title-holding individual home ownership scheme for police officers.</p>
<p>However, out of 900 housing stands that were developed, only two showhouses have been constructed since 2011.</p>
<p>The affected junior officers have engaged lawyers to compel the ZRP to give them stands but were told by their bosses to claim refunds in RTGS Dollars.</p>
<p>A police officer affected botched deal, who spoke to the Zimbabwe Independent had this to say:</p>
<blockquote><p>The problem is we are now getting refunds in bond notes. We won’t be able to buy anything with the money. They are no longer communicating with us and the same response we have been getting since 2011 that a letter was sent to the commissioner on the status of the project is the same answer we are getting eight years down the line.</p>
<p>Obviously, something is not right and the fact that they now want to refund our money is suspicious as they may now want to resell the stands since the money has lost value.</p></blockquote>
<h4><strong>More: <a href="https://www.theindependent.co.zw/2019/03/08/police-bosses-in-us4m-housing-scandal/">Zimbabwe Independent</a></strong></h4>


Police Chiefs Involved In US$4 Million Housing Scandal - Report

<p>The Central Africa Building Society (CABS) is closing its Malbereign and Mabvuku branches and merging them into Westgate and Greendale branches respectively in line with its drive towards digitalisation.</p>
<p>The merger will be effective from December 29, 2019. We publish the notice below:</p>
<blockquote><p>NOTICE</p>
<p>Merger of CABS Branches in Harare.</p>
<p>Please be advised that in line with our drive towards digitalisation, we are merging the following branches with effect from 29 December 2018.</p>
<ul>
<li>Merging Mabelreign Branch into Westgate Branch and</li>
<li>Merging Mabvuku Branch into Greendale Branch.</li>
</ul>
<p>All services will be available at the merged branch and the CABS branches nationwide. We encourage you to make use of our digital channels via mobile or internet banking.<br/>
If you require any further information please call us on (024) 2 883822/3.</p>
<p>We thank you for your continued support and valued banking relationship with CABS.</p></blockquote>


CABS Closing Mabelreign And Mabvuku Branches

<blockquote><p><em>CABS would like to advise that the Society will be upgrading its banking system from 2000 hours on Friday, 13 October 2017 to midnight, Tuesday 17 October 2017. During this period, CABS will be offering limited services. Normal operations will resume on Wednesday, 18 October 2017. Visit the CABS website for more information.</em></p></blockquote>
<p><img alt="" class="alignnone size-full wp-image-31783" decoding="async" height="768" loading="lazy" sizes="(max-width: 768px) 100vw, 768px" src="http://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Disruption.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Disruption.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Disruption-150x150.jpg 150w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Disruption-300x300.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Disruption-60x60.jpg 60w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Disruption-90x90.jpg 90w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Disruption-600x600.jpg 600w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Disruption-100x100.jpg 100w" width="768"/></p>
<p> </p>


CABS Warns of Service Disruption from Friday to Tuesday

<p>The Central Africa Building Society (CABS) has blamed its technical partner, Econet, for the system challenges that the bank has been experiencing on its mobile platform. The bank sent an apology to its customers which reads:</p>
<blockquote><p><em>Dear Valued Customer, Please be advised that we are experiencing some technical challenges on our mobile banking platform (*227#). This is due to a technical fault at our service provider Econet. Work is already underway to resolve this issue. We regret any inconvenience caused. </em></p></blockquote>
<p> </p>
<p><img alt="" class="alignnone size-full wp-image-31035" decoding="async" height="1200" loading="lazy" sizes="(max-width: 835px) 100vw, 835px" src="http://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Statement.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Statement.jpg 835w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Statement-209x300.jpg 209w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Statement-768x1104.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Statement-713x1024.jpg 713w, https://news.pindula.co.zw/wp-content/uploads/2017/10/CABS-Statement-600x862.jpg 600w" width="835"/></p>


CABS Blames Econet  For Faulty System

<p>Zimbabwe’s biggest mobile money company Ecocash has partnered with Central Africa Building Society (CABS). This means that customers of CABS will be able to move their money between their bank accounts and their EcoCash Wallets.</p>
<p>This brings the number of banks linked to EcoCash to nine as CABS joins Steward, CBZ, Stanbic, POSB, NMB, Agribank, ZB and BancABC.<br/>
CABS managing director Mehluli Mpofu said:</p>
<blockquote><p><em>We are pleased to partner with EcoCash as it becomes increasingly important for industry stakeholders to jointly develop solutions that ease the burden associated with cash. Our customers will not only enjoy the convenience of transfers between EcoCash and CABS but will leverage on the direct integration of EcoCash with our merchant point of sale, to improve the user experience across our base of over 6 000 merchants country wide.</em></p></blockquote>
<p>More: <a href="http://www.techzim.co.zw/2017/05/ecocash-finally-integrates-cabs/">TechZim</a></p>


EcoCash finally integrates with CABS

<p>Addressing an<a href="http://www.pindula.co.zw/Affirmative_Action_Group"> Affirmative Action Group</a> (AAG) conference in Harare last week, flamboyant businessman, <a href="http://www.pindula.co.zw/Philip_Chiyangwa">Philip Chiyangwa</a> revealed that CABS Bank wanted to sell his White House mansion after he failed to pay back a loan from the bank and had to borrow money from <a href="http://www.pindula.co.zw/CBZ_Holdings">CBZ bank</a> to pay off the debt. He went on to encourage other entrepreneurs not to use their houses as collateral but rather use movable assets such as cars.</p>
<p>Chiyangwa added that if a bank insists on using your house as collateral you should leave that loan and look elsewhere because that bank wants to destroy you. Said Chiyangwa:</p>
<blockquote><p>My White House mansion is very attractive and the bank desperately wanted it to go. CABS Bank is the one that loaned me money but I later on failed to pay the loan because I was defaulting buying furniture for the house. But I told them to go to hell and later got a loan from CBZ bank to pay off. From that day I changed ownership of the house to a Family Trust so that the bank won’t even touch it.</p></blockquote>
<p>More: <a href="http://www.newzimbabwe.com/news-33623-Phil+Banks+wanted+my+%E2%80%98attractive%E2%80%99+mansion/news.aspx">NewZimbabwe.com</a></p>


Chiyangwa reveals how he nearly lost his mansion to CABS after he failed to pay back loan

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