Friday, October 30, 2020

Zim’s largest discount house closed after 50 years in operation

Zimbabwe’s largest discount house has shutdown this week citing viability problems after 50 years in operation.
Discount House of Zimbabwe (DCZ) a subsidiary of Kingdom Financial Holdings (KFHL) will have its licence surrendered to the Reserve Bank of Zimbabwe next week.

In a statement this week KFHL said: “The Discount Company of Zimbabwe struggled to sustain its operations although it managed to obtain a limited dealer licence, which allowed it to raise deposits and lend in US dollars.”
DCZ has been a prominent player in the country’s financial services sector.
Not only is DCZ the first discount house in Zimbabwe, but it is also the oldest remaining discount house in the world.

Meanwhile, a fight over control of assets between KFHL and Meikles Africa Limited is raging on. Meikles Africa Limited and KFHL merged two years ago to form Kingdom Meikles Africa Limited (KMAL). The group has interests in supermarkets, hotels and banks all over Zimbabwe.

Last week, KMAL chairman, John Moxon, fled Zimbabwe to South Africa accusing some top ZANU-PF officials working with KFHL and a pressure group Affirmative Action Group (AAG) of trying to topple him from the helm of the group.

Moxon said that he left Zimbabwe after a friend warned him that he was to be arrested after a KMAL extra-ordinary annual general meeting was called to complete a demerger which would see the group breaking ties with KFHL and its chief executive, Nigel Chanakira.

However, in response to Moxon’s allegations, AAG president Supa Mandiwanzira on Wednesday, said: “I wish to state categorically that neither the AAG nor myself have at any time since the KMAL saga came to public light – planned to do anything ulterior, let alone ‘molest’ John Moxon.”

“The AAG or myself have absolutely no legal nor moral standing to take the law into their hands and harangue another Zimbabwean, more so an investor. The allegations that Moxon makes, admittedly from hearsay, are absolutely untrue as they are unfounded.”

Mandiwanzira said if indeed Moxon left Zimbabwe fearing attacks from the AAG, “he is free to come back into the country”.

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