On 19 December 2003, within a few hours following Gideon Gono’s maiden Monetary Policy Statement as RBZ governor, ENG Capital collapsed. It had failed to pay over ZW$100 billion it owed its investors. Two of the company’s directors, Nyasha Watyoka and Gilbert Muponda were subsequently arrested for misappropriating depositor funds totaling over ZW$61 billion. The collapse of ENG Capital sent ripples in Zimbabwe’s banking sector, and sparked a huge banking crisis. Thereafter 14 banking institutions failed, all within the space of a year. This episode recounts the chain of events that led to the collapse of ENG Capital, one of the biggest ever financial scandals in Zimbabwe.

Financial scandals that shook Zimbabwe: ENG Capital (Part 2)

Zimbabwe`s economy has broken numerous records as its economic descent has shown no signs of stopping. From the second highest hyperinflation rate ever recorded in history of 89.7 sextillion percent, to issuing a 100 trillion dollar note, the largest denomination ever to have been used, worldwide, Zimbabwe has done it all. This is the podcast that seeks to make sense of Zimbabwe`s unique economy. It offers insightful explanations and analyses of key developments in Zimbabwe`s economy and distils these in a clear and concise manner. Hosted by Perry Munzwembiri.