Bank manager’s arrest said to be politically motivated

By Henry Makiwa
26 October 2007

There are claims that the protracted succession politics within Zanu PF are at the centre of the arrest of former NMB Bank deputy managing director James Mushore.

On Wednesday police in Harare arrested Mushore, allegedly over long-standing allegations of foreign currency externalisation.

But observers say Mushore has fallen victim to Robert Mugabe’s loyalists because he is related to Mugabe’s rival, retired army general Solomon Mujuru. Mujuru heads a faction angling to take over the Zanu PF leadership from Mugabe.

Mushore together with fellow NMB bosses, Julius Makoni, Otto Chekeche and Francis Zimuto, fled into exile in 2004 after they were accused of having violated the country’s exchange control regulations. At the time, Makoni, Mushore and Zimuto collectively held over 35 percent of NMBZ through family trusts, making them the single biggest block of shareholders, ahead of institutional investor Old Mutual.

Observers say Mushore had started shuttling between Harare and London after an amnesty deal had been cut for the bankers to return home and bolster the country’s economy. Police arrested him at his Chisipite home.

Reserve Bank of Zimbabwe Governor Gideon Gono is understood to have brokered the negotiations of the amnesty with Justice Minister Patrick Chinamasa.

Journalist Kumbirai Mafunda said speculation was rife in Harare that Mushore has “bad blood connections”.

He said: “We understand that Mujuru is Mushore’s uncle and we all know that there is some serious tussling for power between the retired general and Mugabe at the moment.

“Speculations here have already concluded with some degree of reason, that he is a victim of his relationship with Mujuru and that the official allegation is just an excuse.”

Chief police spokesperson Assistant Commissioner Wayne Bvudzijena could not be contacted for comment but he told The Herald newspaper investigations into the allegations around Mushore were still in progress.