Zimbabwe News

Nedbank in Public Relations panic over Minister Monica Mutsvangwa’s $600 000 dispute

Nedbank Zimbabwe found itself in an awkward Public Relations position as they invited Information Minister Monica Mutsvangwa to officiate at a dinner hosted for South African Television mogul Connie Ferguson.

Nedbank invited Mutsvangwa while the bank is still in a ZWL $600 000k dispute with Monica her son Neville Mutsvangwa. Neville lost ZWL600 000 under unclear circumstances and Nedbank has refused to bear the brunt of the losses.

Neville Mutsvangwa alleges that four transactions of $260 000, $200 000, $57 750 and $100 000 that are yet to be reversed into his account prejudiced his business operations, causing substantial losses and reputational damage in the sum of $250 000 as of October 2020.

A letter written by Neville’s lawyers, Messrs Scanlen and Holderness Legal Practitioners dated April, asked Nedbank to release the funds into their client’s account since the beneficiaries did not claim the deposited money, but the bank is reportedly reluctant to release the funds.

“On 6 April 2021, the court granted your client’s application for joinder. None of the respondents attended court for purposes of contesting such joinder,” reads part of the letter.
In accordance with your client’s position set out in your letter of 4 March 2021, we requested that your client releases our client’s funds without further delays.

“The continued delay in the release of our client’s funds is causing him unnecessary prejudice given none of the parties your client has joined has claimed any right to title or interest in the amounts which are the subject of our client’s claim. We kindly request you furnish us with a copy of the court order that was granted on 6 April 2021.”

Neville has also launched a complaint against Nedbank with the Reserve Bank of Zimbabwe (RBZ) under the complaints handling procedure.

Minister Mutsvangwa was gracious enough to attend the Nedbank event even though the bank has treated her son unfairly and prejudiced his business while causing damage to his reputation.

Source: bulawayo24

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