Maridadi says prosecutor-general and police must sit on the Public Accounts Committee to deal with those who misuse government funds

The second aspect is that when banks collapse, they are put under judicial management.  People lose their money, their deposits.  People lose houses, but if you look, if you see the sponsors of that bank, the share holders of that bank, they still have their houses, they still have their cars and so on.  Mr. Speaker, this is very worrying.  What it means is that I could get three Members of Parliament here, we form our bank, we comply with the requirements of the Reserve Bank.  We form our bank, we mob deposits from people out there and five years later, the bank goes under.  We have US$200 million, we share it amongst ourselves and people have lost their money.  What it means is that the Reserve Bank, as the controller of the financial institutions is not doing a very good job.

The other issue is of the Infrastructure Development bank of Zimbabwe.  Mr. Speaker, the Infrastructure Development Bank of Zimbabwe (IDBZ) is technically insolvent as we speak.  For the life of me, Government continues to trade using IDBZ.  IDBZ is technically solvent, but Government continues to put millions and millions of dollars for financial transactions through this bank which Government knows is technically solvent.  I do not know what Government is trying to achieve.  This is money from the people that Government should look after.

Mr. Speaker, without further ado, I think my recommendation is that, let us adopt the report by the Portfolio Committee on Public Accounts and let us adopt the recommendations which have timelines for June, July and September and on that note Mr. Speaker Sir, I rest my case. I thank you.

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