Published: 26 February 2014

Renaissance Financial Holdings has implored the Reserve Bank of Zimbabwe to stop the National Social Security Authority from liquidating Capital Bank Limited saying the State-owned institution is not acting in good faith.

RFHL, the minority shareholder in Capital is alleging the authority is "not acting in good faith" by requesting for the liquidation of the bank but trying to escape from self-inflicted problems.

NSSA owns 84% of Capital while the remaining shares are owned by Patterson Timba, Dunmore Kundishora and Clementine Sidza through RFHL.

The Zimbabwe Bank Allied and Workers Union has also questioned the decision by NSSA to liquidate the bank considering that the authority could write off about $30 million which it says "does not make economic sense for an institution holding workers' pensions."
- herald