Sunday Mail Reporters
The Zimbabwe Revenue Authority (Zimra) is battling to recover public funds amounting to US$3 million which it lost following the collapse of Interfin Bank, an official has confirmed.

Zimra legal and corporate affairs director Ms Florence Jambwa said in an interview last week that the authority was making frantic efforts to recover the money.
She said the funds should be channelled to the national purse in conformity with standard procedure.

Ms Jambwa said her institution was not spared from the bank closure despite having conducted due diligence before the investment.
“There are corporate governance structures and procedures in place when it comes to the authority’s investments which are adhered to without deviation,” she said.
“Due process to recover the amounts which were deposited or invested in Interfin Bank is being followed, including informing all the relevant authorities who must, by way of necessity, be informed of these issues.”

An economist who preferred anonymity criticised the relevant authorities for depositing the money in the financial institution.
“It was an ill-advised decision to take. Last year Interfin only had 3 percent of the deposit share on the market. There are other banks like CBZ, for example, which has a 30 percent share and a huge scale of funds.

“What it means is that in the event of a crisis or misappropriation of funds, such as that which has happened at Interfin, a bank should have enough deposits to cover their tracks and pay off critical sectors such as the Government.”

It is understood Government lost US$47 million to the bank.