|Revenue authority sweats over lost funds|
|Saturday, 07 July 2012 20:25|
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.
Ms Jambwa said her institution was not spared from the bank closure despite having conducted due diligence before the investment.
An economist who preferred anonymity criticised the relevant authorities for depositing the money in the financial institution.
“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.