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‘Unjust global financial system needs urgent reform’ – The Herald

‘Unjust global financial system needs urgent reform’


President Mnangagwa has told the Group of 77 (G77) and China summit in Havana, Cuba, of the urgent need to reform the current  unjust financial architecture which favours countries of the Global North.

This economic order has resulted in the West unilaterally imposing economic sanctions on some of the G77 countries with Zimbabwe reeling from the effects of such punitive economic measures for over 20 years.

Despite the restrictive economic environment, President Mnangagwa told the summit whose theme was “Current development challenges: The role of Science, Technology and Innovation”, that Zimbabwe has registered about 500 patents in various fields since it started establishing innovation hubs at its institutions of higher learning about six years ago.

The innovation hubs and industrial parks at State universities that include National University of Science and Technology, Midlands State University, University of Zimbabwe, Harare Institute of Technology (HIT), Zimbabwe Defence University and Chinhoyi University of Technology have saved the country US$12 million in imports as they propel Zimbabwe’s modernisation and industrialisation through the local production of goods and services.

In a statement delivered on his behalf by Foreign Affairs and International Trade Minister, Dr Fredrick Shava, he said the country had in 2022 established a National Pathology Research and Diagnostic Centre to enable Zimbabweans to access first-class specialised medical attention previously sourced from abroad.

President Mnangagwa told the two-day summit which ended on Saturday that the G77 needs to note that effective channels for technology transfer, particularly those related to sustainable development, green and low-carbon technologies are essential in the implementation of the 2030 Agenda.

This would enable the countries to develop sustainable and resilient solutions to tackle the interlinked crises they are grappling with.

After holding peaceful, free and fair harmonised elections on August 23, 2023, he said Zimbabwe is now working towards achieving its national vision to become an Upper Middle-Income Society by 2030. In doing so, the country is prioritising education in Science, Technology, Engineering, and Mathematics (STEM), to steer the country towards an innovation led and knowledge-driven economy.

“Zimbabwe launched its first Satellite, Zim-Sat1, on November 7, 2022.

This is a milestone expected to enhance both mineral exploration and environmental monitoring, he said. “Innovation hubs have been established at institutions of higher learning, which are focusing on research and innovation. To date, we have registered over 500 patents in various fields.”

Ahead of his address, President Mnangagwa conveyed Zimbabwe’s condolences to Libya where thousands perished after heavy rains caused by Mediterranean storm Daniel caused the collapse of two dams sending a large mass of water several metres high through the Derna Valley destroying entire neighbourhoods and sweeping thousands out to the sea.

He also conveyed condolences to Morocco which suffered a devastating earthquake on September 8 that killed more than 800 people. — New Ziana.

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ZB Bank heist: Four acquitted to be reimbursed forfeited funds

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By Staff Reporter


FOUR suspects who were acquitted in the ZB Bank money heist case which made headlines two years ago will have their forfeited money reimbursed.

The four are Trymore Chapfikwa, Tozivepi Chirara, Dennis Madondo and Tatenda Gadzikwa.

They filed an application for disposal before Harare magistrate, Clever Tsikwa ruled there was “no justification for the State to keep the money when there is no longer a case against the four.”

The amount to be reimbursed was not mentioned.

The prosecution had protested the release of the funds arguing that there was no evidence to prove that seized money did not belong to the bank.

“The cash before this court as an exhibit cannot be lawfully possessed by the applicants.

“They did not provide proof of the source of their ownership. In this inquiry of whether an exhibit can be claimed by an accused, the accused has an onus to show that they are entitled to the money.” said prosecutor Loveit Muringwa.

The four were jointly charged with Shadreck Njowa, Tendai Zuze and Neverson Mwamuka who were convicted on Friday.

Njowa, Zuze and Mwamuka await their sentencing on Wednesday.

Prosecutors proved Njowa the kingpin of the heist and had been hiding in South Africa before coming back into the country in November 2022 assuming the dust had settled.

Njowa and his accomplices robbed US$2,7m and ZW$43 090 that was in the commercial bank’s transit truck headed for seven branches across the country in January 2021.

The security crew and the gang then staged the robbery along the Harare-Chinhoyi highway just after Nyabira Business Centre.

They had reportedly armed themselves with pistols, knives, and three vehicles which they used to carry the cash in transit.

One of the guards, Fanuel Musakwa, transporting the money was in contact with the heist crew.

Court heard the guard requested the driver to pick up some of the accomplices as passengers before they stole the money.

Meanwhile, prosecutor Muringwa has submitted the State’s aggravation urging the court to impose a harsher sentence for the convicted trio.

“The crime had a negative economic impact on the complainant and resulted in reasonable material or economic loss.

“The complainant is in the banking business, the loss of such vast amounts of money certainly had a negative impact on their business as income was lost because of the lack of cash that could have been circulated to its clients earning it the much-needed interest. Wherefore the State prays that the accused be heavily sentenced of the charged offense of robbery as aggravation factors outweigh the mitigatory factors,” he said.

The three will submit their mitigation Tuesday.

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ZB Bank heist: Four acquitted to be reimbursed forfeited US$234k

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By Staff Reporter


FOUR suspects who were acquitted in the ZB Bank money heist case which made headlines two years ago will have their forfeited money reimbursed.

The four are Trymore Chapfikwa, Tozivepi Chirara, Dennis Madondo and Tatenda Gadzikwa.

They filed an application for disposal before Harare magistrate, Clever Tsikwa ruled there was “no justification for the State to keep the money when there is no longer a case against the four.”

The amount to be reimbursed is US$234 000.

The prosecution had protested the release of the funds arguing that there was no evidence to prove that seized money did not belong to the bank.

“The cash before this court as an exhibit cannot be lawfully possessed by the applicants.

“They did not provide proof of the source of their ownership. In this inquiry of whether an exhibit can be claimed by an accused, the accused has an onus to show that they are entitled to the money.” said prosecutor Loveit Muringwa.

The four were jointly charged with Shadreck Njowa, Tendai Zuze and Neverson Mwamuka who were convicted on Friday.

Njowa, Zuze and Mwamuka await their sentencing on Wednesday.

Prosecutors proved Njowa the kingpin of the heist and had been hiding in South Africa before coming back into the country in November 2022 assuming the dust had settled.

Njowa and his accomplices robbed US$2,7m and ZW$43 090 that was in the commercial bank’s transit truck headed for seven branches across the country in January 2021.

The security crew and the gang then staged the robbery along the Harare-Chinhoyi highway just after Nyabira Business Centre.

They had reportedly armed themselves with pistols, knives, and three vehicles which they used to carry the cash in transit.

One of the guards, Fanuel Musakwa, transporting the money was in contact with the heist crew.

Court heard the guard requested the driver to pick up some of the accomplices as passengers before they stole the money.

Meanwhile, prosecutor Muringwa has submitted the State’s aggravation urging the court to impose a harsher sentence for the convicted trio.

“The crime had a negative economic impact on the complainant and resulted in reasonable material or economic loss.

“The complainant is in the banking business, the loss of such vast amounts of money certainly had a negative impact on their business as income was lost because of the lack of cash that could have been circulated to its clients earning it the much-needed interest. Wherefore the State prays that the accused be heavily sentenced of the charged offense of robbery as aggravation factors outweigh the mitigatory factors,” he said.

The three will submit their mitigation Tuesday.

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‘Some wins, some losses’ — Priddy Ugly announces he’s ‘quitting’ music

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TshisaLive


Rapper Priddy Ugly is hanging up his mic.

Taking to his X timeline recently, the rapper released a statement explaining that Dust will be his final album.

“It’s been 15 years. That’s 3 albums and 3 mix tapes. That’s 5 EPs, 500 features and thousands of verses, Millions of minds blown (that’s word to my pen). That’s a whole wife and daughter, some homies gained, some homies lost, some bruised egos and a whole lot of love, some wins, some losses, some horns, some crosses,” read the statement.

In a separate post he wrote multiple messages on his timeline, detailing how his journey has been.

“This last stretch of making music has been made completely daunting and it’s not coming from the audience. Creating the music has been organic and seamless, everything else has been very challenging. It has completely sucked the eagerness for me to want to keep doing it in this way”

“I’ve had to be my No 1 fan, my biggest motivator and source of inspiration. The artists and  producers I’ve created with really fuelled my energy when my spirit was completely depleted. The conversations had and love shared boosted me in times where I was literally fighting for my life.”

Taking to Instagram in March in 2022 , the rapper wrote about the importance of support in a society full of pressures.

“You need to give yourself time to heal. Even with the scars that remain, may they be reminders of where we come from. May they remind you that you are strong. Life puts pressure, social media puts pressure. Don’t find yourself not worthy of living. Find the light within you and spread that light. Pick yourself up, grab a helping hand. You are loved and you are worthy of life. Hang in there,” he said.

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