mutumwa mawere.jpgThe local business community says while it welcomes the de-specification of several businessmen in the financial sector, good corporate governance should not be compromised when dealing with depositors’ funds.

The sentiments by the local business community come at a time there has been increased debate over the de-specification of several local businessmen, most specified for reasons ranging from externalisation of funds to fraud.

Corporate leadership expert, Mr. Canaan Dube says while businessmen like ENG boss Gilbert Muponda have made significant efforts in settling funds owed to debtors to warrant de-specification, captains of industry must appreciate that good corporate governance is critical in gaining confidence of stakeholders.

The High Court recently ruled that ENG companies and directors had satisfactorily liquidated all debts past, present and future accumulated by the company.

Commenting on the de-specification of several businessmen, Affirmative Action Group (AAG) Secretary General, Mr. Tafadzwa Musara said the empowerment group applauds the de-specification of some of the specified businessmen and appealed to all Zimbabweans in the diaspora to participate in the economic empowerment drive.

To date government has de-specified a number of businessmen previously facing charges of fraud and externalisation, including John Moxon, Barbican bank founding director, Dr Mthuli Ncube, Mutumwa Mawere, Nyasha Watyoka and former Trust Holdings chief executive, William Nyemba.

At the height of the sanctions-induced economic challenges some of businessmen engaged in illicit deals and deprived depositors of their funds.

Observers and economic analysts contend that embracing of good corporate governance is critical in the current economic resuscitation agenda.