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ENG was informed through its lawyer Mr Benjamin Chikowero of Gutu and Chikowero that the application for a banking licence had been turned down as the former managing director was a specified person in Zimbabwe. A specified person has no legal standing to carry out any binding corporate transactions.
Zimbabwe has 27 financial institutions licensed by the RBZ. The entry of ENG Capital is likely to revive debate that the country is overbanked.

Mr Chikowero said he would continue to engage the central bank in view of the moves being taken for Muponda’s despecification to enable him to return home and revive his companies’ operations. It is understood that while initial approaches had been made through the Ministry of Justice and Legal Affairs, the papers had now been forwarded to the Ministry of Home Affairs.

It is this ministry that has the mandate to handle issues related to the specification of individuals and companies under the Prevention of Corruption Act.
Muponda is seeking to have various criminal charges against him dropped to enable him to return to Zimbabwe to pursue his business interests. His business partner,  Mr Nyasha Watyoka, was facing the same charges.  But he  was acquitted after the State failed to produce  sufficient evidence for prosecution.  ENG has also managed to clear all debts after the liquidation of the company. Some of the assets in excess of the claims made  were returned to the owners. They included four  vehicles, a company and other undisclosed fixtures and fittings.

Muponda fled the country in 2004. He is now based in Canada, where he has successfully established himself as an investment banker. He believes there are no grounds for his continued specification.
Muponda and Watyoka were arrested on December 31 2003 on allegations of defrauding Z$61 billion of investors’ funds from ENG Asset Management. They remained in remand prison for nearly two months until they were granted bail in February 2004.

In June that year, Muponda fled the country.  Later, he would say he felt he was being unfairly treated. He has been living in exile ever since.
Of late the Government has lifted the specification of businessmen Mr John Moxon and Mr Mutumwa Mawere after a protracted stand-off.-The Herald