FORMER Finance Minister
The allegation was made by NSSA general manager,
Matiza was responding to a 2012 report by the Comptroller and Auditor-General
The NSSA boss said they turned down two requests by
After they turned Timba down, Matiza said he subsequently received a letter from Biti, who is also MDC-T secretary general, claiming Cabinet had proposed NSSA should invest in the institution (later renamed
"In order to maintain stability in the banking sector and to prevent bank failures similar to those of 2003/4, Cabinet has proposed that it is in the national interest for NSSA to invest an amount of about
However, the MDC-T's Sam Sipepa Nkomo, who was Water Resources Minister in the inclusive Government, said Cabinet never issued such a directive.
"I was not a loafer in Cabinet. I do not remember that issue coming to Cabinet," he said.
Quizzed about the letter by the Herald newspaper, Biti said: "I cannot confirm a letter on events that occurred three years ago unless I have seen it to establish if it has my signature.
"What I can categorically deny is that we influenced NSSA to go into Renaissance.
"NSSA took its own decision after realising that they were getting Afre shares for a song and so they were satisfied with the deal.
"The whole thing was done by the curator, NSSA, and the
Meanwhile, asked by MPs if NSSA would have invested in the bank without Biti's directive, Matiza insisted they would not have got near the institution.
"Now this (Biti's letter) is what changed the whole thing," he said.
Former NSSA board chair Innocent Chagonda, who has previously represented the MDC-T, however said the Authority did not act on Biti's letter.
"We did not go into
Matiza said following Biti's recommendation,
Saruchera indicated that the bank needed
The transaction would give NSSA 84 percent of the bank's shareholding. The Authority eventually invested
Matiza said when the board realised the bank's turnaround strategy was not working, it decided to wind up the institution. To resuscitate the bank would have required an injection of more than
He said the only consoling factor was that NSSA's investment in
Public Accounts committee member,
But Sipepa-Nkomo urged Matiza to consider resigning for failing to apply due diligence by going into a venture he knew was akin to sinking millions of pensioners' funds into a bottomless pit
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