Old Mutual Speaks Following De-Listing Threats By Zimbabwe’s Ruling Party

Old Mutual Speaks Following De-Listing Threats

Old Mutual Speaks Following De-Listing Threats

 

One of Zimbabwe’s biggest financial services groups, Old Mutual Zimbabwe, has finally spoken out following threats of de-listing which were issued by the ruling Zanu PF party.

On Friday, the Zanu PF party announced that it had endorsed a decision to “eject Old Mutual from the financial system”.  President Emmerson Mnangagwa’s government has already suspended the Zimbabwe Stock Exchange (ZSE) which it is blaming together with Old Mutual and mobile money company EcoCash for causing the collapse of the local currency, the Zimbabwe Dollar. Old Mutual is being accused of fuelling the rise in the black market foreign exchange rates due to the Old Mutual Implied Rate (OMIR).

Old Mutual is one of the biggest companies in the country with interests in insurance, securities investments, property and banking. Many financial analysts have expressed confusion over what the statement that came from Zanu PF actually means for the company, the ZSE and the country at large. Old Mutual has since released a statement “seeking clarity on the matter”.

iHarare is publishing the statement from Old Mutual in full below:

 

Old Mutual Statement to Customers.

12 July 2020

We have noted reports in the media relating to the Old Mutual Group. We are working with all relevant stakeholders to seek clarity on the matter.

In line with the Group’s Responsible Business policy, Old Mutual has and will always continue to comply with all regulations and legislation within the countries where it operates. As a part of the community, Old Mutual remains committed to serving its customers and to contributing to the development and growth of the economy.
We appreciate the support we get from our customers, our partners, the government and other stakeholders in industry.

We advise you that all our services and operations are continuing to run as normal. Old Mutual Zimbabwe Limited and its business units, including CABS, continue to be financially stable and sound. We will ensure to continue to update you of any significant developments on our official company platforms.

Old Mutual Speaks Following De-Listing Threats
Old Mutual Speaks Following De-Listing Threats
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