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+--- Thread: Zimbabwe Cricket mismanaged $6m ICC loan (/thread-16506.html)
Zimbabwe Cricket mismanaged $6m ICC loan - chairman - 03-03-2014
A protest over salaries by Zimbabwe's cricketers has again brought to the fore Zimbabwe Cricket's financial problems, which have continued despite at least US $9 million being loaned by the ICC to the board. ESPNcricinfo can reveal that one reason for the financial mess is that ZC's top leadership apparently used a $6 million loan from the ICC to enrich a bank on whose board they sit and ignored a key condition of the loan.
The issue also raises an apparent conflict of interest: ZC chairman Peter Chingoka, vice-chairman Wilson Manase and former managing director Ozias Bvute all sit on the board of Metbank, one of Zimbabwe's leading banks. While Chingoka is a non-executive director on the Metbank board, Manase is chairman of the board and Bvute is a major shareholder in the institution.
http://www.espncricinfo.com/zimbabwe/content/current/story/724593.html