CBZ appointment raises eyebrows

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PRESIDENT Emmerson Mnangagwa has appointed American-born Kazakhstan businessman Marc Holtzman, as CBZ Holdings Limited (CBZ) chairman amid governance and procedural concerns regarding the move, and Eurasian groups’ growing clout in the economy.
The surprise announcement came as Akribos Wealth Managers (Akribos) ― reportedly fronting energy tycoon Kuda Tagwirei’s interests ― has bulked up a 26 percent-plus stake in the listed financial group and Harare is seeking stronger commercial ties with Russian-linked countries.
In an August 21, 2019 letter to CBZ chief executive Blessing Mudavanhu, Finance minister Mthuli Ncube said Mnangagwa had appointed Holtzman “with effect from September 1”.
“The new chairman is … Holtzman, who is an international businessperson with wide experience globally. Government looks forward in (sic) your support and drive in taking the bank to new heights under new leadership at board level,” he said.
This also comes as Mnangagwa has reportedly sought ― on his January trip to Astana, the Kazakhstan capital, and the United States in September last year ― a closer working relationship between his administration officials, and Kazakh investors, including the former Soviet republic’s largest private bank Kazkommertsbank, also chaired by the American banker.