Former Finance Minister Tendai Biti allegedly abused his position to direct the National Social Security Authority to sink $20 million into troubled Capital Bank (formerly Renaissance Merchant Bank) despite indications that the project was not viable, legislators heard yesterday. 

NSSA general manager James Matiza told the Parliamentary Portfolio Committee on Public Accounts that they turned away two attempts by Renaissance Financial Holdings Limited's major shareholder, Patterson Timba - brother to MDC-T secretary for external relations Jameson Timba - to get the authority to invest in his project. 

Matiza was responding to findings by the Comptroller and Auditor-General Mildred Chiri in her 2012 report, which unearthed several irregularities in NSSA’s financial affairs.

Matiza said NSSA eventually invested $30 million in Capital Bank after Biti directed the authority to bail out the troubled institution.

Tags: Biti,