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Brighton Gumbo Business Reporter
THE second creditors and members meeting of the liquidated, AfrAsia Bank Zimbabwe will be held in Bulawayo next month. In a statement, the Deposit Protection Corporation (DPC) said the forthcoming meeting was for the creditors and members to submit proof of their claims and consideration of the liquidator’s report.

The meeting will be held at a city hotel on November 19.

“Notice is hereby given that the second meeting of creditors and members of AfrAsia Bank will be held before the Master of the High Court in Harare and the Deputy Master of High Court in Bulawayo, respectively,” said the deposit protector.

Recently, the DPC announced that it had paid $1.7 million of the insured depositors from the closed AfrAsia Bank, bringing relief to customers whose money was locked in the financial institution.

AfrAsia Bank’s trading licence was cancelled by the Reserve Bank of Zimbabwe in February after it failed to meet minimum capital requirements.

The DPC said if an individual is owed money by AfrAsia Bank and has not lodged any claim with the Master of the High Court, he or she should contact the corporation so that they can collect and complete the proof of claim forms.

“You’ll be required to complete these forms in triplicate and lodge them with the Master of the High Court in Harare or the Deputy Master of the High Court in Bulawayo, at least 48 hours before the relevant meeting,” it said.

The Deposit Protection Fund was established under Section 13 of the Deposit Protection Corporation Act (Chapter 24:29).

The primary objective of the fund is to compensate depositors in full or in part, for losses incurred in the event of insolvency of a contributory institution.

The fund is vested in and administered by the DPC.

It commenced operations on July 1, 2003 with the primary objective of providing deposit protection to depositors in institutions licensed to operate banking or finance business in Zimbabwe such as commercial banks, merchant banks, building societies, finance houses, discount houses and deposit-taking microfinance banks.