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Oliver Kazunga Senior Business Reporter
TETRAD Investment Bank creditors have given the judicial manager Winsley Militala two weeks to meet the bank’s potential investor to determine if the troubled institution could be saved. The High Court placed Tetrad under provisional judicial management in January to safeguard the interests of depositors and creditors and appointed Militala to take charge.

However, the judicial manager has been at loggerheads with the board of directors who accused him of issuing a misleading report about the factors that led to the collapse of the bank.

The directors also accused him of poor leadership and failure to finalise the proposed $150 million investment by a Russian firm, Horizon Capital Consortium Holdings.

The firm entered into an agreement with Tetrad in March last year seeking to acquire controlling shareholding, recapitalise and protecting depositors’ liabilities.

During a discussion on the fate of the bank on Friday, creditors and shareholder tasked Militala to pursue the investor within two weeks after he failed to do so within 30 days from their last meeting in March.

The meeting would pave way for a vote on whether to put the bank into final judicial management or liquidation.

“The judicial manager should meet this investor, sort this out and bring us information. We want to know from him, whether or not the investor still has the capacity to invest in the bank,” said one of the creditors from the floor.

“In the next meeting let the judicial manager put this issue to rest. He has to chase those people vigorously.”

The Deputy Master of the High Court in Bulawayo Antonio Antonio, who presided over the stormy meeting, responded: “In summary, you’ve said the best way forward from now is to task the judicial manager to pursue the investor.

“The earlier we resolve some of these issues the earlier you get your money. As the master, I don’t want to give Militala so much time so that he relaxes in his office. Let’s give him two weeks so that he comes back to this office”.

According to section 302(b) 2 of the Companies Act, the purpose of the meeting of creditors and shareholders for a company placed under provisional judicial management is to consider the provisional judicial manager’s report, prove claims and for creditors and shareholders to vote on whether or not it is desirable to place the company into final judicial management.

Tetrad Bank chief executive officer Eugene Mlambo said it was difficult for the creditors to make a decision due to lack of information.

“The creditors couldn’t make a decision primarily because they haven’t been given adequate information about the investor and proceeding of the meeting in Harare for them to make a decision,” he said.

On why Horizon had not come on board to inject the capital into the bank, Mlambo said the money was supposed to have come in June but the investor indicated the complexity of this transaction.

“Horizon came here and signed an agreement with the government to bring in capital for infrastructure development as well as mining and they bought the bank to facilitate those transactions. We’re not privy to the agreement. They then came back to us and said we (Horizon) are ready but we’re facing a number of challenges with our agreement with the government and ever since that has been the explanation,” he said.

In response Militala said he has met with the Horizon local representative (Munyaradzi Kereke) as he had an idea as to who the potential investor was.

He said the Horizon issue was being handled by the shareholders.