Zimpapers Logo

Oliver Kazunga Senior Business Reporter
 will this week hold its first meeting with creditors and members in Harare and Bulawayo since it was placed under provisional liquidation last year.

The Reserve Bank of Zimbabwe suspended the merchant bank from taking deposits and issuing loans until the troubled institution has completed its recapitalisation exercise.

The action was considered necessary in order to protect the public while the financial institution implements a scheme of arrangement.

The troubled bank has said two meetings would be convened in Harare and Bulawayo on March 11 and 13 respectively.

The meetings would seek to verify proof of claims, consider the provisional judicial manager’s report, nominate the final judicial manager and consider the passing of a resolution referred to in subsection (1) of section 309 of the Act.

It would also discuss payment of liabilities incurred by the provisional judicial manager in the conduct of the business of the bank in preference to all other liabilities not already discharged.

Creditors were required to collect and complete proof of claims from bank’s offices and the forms were also available through electronic mail upon request.

For those in Harare, the claim form should be lodged with the Master of the High Court before end of day today while in Bulawayo the forms should be logged with the Deputy Master of the High Court by March 11.

“If you’re unable to attend the meetings on 11th and 13th March you’ll still be able to have your claims proved to at subsequent creditors’ meetings held during the judicial management process,” said the bank.

Last August, Tetrad creditors voted for the scheme meeting that agreed to defer claims until October 31 to allow processes to recapitalise the institution.

The creditors further agreed to January 31, 2015, to allow Russian investor Horizon Capital to finalise acquisition of a controlling stake in the bank.