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By Jacob Kudzayi Mutisi
Zimbabwe’s problems started in the banking service when a total of 20 Banks closed in the last 20 years. That is one bank every year!!!
Zimbabwe’s currency has changed several times with the latest being the ZWL, depositors have lost millions of dollars due to bank closures and yet no one has been arrested or convicted. It is in the public domain who the thieving directors and executives are.
The Deposit Protection Corporation (DPC) has started taking legal action against shareholders and directors of banks whose institutions failed due to poor corporate governance.
Creditors of closed Tetrad Investment Bank (TIB) are hopeful the financial institution can be revived and that they will become shareholders in the institution, which owes them over $50 million. TIB was closed by the Reserve Bank of Zimbabwe early 2015 after failing to mobilise funding to boost its capital base. The bank was subsequently […]
HARARE – Creditors of the now-defunct Interfin Bank will next week meet the bank’s liquidator, the Depositors Protection Corporation (DPC), at the Master of the High Court’s offices to finalise compensation. DPC chief executive John Chikura yesterday told the businessdaily that the last meeting had been confirmed for tomorrow (January 14). “The creditors will meet […]
The Deposit Protection Corporation is paying demonetisation proceeds to qualifying Zimbabwe Dollar account holders for banks under liquidation, as part of a demonetisation exercise to bring finality to issues of local currency holdings. DPC will pay the equivalent of US dollar amount for each account balance as at December 31, 2008 converted by the United […]
HARARE – The Depositor Protection Corporation (DPC) has so far disbursed over $1,4 million to AfrAsia Bank (AfrAsia) — formerly Kingdom Bank — depositors, with about $2 million still outstanding, businessdaily has established.
HARARE – Troubled Interfin Bank (Interfin)’s clients will only be paid their deposits after the High Court has granted the Reserve Bank of Zimbabwe (RBZ) an order to liquidate the financial institution, the Deposit Protection Corporation (DPC) said.