RBZ, Time Bank agree to audit

HARARE - Reserve Bank of Zimbabwe (RBZ) and Time Bank have reportedly agreed to an audit, and verification of the institution’s assets, in fulfilment of a handover-takeover process reached in March.

The development also comes as the Chris Tande-led bank has announced plans to release millions worth of securities held since 2006 and the bank has retained its computer system worth $4 million.

Under the review process, understandably driven by the Bank’s board, it is anticipated that the parties will compare assets in the commercial bank’s books and operating system prior to its closure, and post-curatorship period.

“Following such handover, Time Bank is now in a position to release securities for its clients including title deeds, cancellations of mortgage bonds, certain loan securities, safe custody items and other valuable items lodged with the bank,” the bank said in a statement this week, adding it was humbled by the patience and support of its stakeholders over the past seven years.

 Time Bank was also one of a few curator-managed institutions, which was able to pay off its depositors and creditors a few years ago.

Although, the bank’s licence was restored by the Administrative Court three years ago, it has failed to reopen due to delays over the consummation of the handover process.

Since its closure nearly a decade ago, the bank has fought several legal battles with the RBZ over its future, but prospects of reopening have brightened following the main bank board’s push for the resolution of the matters.

In recent times, the bank has also applied for permission to offer partial banking services such as a mega-million dollar civil sector loan scheme and these could be carried, while other issues were being resolved.

“From my assessment, these actions — if not overtures — are meant to minimise potential damages that may arise from claims over lost business. Although belated, we hope though that these are sincere gestures to bring finality to this long-drawn saga. On the other hand, Time Bank’s move to return securities also shows the bank’s respect for property rights and commitment to its customers,” a source said. - Business Writer

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