Tapvice's 'dodgy' record

HARARE - Tapvice Enterprises (Tapvice), a company at the centre of ludicrous allegations that Tetrad Investment Bank (TIB) had siphoned monies from its account, is itself subject to litigation from the local bank over a $3,8 million bad debt.

As Wilson Donzwa’s firm has sought to prefer criminal charges against the bank’s executives, notably group chief operating officer Emmanuel Chikaka, for “wrongfully debiting” its accounts, it emerged yesterday that the troubled firm had been served with summons to recover the millions in October 2012.

“I can confirm that, for over a year, Tapvice and its managing director (Donzwa) have failed to repay their loan — leading to debt collection steps as well as execution of sureties or guarantees given for the facility,” a bank spokesperson said, adding the cash had been advanced for grain imports and a toll milling arrangement with a local company.

With the debt-recovery case still pending in the High Court, Donzwa has now resorted to a list of “dirty tricks” and charges, including possible Banking Act violations on the part of TIB — although the regulator was well aware of the Arundel bank’s relationship with the borrower.

The bank’s spokesperson also said the Reserve Bank of Zimbabwe was aware of the debt recovery methods and efforts being pursued against Tapvice and the Donzwa family, some of whom are in the Diaspora. As things stand, the embattled businessman’s two properties in Mount Pleasant and Southerton are due to go under the hammer for a facility put together or negotiated in January 2011.

And as the TIB-Tapvice saga continues — amid worries about how the latter had irregularly caused the summoning of the bank by claiming non-existent procedural flaws and criminal charges on the bank’s part — it also transpires that the Harare firm is facing similar debt problems from at least two other banks.

 

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