Tetrad removed from judicial management

HARARE - TETRAD Investment Bank (TIB) seems to be on the mend with the Deposit Protection Corporation (DPC) announcing its removal from provisional judicial management yesterday.

The bank has been under provisional judicial management since July 2015.

It was ordered by the central bank to stop accepting deposits in 2014 after it failed to pay for deposits.

In a statement, the DPC said TIB has been handed over to its new directors and, in due course, the bank will be required to demonstrate full compliance with all the requisite prudential and regulatory requirements before it can resume operations and start mobilising deposits.

“Following the placement of TIB under provisional judicial management on 29 January 2015 and the subsequent implementation of a scheme of arrangement on 15 November 2017, DPC wishes to advise the public that TIB was removed form PJM and handed over to its new directors at an extraordinary general meeting held on 30 October 2018 in terms of the High Court order HC 219/15,” read the statement.

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