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Bianca Mlilo, Business Reporter
THE Deposit Protection Corporation (DPC) is still holding up to $3,3 million meant to compensate depositors of collapsed banks.
This comes after revelations that the corporation is struggling to locate some of the depositors who are believed] to have changed their contact details.
The DPC’s primary mandate is to compensate depositors in full or in part, for losses incurred in the event of insolvency of a contributory institution.
It was established in July 2003 to provide deposit protection to depositors in institutions licensed to operate banking or finance business in Zimbabwe.
In an e-mailed response to Business Chronicle yesterday, DPC indicated that 11 000 customers of Genesis, Royal, Trust, Interfin, AfrAsia and Allied Banks have so far been paid $3,1 million, reflecting a 49,2 percent payment rate from the total insured deposits of $6,4 million.
DPC chief executive officer Mr John Chikura said they were struggling to locate some depositors whose contact details had since changed.
“Payments to AfrAsia, Allied Bank, Interfin Bank, Genesis Investment Bank, Royal Bank and Trust Bank depositors are in progress,” said Mr Chikura.
“If a claim is not made within the prescribed period, the unclaimed protected deposit will remain part of the Deposit Protection Fund, and all the rights thereto shall revert to the corporation.”
The new cover limit of $1 000 per depositor in each member bank, said Mr Chikura, is expected to protect 93 percent of depositors by number of accounts in full, which is in line with the corporation’s public-policy objective of ensuring at least 90 percent of depositors are covered in full.
He said in terms of the law, there was a time limit within which a depositor would be required to claim the amount of her or his protected deposit from DPC.
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