adminbalances in exchange for residential stands that it is developing in Mount Pleasant Heights.
Interfin has been under recuperative curatorship in June this year. Under the innovative proposal aimed at bringing relief to Interfin depositors, the property firm is offering depositors who can afford, 2000 square metre stands at US$18 per square metre.
The stands are part of a development called Golden CT.
According to the proposal any interested Interfin client, whose money is trapped in the bank, is supposed to enter into an arrangement with the bank’s curator to transfer their money, which is equivalent to the number of stands they want to purchase, into Equity Properties’ account.
Once the deposit is confirmed the property firm would then draw up an agreement of sale and commence transfer of the stand or stands to the new owner.
Equity Properties would in turn use the debit entries into its account to settle its indebtedness to Interfin.
A source close to the property firm said that the initiative was an innovation that would go a long way towards assisting Interfin Bank’s desperate clients to the extract value from their deposits and savings immediately by investing in property.
“At the same time it enables the curator to disentangle the bank from its obligations. This offer to Interfin depositors demonstrates the creativity driving some of the country’s entrepreneurs
“This option enables Interfin depositor to liquidate their deposits at the stroke of a pen while investing in one of the country’s most enduring investment markets in Zimbabwe,” said the source.
Interfin clients’ deposits have not been earning interest since the bank was placed under curatorship.
In addition the depositors risk losing a portion of their money in the vent that the institution is liquidated because the Depositor’s Protection Fund on reimburses up to US$150 per individual.
An Equity Properties official said the arrangement was subject to the approval of the bank’s curator in terms of the provisions of Section 55 (20 (e) or Section (5) (b) of the Banking Act.
“We hope that after the purchase of the stands, the purchaser or depositor can resell the stand and recoup their money or they can keep the stand as an investment.
“It is our hope that this will release money early from the bank in line with the original purpose of having a savings deposit in a bank and that of curatorship,” said the official.
Online Reporter