adminGolden Sibanda Senior Business Reporter
THE provisional judicial manager of Tetrad Investment Bank says $13,2 million has been recovered from debtors of the troubled bank since July 2015. Tetrad, which has struggled to conclude a deal with prospective investors for a dose of fresh capital, is presently under provisional judicial management. Efforts continue to secure investors willing to bail out the group after a reported $200 million rescue package with suitor Horizon Capital Consortium failed to conclude.
The Horizon Capital Consortium investors were reportedly made up a Russian investor Sergey Pokusaev, the Government of Zimbabwe and other local investors.
Deposit Protection Corporation chief executive officer John Chikura who was appointed the new provisional judicial manager of Tetrad Bank in July last year said: “To date approximately $13,22 million has been recovered from various debtors.” Tetrad debtors are owed in excess of $70 million.
Mr Chikura said DPC is now working on final judicial management for the bank after the shareholders passed the resolution at a creditors meeting last year. Final judicial management will also allow the provisional judicial manager to finalise the implementation of a scheme of arrangement for Tetrad.
The High Court has since extended indefinitely the return date for provisional judicial management until the scheme of arrangement is finalised.
The draft outline of the scheme is now in place and will be finalised after completion of the audit of the financial accounts for the year 2014 and 2015.
The audit may be finalised by end of this month. The audited financial statements will form the basis of valuation of Tetrad for purposes of the scheme.
Tetrad Investment Bank’s problems were attributed to non-performing loans which comprised of 99 percent of the loan book and related party loans.
Online Reporter