adminFidelis Munyoro Chief Court Reporter
TETRAD Investment Bank’s movable property face the hammer after the Deputy Sheriff attached its assets to recover nearly $500 000 which Bindura University of Science and Education had invested with the troubled financial institution.The university entered into an investment deal with Tetrad in terms of which the former deposited $550 000 with the bank and it acknowledged its obligation to pay back $555 958,33 including interest on maturity. The university deposited the money on October 9, 2013 with the maturity date being November 8 the same year. Tetrad failed to honour its obligation. After repeated demands by BUSE for the payment of the debt, Tetrad was only able to pay $82 942, 81 leaving an outstanding balance of $473 025, 52.
Through its lawyers Mutamangira and Associates, the university approached the High Court seeking a provisional sentence against Tetrad. The bank failed to defend the claim resulting in a default judgment being issued against it on April 2 by Justice Nicholas Mathonsi.
On Monday Bindura University obtained a writ of execution of the bank’s movable property and yesterday the Deputy Sheriff pounced at the banks’ head office at Arundel Office Park to attach the property.
The property is now awaiting removal from today.
Online Reporter