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Over $13m recovered from Tetrad creditors

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The provisional judicial manager of Tetrad Investment Bank says $13,2 million has been recovered from creditors 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 creditors are owed in excess of $70 million. 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. Herald

 

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