HomeNewsGenesis property up for grabs

Genesis property up for grabs

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A COMPANY lodge belonging to the defunct Genesis Investment Bank in Vumba is up for grabs after the curator invited bids from prospective buyers.

Business Reporter

In June this year, the bank voluntarily surrendered its banking licence after it failed to raise the $10 million minimum capital requirements set by the Reserve Bank of Zimbabwe.

The bank, which had a negative capital of $3,2 million at the time of closure, was found to have been undercapitalised and suffering from mismanagement, among other key challenges.

“Tenders are hereby invited from interested parties, including companies to purchase a company lodge located in Vumba,” said the bank’s curator Reggie Saruchera in a notice yesterday.

“This invitation to tender is not a prospectus and does not constitute or form part of any solicitation or invitation or any offer to the public to purchase the company or to subscribe to any ordinary shares or any other shares in Genesis Investment Bank (in liquidation).”

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