HomeNewsRelief for Time Bank clients

Relief for Time Bank clients

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TIME BANK is set to release securities that it is has been holding since 2006 following the handover of its computer system by the Reserve Bank of Zimbabwe.

Report by Business Reporter

The $4 million computer system, which, according to sources, was retuned last month following the intervention of the central bank board, had seen the commercial bank fail to open its doors to the public despite the restoration of its banking licence three years ago.

Time Bank was placed under curatorship in 2004. In 2009, the RBZ agreed to restore the bank’s operating licence after the Administrative Court ruled that its 2004 closure was illegal.

“Following such handover, Time Bank is now in a position to release securities for its clients including title deeds, cancellations of mortgage bonds, certain loan securities, safe custody items and other valuable items lodged with the bank,” the bank said in a statement yesterday.

“We respect your property rights to the above properties, in particular your right to use your property the way you want, including as loan securities elsewhere.

“In this regard, we thank you for your patience since May 2006 as we waited for the handover/takeover.”
NewsDay Business last Friday reported that the RBZ board wanted to minimise potential liabilities of the central bank that could arise from the delayed handover
of Time Bank’s assets.

Central to the dispute was the RBZ’s reluctance to hand over the bank’s computer system, without which the bank could not operate.

The bank has also struggled to get the RBZ to compensate it for funds arbitrarily withdrawn from its account without a court order or authority from the account holder.

“Returning assets in this way will minimise lawsuits and damages on the Reserve Bank. Surely, if we have returned assets of Trust Bank, Royal Bank and Barbican Bank after curatorship, I don’t see why we cannot return Time Bank’s assets,” a source said.

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