BUSINESS tycoon Kenneth Raydon Sharpe has approached the High Court seeking to recover his $1,7 million which he allegedly lent to the troubled Tetrad Investment Bank to save it from collapse.
BY CHARLES LAITON
The bank is now under provisional judicial management.
Sharpe issued the summons against the bank under case number HC9363/16 on September 15, 2016 citing Tetrad Investment Bank and Tetrad Holdings as respondents.
According to court papers, sometime in October 2013, Sharpe allegedly helped the bank with a personal loan guaranteed by Tetrad Holdings and its director at a time just before the bank collapsed.
Sharpe said he decided to seek legal recourse after his name did not appear on the bank’s creditors’ list produced by the judicial manager.
He claimed that the parties had agreed that the loan would attract interest at the rate of 18% per annum, repaid within 14 days of the date upon which the funds were disbursed by plaintiff to first defendant, and that, failing payment as aforesaid, interest would be compounded every 14 days and the entire amount outstanding repaid as one lump sum.
Sharpe said a month later, Tetrad Holdings Limited signed a guarantee in his favour in terms of which Tetrad Holdings guaranteed the due payment of all and any sums due by the bank and renounced all benefits in respect thereof.
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“In the premises, second defendant (Tetrad Holdings) is indebted to plaintiff in the sum of $1 702 451; the breakdown is as follows: unpaid capital $1 000 000, unpaid interest $702 451.”
Tetrad Bank has since entered an appearance to defend notice and challenge the claim.
