Time Bank says to reopen

Time Bank says to reopen

HARARE, January 15 (The Source) – Time Bank says it will reopen its doors to the public, 14 years after it was shut down and years of running battles to restore its banking licence.

The bank has been involved in legal spats with the central bank, alleging that it had been closed unlawfully after the central bank failed to repay some money it had ‘taken’ from its accounts in 2000.

The bank was closed in 2004 and its licence was revoked in 2006 with a negative equity of Z$174 billion. However, the licence was reinstated in 2009 by the Administrative Court citing that the licence was unlawfully cancelled.

“We are determined to re-establish the bank successfully and contribute to the development of our country,” said the bank in a statement on Monday.

“For the record, we have not yet opened for business but we have started working on the reopening of the bank.”

The bank said the RBZ had repaid the money taken in 2000, with a five percent interest but did not say how much had been repaid.

However, its assets which include records, have not been handed back by the former curator of Time Bank and RBZ .

“Although Time Bank has now been paid its money by RBZ it was not paid any damages for loss of business during the period the bank was closed unlawfully,” said the bank.