THE Zimbabwe Allied Banking Group (ZABG) saga took a new twist this week with the former directors of Trust Bank taking the Reserve Bank to court to compel it to make a determination on the f
ate of their assets that were acquired by the state bank.
The former directors filed an urgent application seeking the High Court to compel the RBZ to make a determination on the matter within four days.
The new court action is in response to the Reserve Bank’s failure to respond to their earlier appeal to stop the ZABG from using Trust’s assets, which the Supreme Court ruled last month to have been acquired illegally.
The Supreme Court ruled that the sale of Trust Bank’s assets to the ZABG was unlawful, “null and void and of no force or effect”.
In the application filed on Tuesday, the former directors want the court to compel the RBZ to make a decision on the assets.
“Respondent (RBZ) shall determine the appeal of the applicant (Trust) and announce its determination within four days of the date of this order,” said the papers, which were served on the RBZ on Tuesday.
The directors said the delay by the central bank in making a decision on the matter was prejudicing them.
“The matter is therefore urgent in that both the Reserve Bank, to which an appeal has been lodged, and the curator, who has been asked to put the matter right, have simply ignored applicant’s plea and appear to be willing to allow the unlawful disposal of the assets of Trust Bank Corporation Ltd to stand,” it said. Hearing has been set for this afternoon.