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Workers battle to get packages

WORKERS at AfrAsia Bank Zimbabwe Ltd, which was closed in February this year, are yet to receive full payment for termination benefits as the bank battles to sell properties to fund the packages, businessdigest has learnt.

Staff Writer

The Reserve Bank of Zimbabwe revoked the bank’s operating licence after determining that the financial institution was no longer in a sound financial condition. The closure affected the bank’s 22 000 depositors. Employees at the formerly Nigel Chanakira owned outfit told businessdigest this week that they have only received about a third of their packages and have been told that they can only receive the remainder when the bank manages to sell their properties.


“We desperately need our packages and we went to enquire about them and they told us the money for our packages can only be available once they sell their properties,” a worker said. “We were told that offers they had initially received for the properties were too low to be even considered and said they were making frantic efforts to sell the properties to give us our money.”

The Deposit Protection Corporation, the bank’s liquidator, has advertised for offers to buy the bank’s various properties countrywide.

“Pursuant to the liquidation of AfrAsia Bank an opportunity has arisen to bid for properties held under AfrAsia Bank located around the country,” reads the advert. “The interested parties are requested to register their interest with Grant Thornton Advisors at 135 Enterprise Road, Highlands Harare on or before October 23 2015.”

The DPC has since commissioned a forensic audit of the bank with possible prosecution should shareholders be found guilty of abusing depositor’s funds.

AfrAsia joins a lengthy list of failed banks which include Royal, Genesis, Allied, Interfin, Trust and Capital banks. — staff writer

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