Business / Companies
Interfin still pursuing capitalisation and loan recovery initiatives
30 Oct 2013 at 04:21hrs | Views
Interfin published an update saying the capitalisation and loan recovery initiatives for the bank are still being pursued while the holding company remains suspended from the ZSE until the resuscitation process has been concluded.
Three potential investors have expressed interest in investing into the bank and negotiations are currently underway.
Loan repayments by borrowers have remained very slow due to the number of cases in the courts and the tight liquidity conditions prevailing in the economy.
To date 248 summonses valued at $105.7 million have been issued as the bank tries to enforce and quickly recover what it is owed.
Cases valued at $500 000 (0.48%) only have been settled in full, whilst judgements valued at $54.6 million (51.66%) and $16.3 million worth of provisional sentences (15.37%) have been obtained.
The bank is still waiting for judgements and provisional sentences on cases valued at $29.3 million (27.71%).
Source - businessdaily
