Time Bank to re-open

TIME Bank says it is determined to re-establish its services and contribute to economic development of the country following its reinstatement by the Reserve bank of Zimbabwe (RBZ).

The commercial bank, which is expected to re-open soon after regularising its operations with RBZ, was placed under curatorship by the central bank for alleged corporate governance infractions between 2004 and 2006.

Time Bank disputed the allegations leading up to its closure on the basis that RBZ had failed to settle its debts with the fledgling institution first.

In a statement this week, Time Bank said:

"After the resolution (to re-open Time Bank) the RBZ Governor, Dr John Mangudya, also appealed to parties on opposite sides of the dispute to let bygones be bygones.

"On our side as Time Bank we are prepared to let bygones be bygones provided the other side also embraces genuinely such reconciliation."

"Despite the above setback, we are determined to re-establish the bank successfully and contribute to the development of our country."

RBZ under the former Governor Dr Gideon Gono, unlawfully cancelled Time Bank's trading licence in 2006.

"When Dr Mangudya took over as RBZ Governor, he resolved the matter very well and agreed to repay the money which RBZ owed before it (Time Bank) was closed in 2004 plus interest at rate 5 percent, among other things.

"However, Time Bank was not paid damages like loss of business during the period it was closed unlawfully," the commercial bank said.

Following its closure and cancellation of trading licence, Time Bank approached the court for protection of its rights. In 2009, the Court reinstated Time Bank's operating licence but the financial institution could not operate as it had not been handed back its assets.

Last month, the Reserve Bank announced that they had resolved for the re-opening of Time Bank and this was subject to prior inspections by the monetary authority to ensure necessary capital and banking systems and structures were in place.