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Tetrad Bank removed from judicial management

07 Dec 2018 at 12:01hrs | Views
Following the placement of Tetrad Investment Bank under provisional judicial management on 29 January 2015 and the subsequent implementation of a scheme of arrangement on 15 November 2017, the Deposit Protection Corporation (DPC) advised the public that TIB was removed from provisional judicial management and handed over to its new Directors at an Extraordinary General Meeting held on 30 October 2018 in terms of the High Court order HC 219/15.

When the DPC took over as Provisional Judicial Manager on 1 July 2015, Tetrad's net asset position was a negative $33.5 million. As at 31 August 2018, the banking institution's net asset position had improved to $33.4 million following the successful implementation of the scheme of arrangement which involved conversion of debt to equity and a partial cash pay-out to creditors and depositors.

In due course, Tetrad will be required to demonstrate full compliance with all the requisite prudential and regulatory requirements before it can resume operations and start mobilising deposits.

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