Shareholders vote to have Tetrad converted to prop...

Shareholders vote to have Tetrad converted to property development firm

Shareholders of Tetrad Investment Bank want to turn the financial institution into a property development company.

At an extraordinary general meeting convened at Harare Club, they recently voted unanimously to surrender its banking licence.

The moribund bank, which reportedly has an asset portfolio worth US$13 million, is now owned by its shareholders after a debt-to-equity scheme of arrangement in September 2015.

Its banking licence was suspended in the same year.

In December last year Criminal Investigation Department Asset Forfeiture Unit obtained a warrant of search and seizure against Tetrad directors Harry John Orphanides, Misheck Mpiwa Chiwayo, John Alexander Brydone Graham, Michael Phillip Seton Gaisford, Andre Lourenco Vermaak and Appolinaire Ndorukwigira. The directors are facing charges of fraud and money laundering.

Ndorukwigira resigned in the same month citing board infighting and chaotic management.