AfrAsia Bank assets to be auctioned off to recover creditors' money

6 years ago
Wed, 01 Feb 2017 12:16:50 GMT
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AfrAsia Bank assets to be auctioned off to recover creditors' money

The assets of AfrAsia Bank, which was initially  Kingdom Bank, will be auctioned off by the Deposit Protection Corporation (DPC) in order to recover money owed to creditors.    However, the assets may take a while to be liquidated due to the ongoing cash shortages.

AfrAsia Bank had its licence cancelled by the Reserve Bank of Zimbabwe in February 2015, after the central bank had determined that the bank was not in a sound financial state.  AfrAsia bank was liquidated the following month and the time of its closure it had 12 branches countrywide.

The DPC  has hired Hammer and Tongues Auctioneers will be auctioning the commercial property of the bank.  This includes a double story building and a service station located in Msasa.

Liquidator Reggie Saruchera of Grant and Thornton in a message to creditors on  Wednesday said:

The third interim dividend is likely to be paid out in the first half of 2017 to concurrent creditors after all preferent creditors have been paid. The dividend will be distributed on a pro-rata basis depending on the rate of recovery and disposal of assets,

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