Another Zimbabwean Bank Closes Down - meer-bezoekers.info
France · Global Perspectives · Indonesia · United Kingdom, United States The closure of bank accounts of companies in South Africa associated Both allowed Standard Bank to unilaterally terminate its contractual relationship with Bredenkamp, reputed to be a close ally of Zimbabwe's President. Standard Chartered Bank Zimbabwe Limited had the highest net engagement score closure/ >. AfrAsia Bank Zimbabwe Limited formerly known as, Kingdom Bank, has become the second bank this year whose licence has been cancelled due to failure to.
RBZ made an application to place the institution under provisional liquidation in terms of Section 57 1 a of the Banking Act [Chapter Bank was placed under final liquidation by the High Court on 4 March Download Public notices published in various newspapers here. Once completed and certified by a Commissioner of Oaths, please scan and email to claims dpcorp. Second creditors meeting was held on Thursday 25 February at Rainbow Towers.
Download the Public Notice here. Special creditors meeting held on 7 February Download latest update on the liquidation of Allied Bank here. To view the public notice issued by the RBZ, please click here. Once completed and certified by a Commisioner of Oaths, please scan and email to claims dpcorp.
Details on the first creditors meeting can be found here. Details on the Special Creditors meeting can be found here. Download latest update on the liquidation of Trust Bank here. Curatorship period lapsed on 31 December and the Bank was subsequently closed by the Reserve Bank of Zimbabwe in terms of Section 14 4 of the Banking Act [Chapter To view public notice, please click here. Second creditors meeting held on 8 October in Harare.
There are significant differences in the details between Bredenkamp and the Guptas. Nor are they on any similar list. Obviously — as the Banking Association of South Africa pointed out — the banks have to comply with a host of complex legislation.
There are also differences between the two scenarios when it comes to the question of commercial implications. In the Bredenkamp case the court concluded that the commercial implications of closing the accounts were minimal. The same cannot be said of the Guptas. Oakbay Resources and Investments is a publicly traded company.
Another Zimbabwean Bank Closes Down
And Gupta companies have claimed that of their workers face being laid off if they are not able to operate bank accounts. Clearly under these circumstances a bank cannot be seen as merely a private entity entering into a simple contract with another private individual or entity. The closing of the accounts for non-economic reasons raises considerable public policy issues.
This makes the matter one that should be under the purview of the courts. Constitutional issues should in the first instance be approached from general principles.
The most fundamental are found in the preamble to the American Declaration of Independencewhich articulates universally accepted principles, the rights to life and liberty.
Kingdom Bank on brink of collapse
These were earlier expounded by the English philosopher John Lockewho pointed out that the right to liberty included the right to work. It can be argued that courts have a duty to protect liberty and with it the right to work. Banks are unique in this regard because they provide access to the payment system of the economy. Without this access the right to work is subverted. Any business cut off from the payment system will effectively have the life choked out of it.
Thus it can be argued that excluding someone from the payment system also has significant constitutional considerations.
This again brings the matter under the purview of the courts.
Deposit Protection Corporation Zimbabwe | Quick updates
Two investigations — one by the Wall Street Journal in and the other by the Washington Post in — found that the US Department of Justice and various regulators had launched a secretive initiative to put pressure on banks to close, for non-economic reasons, the accounts of a range of businesses. The businesses included legitimate arms and ammunition dealers, short-term lenders, escort services, lottery sales, pawn shops, telemarketing, dating services, coin dealers and numerous others.
They also carried the risk of subsequent investigations by the agencies with the possibility of being fined. Closing the accounts avoided potential investigations and mitigated these risks. Banks decided that the easiest course of action would be to close the accounts, which they started to do.