ording to their legal representative Sternford Moyo.
The legal battle has been on-going since the Supreme Court ruled that the transfer of the banks’ assets was unlawful, and said they should appeal to the Reserve Bank as the regulator. In response, the Bank set up a six-member committee to investigate the dispute. Members included South African Mervyn King, former Zambian central bank governor David Phiri, industrialists Pattison Sithole and Luxon Zembe and Institute of Directors chief executive David Mutambara.
Trust Bank’s William Nyemba and Jeffrey Mzwimbi of Royal, who had reportedly set plans in motion for a merger of their respective banks, were disappointed by the ruling. The two banks were among 10 financial institutions that went into liquidation or were put under curatorship following the crash that that hit the banking industry late in 2003. – Own correspondent
HARARE - The enforced takeover of Royal and Trust banks and the transfer of their assets to the Zimbabwe Amalgamated Banking Group (ZABG) was announced by Reserve Bank governor Gideon Gono last week following deliberations of an investigative committee. But the banks intend to appeal, acc