Depositors up in arms with Tetrad

Clients banking with Tetrad Investment Bank are accusing the financial institution of keeping them in the dark about their deposits.

The growing complaints come at a time when Tetrad, like several other locally owned banks, cannot honour its duty to release money to depositors on demand.

“We get all the news about all the banks but nothing on Tetrad. Many of us invested in Tetrad and are being kept in the dark as to what is happening there. We have emailed, visited and, on many occasions, simply asked them to tell us the truth about where they stand,” one of the clients told The Zimbabwean.

The bank is also being accused of evasiveness when confronted about directors’ salaries and other perks.

Tetrad Investment Bank is part of the Tetrad Group, a locally registered concern established in 1995, with interests in finance, insurance, property, mining and other areas of commerce.

The banking division started operating in 2009 after obtaining a licence from the Reserve Bank of Zimbabwe (RBZ).

However, of late, its operations have been shrouded in mystery amid speculation that it could be experiencing severe liquidity problems.

The Bindura University of Science Education recently hauled Tetrad before the courts over a $473,000 deposit it failed to pay on maturity.

The bank is also locked in a $700,000 legal dispute with local businessman Jayesh Shah.

Post published in: Business
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