Zimbabwe: Minister Sues Bank Over U.S.$1,6 Million

Higher and Tertiary Education, Science and Technology Development Minister Professor Amon Murwira has approached the High Court seeking to recover about US$1 600 000 student funds from Metbank Limited.

According to summons filed at the High Court, the minister, who is the applicant, through Harare Polytechnic College, opened bank accounts with Metbank namely Funds for Tertiary, Amenities and Zimber Students Account.

The business agreement was that the money will be withdrawn whenever the need arose and a total of US$1 597 662,68 was deposited in the bank.

“In 2013, the bank started to show signs of failing to release money deposited by the college,” reads the summons.

“Efforts to negotiate methods to get the money were fruitless.

“Despite demand, the bank failed, refused or neglected to release the money to the plaintiff.

“The plaintiff prays for refund of US$1 597 662,00 or (RTGS equivalent of the inter-market rate at the time of payment)

“Interest on the said amount at the prescribed rate with effect from date of summons to date of full payment.”

The Reserve Bank of Zimbabwe is cited as the second respondent.

Source

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Author: skvaller

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