Published: 23 April 2014

Tetrad Investment Bank's movable property face the hammer after the Deputy Sheriff attached its assets to recover nearly $500 000 which Bindura University of Science and Education had invested with the troubled financial institution.

BUSE entered into an investment deal with Tetrad in terms of which it deposited $550 000 with the bank which acknowledged its obligation to pay back $555 958.33 including interest on maturity.

The university deposited the money on October 9, 2013 with the maturity date being November 8 the same year.

Tetrad allegedly failed to honour its obligation and was only able to pay $82 942,81, leaving an outstanding balance of $473 025, 52. After repeated demands by BUSE for the payment through its lawyers Mutamangira and Associates, the university then approached the High Court seeking a provisional order against Tetrad.

The bank failed to defend the claim, resulting in a default judgment being issued against it on April 2 by Justice Nicholas Mathonsi. BUSE obtained a writ of execution of the bank's movable property last week and the Deputy Sheriff pounced at the banks' head office at Arundel Office Park to attach the property.
- BH24

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