THE Deposit Protection Corporation (DPC) plans to institute a forensic audit into Tetrad Investment Bank as part of efforts to establish reasons behind the collapse of a number of banks in Zimbabwe in a bid to punish the culprits who have prejudiced depositors millions of dollars, businessdigest has learnt.
By Kudzai Kuwaza
Tetrad Investment Bank was declared insolvent in August last year.
Tetrad, the last merchant bank in the countrys financial services sector which went under due to bad loans, poor corporate governance and mismanagement, was declared insolvent in August last year with its capital standing at US$51,7 million as of August 31.
Creditors opted for a debt-to-equity swap in a last-minute attempt to breathe life into the …
Read the full article at: https://www.theindependent.co.zw/2016/11/21/dpc-pushes-new-tetrad-audit/