Trust Bank To Face Liquidation

News: Trust Bank is facing liquidation after the Reserve Bank of Zimbabwe revoked its banking licence following charges of misusing depositors' funds and violating provisions of the Banking Act. 'It is most certain that the bank will be thrown into liquidation and the Deposit Protection Board will be appointed provisional liquidator in terms of the Act,' according to an unnamed source (Nehanda Radio). Once the liquidator has been appointed, small depositors can be paid up to US$500 with the remainder to be paid from the money raised through assets disposal, the unnamed source added.

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Geography: Zimbabwe

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