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Herald Reporter
The Zimbabwe Amalgamated Housing Association has written to Allied Bank’s liquidator Dr Cecil Madondo demanding nearly $1,5 million belonging to its members which is locked in the collapsed bank. Zaha’s operations director Mr Phillip Chafunga said in the letter that Dr Madondo had failed to hold a second creditors’ meeting where the issue was supposed to be discussed.

“The Zimbabwe Amalgamated Housing Association is kindly requesting your office for an urgent payout of the money that was in its accounts at Allied Bank when it closed,” said Mr Chapfunga in the letter.

“We were waiting for the second depositors’ meeting, but to date nothing has materialised. Zaha is now under severe pressure from its creditors and is about to lose its property. Zaha has no doubt that you will treat this matter with the urgency that it deserves.”

Speaking in an interview yesterday, Zaha director-general Dr Killer Zivhu said they expected a positive response from Dr Madondo. He said if there was no response from him, Zaha will go ahead and sue the Reserve Bank of Zimbabwe. “We will be left with no option but to sue the RBZ which stopped us from executing a court order to attach property from Allied Bank on the pretext that we will get our money,” he said.

“If it was not for the RBZ, we could have recovered the money by now. This is not our money. “It belongs to our members who want to see development taking place at their residential stands and this money was for that purpose.” Dr Zivhu said Dr Madondo held a creditor’s meeting on June 24 this year and promised that another one would be held after 60 days.

“It is now more than 120 days since that meeting,” he said. “Nothing has materialised and we have no option but to demand our funds.” Dr Madondo recently revealed that the major shareholder of the collapsed Allied Bank, Trebo & Khays, overvalued and failed to transfer assets pledged as part of the purchase transaction.

Trebo & Khays is Macro-economic Planning and Investment Promotion Minister Obert Mpofu’s family investment vehicle which owned 95 percent of Allied Bank at the time of its closure earlier this year.