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Tendai Rupapa Senior Court Reporter
Tetrad Investment Bank has been taken to court for allegedly withdrawing its client’s money without the authority  of the account holders.The bank was summoned to appear at the Harare Magistrates’ Courts to answer to the charges of theft of trust property after it allegedly withdrew a total of US$1 024 284 88 from Tapvice Enterprise’s account.

The record was opened but the matter was “not taken” and could not be heard before the court to allow the State to sort its case.
When the State is ready to proceed with the matter, the financial institution which is being represented by Mr Bruce Tokwe of Titan Law Chambers would be re-summoned.

According to the State papers Tetrad Investment Bank was approached for a loan by Tapvice Enterprise’s which was represented by one Wilson Donzwa for a joint venture deal.

It was allegedly done through an investment vehicle called Cerrucom Investment.  It is alleged the joint venture structure between the bank and Tapvice Enterprise, would attract a 50 percent profit or loss share each at the end of each month.

Tetrad Investment, however, offered to give Tapvice US$1 840 million which was deposited into Tapvice Enterprise account held at the bank in which the former was a signatory.

In order for Tetrad bank to be part of the business, it is alleged, the bank agreed to buy out all Tapvice stock and invoices.
On February 1 last year, an offer letter was allegedly signed between the parties and the loan was supposed to be paid with accrued interest upon maturity.

It is alleged Tapvice Enterprise advised all its customers to make payments into Tapvice Trade finance account held by the bank. The State further alleges the bank however, failed to buy out all Tapvice stock and invoices thereby failing to fulfil terms of the agreement.

According to the State, as the joint venture gathered momentum the financial institution started to debit some funds from the Tapvice account as profit share without instructions or advice from the complainant.

It is alleged in October 2011 Tapvice Enterprise had entered into an agreement with Blue Ribbon for toll milling and opened an Escrow account which was held at the bank as well.

It is alleged the bank again continued to debit Escrow account thereby incapacitating Tapvice Enterprise from meeting its tolling milling obligations with Blue Ribbon.