Higher and Tertiary Education Minister Professor Amon Murwira takes MetBank to Court over excess of millions of student funds which got stuck in the bank.
Citing the Reserve Bank of Zimbabwe (RBZ) as a responded Professor Murwira summoned the bank to release funds amounting to US$1 597 662, 68 which have been stuck in the bank since 2013.
“In 2013, the bank started to show signs of failing to release money deposited by the College.
Efforts to negotiate methods to get the money were fruitless,” reads the Education Minister’s summons.
Despite demand, the bank failed, refused or neglected to release the money. Plantiff prays against the Defendant for refund of US$1 597 662,00.
According to New Zimbabwe, Professor Murwira wants MetBank to pay the equivalent of close to US$1.6 million in RTGS and also be charged interest from the day of the filling of the summons till the day they eventually release the funds.
MetBank, formerly known as the Metropolitan Bank of Zimbabwe, is a commercial bank in Zimbabwe. It is Licensed by the RBZ, the central bank and national banking regulator.