Warrant For Search & Seizure Against Tetrad
Bank under investigation for money laundering and fraud
The Criminal Investigation Department (CID) Asset Forfeiture Unit has obtained a warrant of search and seizure against Tetrad Investment Bank (TIB) management and directors in a case of fraud and money laundering.
The search warrant against the now defunct bank – which has a US$13 million asset portfolio – and its directors was issued yesterday in terms of Section 50(1)(a) as read with Section 288 of the Criminal Procedure and Evidence Act (Chapter 9:07).
The matter involves money laundering as defined in Section 8 (1)(a)(b) of the Money Laundering and Proceeds of Crime Act (Chapter 9:24) and fraud under Section 36 of the Criminal Law (Codification and Reform) Act (Chapter 9:24).
CID’s Detective Sergeant Tanyanyiwa Mangena of the Asset Forfeiture Northern Region is investigating the case. The complainant is the State.
The accused are the bank and its directors, Messrs Harry John Orphanides, Misheck Mpiwa Chiwayo, John Alexander Brydone Graham, Michael Phillip Seton Gaisford, Andre Lourenco Vermaak and Appolinaire Ndorukwigira.
Although their names still appear in the CR14 – the document that gives directors’ details and secretaries of the company – Mr Gaisford is late while Mr Ndorukwigira resigned in a huff four days ago amid infighting within the board and chaos in management.
Mr Ndorukwigira, a Harare-based Burundian economist, stormed out of a preparatory meeting and subsequently resigned, throwing the financial institution into turmoil.
The move jeopardised the bank’s critical Extraordinary General Meeting (EGM) due in a week’s time to discuss the future of the institution which retains a significant residual value with an asset portfolio of about US$13 million.
The EGM – scheduled for 16 December – is contentious as the board wants to use it to change the bank into a property management company and entrench itself against shareholders’ will and interests.
Directors also want to remain in charge of the money-spinning property portfolio for personal benefits.
In his resignation letter written to the board, dated 5 December 2022, Mr Ndorukwigira said he quit because he strongly objected to the agenda of the upcoming EGM, particularly the proposal to transform the bank into a property management company.
