The Sunday Mail
AFRASIA Zimbabwe Holdings Limited’s bosses will meet Tuesday for crunch talks over employee pensions as speculation is rife that the failed institution might fail to meet its obligations.
The bank surrendered its operating licence recently after failing to extricate itself from a massive cash squeeze due to a biting liquidity crunch attributed to non-performing loans.
The bank has obligations amounting to about US$68 million against core capital of US$6,01 million as at December 31 2014, according to Reserve Bank of Zimbabwe statistics.
AZHL employees have not been paid since October 2014.
The employee pension fund, which is thought to be close to US$1 million, is managed by Minerva Risk Advisors.
