The Sunday News
Thulani Ndlovu
THE Clothing Industry Pension Fund (CIPF) is suing Tetrad Investment Bank (TIB) for failing to reimburse it $44 000 deposited at the bank as a 30-day investment.
According to court papers filed at the Bulawayo High Court, the pension fund invested $44 003,78 on 12 March 2014 and the terms of the agreement were that during the 30 day duration the money would accrue interest of 11,5 percent per annum.
Additionally the investment was to mature on 9 April 2014 and the amount paid to CIPF.
Despite the investment maturing and despite CIPF demanding the money TIB failed to pay out the money.
Furthermore, CIPF asked for an additional $421 being interest as of 9 Apri 2014.
“It is just and equitable that for as long as TIB fails to pay the said amount of $44 425, that interest of 11,5 percent per annum be levied and be chargeable on the amount until it has been paid in full,” read the court papers.
It added: “It is further just and equitable that TIB having forced CIPF to incur an unnecessary expense in filing this legal suit, be ordered to pay costs of suit on the attorney and client scale.”
In their defence, TIB admitted owing the amount of $44 425 together with interest thereon, but offered to pay out the investment money in 10 equal and successive monthly instalments.
“TIB hereby offers and tenders to settle CIPF claim in terms of order 22 rule 144AS read with rule 146 of the High Court rules by payment of the sum of $44 425 which is claimed by CIPF, together with interest by way of 10 equal instalments commencing on or before 30 June 2014 until 31 March 2015,” said TIB through their court papers.
The pension fund is yet to respond to the offer.
CIPF is a registered statutory body in terms of the Pensions and Provident Funds Acts Chapter 24:09, running its business from CIPF centre, Bulawayo.
