Kingdom Bank struggles to pay rent

Harare — The embattled Kingdom Bank Limited has for the past three months failed to pay rentals for its First Street banking hall, prompting the landlord to approach the High Court claiming arrears to the tune of US$109 000.

The bank has since said it is moving out of the premises to Kuwana House.

"The branch will continue to be called First Street Branch, your account number and branch sort code will also remain the same.

"All services, including ATMs, eBanKing, Unit Trusts and MoneyGram money transfers will be available from the new location."

The bank was supposed to pay FW Woolworth and Company Zimbabwe US$39 630,50 monthly from August to October, but it only raised US$19 532,80.

FW Woolworth and Company’s lawyer Mr Advent Tavenhave of Manase and Manase Legal Practitioners, has filed the court application demanding the bank to pay the outstanding US$104 119,08 and US$5 000 for the services of a chartered valuation surveyor, a Mr A.G. Nyandoro.

The company is also seeking an order compelling the bank to pay the costs of the application on a legal practitioner-client scale. The bank is yet to respond to the application.