Pasi clarifies shareholding in Tetrad amid taxes row

Google+ Pinterest LinkedIn Tumblr +

ZIMBABWE Revenue Authority (Zimra) commissioner-general Gershem Pasi has clarified that he does not own shares in Tetrad Investment Bank, which owes government more than US$1,69 million in taxes, but instead has shares in the bank’s holding company, Tetrad Holdings.

Comm-Gen Pasi

Comm-Gen Pasi

Tetrad Bank is currently under judicial management and has a non-performing loan book of 99%.

Pasi said he does not have any influence in Tetrad Bank since he does not own any shares in that company, and therefore there was no conflict of interest. He added that it was impossible for him to use his influence as commisioner-general to assist Tetrad Bank evade or avoid paying taxes, or influence Zimra to bank with Tetrad as he does not have any interests in the bank.

“It is a trite position of law that Tetrad Holdings (Pvt) Ltd is different from the entity owning Tetrad Bank,” said Pasi in a letter to the Zimbabwe Independent through his lawyers Dube, Manikai and Hwacha.

A report compiled in March by Tetrad Bank’s former provisional judicial manager Winsley Militala said Pasi owns investment vehicles Opcodd Investments (Pvt) Ltd which has a 6,55% equity (18 092 903 shares) in Tetrad Holdings, as well as Watseka Investments (Pvt) Ltd with 5,48% shareholding (15 128 001 shares).ZimInd

Share.